Pan African sharpens gold focus as Sylvania buys Phoenix for R89m

Gold-focused mining company Pan African has successfully concluded a conditional agreement with Sylvania Platinum for the disposal of all of its shares and loan accounts in its wholly-owned subsidiary Phoenix Platinum to Sylvania for R89-million cash. The disposal of Phoenix, which for some time has been noncore to Pan African, enables the London Aim- and Johannesburg Stock Exchange-listed company, headed by CEO Cobus Loots, to strengthen its financial position further and to focus on existing gold operations and the construction of the Elikhulu gold tailings project, which is on track to contribute low-cost gold ounces and profits in the next 18 months.