Pan African earnings halve, debt up, dividend cut

Precious metals mining company Pan African Resources on Wednesday declared a reduced dividend on halved headline earnings and higher net debt. The JSE- and LSE-listed company headed by CEO Cobus Loots reported group headline earnings of R213.6-million in the 12 months to June 30, 53% down on the R452-million of last year, with gold production impacted negatively by the lower grade mining cycle at the Evander gold mine.