Tennant Mines ramping up
Average prices up 36 per cent
A day or so after Pan African Resources (PAF) announced it was transferring its listing from Aim to London’s main market, the gold miner detailed record profits on the back of a 35.7 per cent rise in the price of the yellow metal to $2,735 (£2,026) an ounce (oz).
Realised prices were constrained to a degree due to Pan African’s hedging structures, but the rise in the gold price outstripped the proportional increase in the miner’s all-in sustaining costs, thereby enabling it to post a 60.5 per cent rise in cash profits to $227mn.
