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Pan African Resources to build a solar power plant for Evander Gold Mine

Pan African Resources has announced announce that it has appointed juwi South Africa to construct its 9.975MW solar photovoltaic plant at
Evander Mines.

Construction will commence in the first quarter of 2021, with first power expected in the third calendar quarter of 2021.

The Evander Mines solar plant will provide an estimated 30% of the power requirement during daylight hours and is expected to materially reduce electricity costs at this mine.

The total cost of the Evander solar photovoltaic plant is ZAR140 million, with a calculated payback on this investment of less than 5 years.

Pan African is also assessing the merits of expanding the Evander Mines solar photovoltaic plant in due course to provide for a clean energy feed to its Egoli Project, and of a similar solar photovoltaic plant at the Barberton Mines.

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The Group expects to produce approximately 97,000oz for the six months ending 31 December 2020,and is on track to meet its production guidance of approximately 190,000oz (2019: 179,457oz) for the 2021 financial year.

Pan African Resources closed at R 5.02 on the Johannesburg Stock Exchange yesterday after rising 5,68 % on the day.

Pan African Resources is a mid-tier African-focused gold producer with major shareholders being Allan Gray Investment Management, PAR Gold (Pty) Ltd., Ninety One UK Ltd., Public Investment Corporation, Coronation Asset Management (Pty) Ltd, Ruffer LLP, Ninety One SA (Pty) Ltd.

It has a PE ratio of 13,99 % and a dividend yield of 2,79 %.

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