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Jan Nelson, CEO, Pan African Resources
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PAN AFRICAN RESOURCES PLC (PAN)
Last Trade : R.72
Change(%) :0.00
Cumulative Volume :604583
Market Cap :R1014.87M
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Pan African to up PGM resource

Brendan Ryan | Wed, 10 Feb 2010 14:03
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[miningmx.com] --PAN African Resources (Pan African) is looking to increase the size of the platinum group metals (PGM) resource it controls from 405,000 ounces (oz) to 1million oz within the next six months.

CEO Jan Nelson told investors on Wednesday at a presentation of the company’s interim results for the six months to end-December that this would be done through further acquisition.

Interviewed afterwards, Nelson declined to comment on whether this proposed acquisition was linked to the JSE cautionary notice under which Pan African has been trading for the past weeks.

The group’s PGM interests are held through subsidiary Phoenix Platinum, which is carrying out a feasibility study on producing PGM from chromite tailings dams near Rustenburg.

Nelson said an announcement would be made on the construction site for the proposed treatment plant within the next two weeks, and that production was now expected to start in May/June 2011.

Pan African increased taxed profit to ₤4.7m for the six months to end-December (previous comparable period - ₤4.2m) but headline earnings were unchanged at 0.36 pence because of the increase in issued share capital.

The Pan African share price has dropped about 20% over the past fortnight, to trade on the JSE at about 82c from a 12-month high of 103c.

Queried on this by a shareholder, Nelson said: “It’s not nice to see the share price declining, but there’s nothing we can do about it on a daily basis.

“I believe it will correct as we put the results on the table, but it is going to take time.

“We are not in this business for the short term, and we do not run the company in such a way as to get the share price up over the course of a week.”

Nelson has put his money where his mouth is by buying tranches of shares in Pan African at 95c in October 2009.

The writer owns shares in Pan African.



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