Pan African Resources FY H1 earnings dip on transaction costs.

By bne IntelliNews February 14, 2013
South African junior miner Pan African Resources reported a slight decline in profits for the six months to end-December due to once-off transaction costs related to the proposed acquisition of Evander Gold Mines from Harmony Gold. The company said attributable profit for its fiscal H1 fell 4.3% y/y to ZAR 166.6mn (EUR 14mn), while headline earnings per share decreased by 4.64% to 11.50 cents. Headline earnings exclude certain one-off items and are the major profitability gauge in South Africa. Revenue grew 8.2% to ZAR 668.1mn. Pan African agreed in May 2012 to buy 100% of Evander for ZAR 1.5bn. The deal is expected to be completed in the coming weeks. Pan African operates the Barberton gold mines and the Phoenix platinum recovery operation, where it treats tailings from chrome company International Ferro Metals. Underground gold production at Barberton stood at 42,808 ounces in H1, nearly unchanged y/y. Evander, which produces about 100,000 ounces of gold annually will more than double Pan Africans output.

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