Pan African dumped after lower profits

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IOL BR mining PIC001 Reuters.

Johannesburg - Shares of Pan African Resources fall almost 8 percent after first-half headline earnings dip 5 percent on lower gold sales.

The gold and platinum mine developer says headline earnings at 11.50 cents a share were also hurt by flat gold production.

It also says the acquisition of Evander from Harmony Gold Mining is expected to conclude in the coming weeks.

This transaction will help double the group's gold production to 200,000 ounces in the next financial year.

Despite this, its shares are 7.2 percent lower at 2.46 rand. - Reuters


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