Pan
African Resources PLC Pan
African Resources Funding Company
(Incorporated
and registered in England and
Wales
Limited
under
Companies Act 1985 with registered
Incorporated
in the Republic of South
Africa
number
3937466 on 25 February
2000) with
limited liability
Share code
on AIM: PAF Registration
number: 2012/021237/06
Share code
on JSE: PAN Alpha
code: PARI
ISIN:
GB0004300496
ADR code:
PAFRY
(“Pan
African” or “the Company” or “the Group”)
MINTAILS
PROJECT FUNDING CLOSED AND GRANTING OF INTEGRATED ENVIRONMENTAL
AUTHORISATION
Pan
African is pleased to announce that all conditions precedent to the
Group’s ZAR1.3bn (US$70.3 million*) senior debt tranche (Senior
Debt Facility), designated for the funding of the Group’s Mintails
project (the Project), have been fulfilled and the Senior Debt
Facility has become effective. The Senior Debt Facility was
underwritten by Rand Merchant Bank,
a division of FirstRand Bank Limited (RMB), with Nedbank Limited
(acting through its Nedbank Corporate and Investment Banking
division), as co-financier.
Following
the successful issue of the Group’s inaugural Domestic Medium Term
Note programme of ZAR800m
(US$43.2 million*) in December 2022 (announced on SENS on 9 December 2022), completion of a ZAR400 million (US$21.6
million*) derivative funding structure with RMB (announced
on SENS on 13 March 2023), and
closure of the Senior Debt Facility, the full upfront capital of
ZAR2.5bn (US$135.1 million*) for the Project’s development
has been secured.
The
Department of Mineral Resources and Energy has also granted an
environmental authorisation for the Project in terms of regulation
24(1)(a) of the Environmental Impact Assessment Regulations, 2014
(“EIA Regulations”).
Pan
African CEO Cobus Loots
commented:
“This
important milestone completes the funding package for Mintails’
development capital.
Full
scale construction of the tailings retreatment plant at Mogale will
now commence, with expected production
of 50,000 ounces per year for more than 20 years (when including
both the Mogale and Soweto
tailings resources), at an all-in-sustaining costs similar to that
of the Group’s highly profitable Elikhulu operation at
Evander.
We
look forward to the commissioning of the Project in the latter half
of the 2025 calendar year and its meaningful contribution to all
stakeholders.
*converted
at an exchange rate of US$/ZAR: 18.50
Rosebank
1 August 2023
For
further information on Pan African Resources, please visit the
Company's website at
www.panafricanresources.com
Corporate
information
|
Corporate
Office
The Firs
Office Building
2nd Floor,
Office 204
Cnr.
Cradock and Biermann Avenues
Rosebank,
Johannesburg
South
Africa
Office: +
27 (0)11 243 2900
info@paf.co.za
|
Registered
Office
Second
Floor
107
Cheapside
London
EC2V
6DN
United
Kingdom
Office: +
44 (0)20 7796 8644
info@paf.co.za
|
Chief
Executive Officer
Cobus
Loots
Office: +
27 (0)11 243 2900
|
Financial
Director
Deon
Louw
Office: +
27 (0)11 243 2900
|
Head:
Investor Relations
Hethen
Hira
Tel: + 27
(0)11 243 2900
E-mail:
hhira@paf.co.za
|
Website:
www.panafricanresources.com
|
Company
Secretary
Jane
Kirton
St
James's Corporate Services Limited
Office: +
44 (0)20 7796 8644
|
Nominated
Adviser and Joint Broker
Ross
Allister/David McKeown
Peel
Hunt LLP
Office:
+44 (0)20 7418 8900
|
JSE
Sponsor
Ciska
Kloppers
Questco
Corporate Advisory Proprietary Limited
Office: +
27 (0)11 011 9200
|
Joint
Broker
Thomas
Rider/Nick Macann
BMO
Capital Markets Limited
Office:
+44 (0)20 7236 1010
|
|
Joint
Broker
Matthew
Armitt/Jennifer Lee
Joh.
Berenberg, Gossler & Co KG (Berenberg)
Office:
+44 (0)20 3207 7800
|