JOHANNESBURG (miningweekly.com) – South Africa witnessed Pan African build the Mogale Tailings Retreatment (MTR) gold project on Johannesburg’s West Rand ahead of schedule and below budget.

Now Australia is witnessing this Johannesburg Stock Exchange-listed midtier company perform with similar aplomb in its Northern Territory.

Last month’s timely and on-the-dot monetary delivery of the only such processing plant in the region of Pan African’s Tennant Mines has provided a guided 46 000 oz to 50 000 oz production forecast. 

Interestingly, the plant is also close to 1 700 km² of prospective exploration ground.

“I believe the group has never been better positioned to take advantage of record gold prices,” Pan African CEO Cobus Loots stated in a Vault Exchange update to Mining Weekly of record half-year gold production, lower gearing and a share buyback programme.

“Increased cashflow generation and de-gearing is allowing our business to continue to invest and grow, whilst also increasing cash returns to shareholders. The share buyback programme approved by our board demonstrates our confidence in the group and its prospects.

“We look forward to reporting our final results for the year ended June 2025 on 10 September, where additional details on progress with our growth projects and sustainability initiatives will be presented,” added Loots.

Hold thumbs now that this September's feasibility study on the Soweto Cluster gold recovery project gives the go-ahead to something similar to the budget-beating and schedule-outstripping MTR, which is also located less than an hour’s drive from Pan African’s corporate office in Rosebank.

The Soweto Cluster study is also focusing on the option of constructing a new processing plant for a stand-alone 50 000 oz/y operation, amid MTR’s guiding of 52 000 oz to 54 000 oz for financial year 2026 (FY26).

Surface assets also on track to achieve full-year production guidance are Evander’s Elikhulu, with 49 000 oz to 51 000 oz, and Barberton Tailings Retreatment Plant, with 13 000 oz to 15 000 oz.

Additionally, all of the company’s underground mines put in better second-half performances, with Evander underground guiding 46 000 oz to 50 000 oz and Barberton Mines underground guiding 69 000 oz to 72 000 oz.

This takes the total FY26 production forecast to a 40%-higher 275 000 oz to 292 000 oz at all-in sustaining costs (AISC) of between $1 475/oz and $1 525/oz.

AISC for the second half of FY25 are estimated at a higher $1 525/oz to $1 550/oz, with full FY25 AISC expected to be between $1 550/oz and $1 575/oz at an average exchange.

Sad news is the accidental death on June 6 of an auto electrician, who succumbed to injuries sustained while on duty at Barberton’s Sheba mine. “The group will continue its focus on various safety performance initiatives in order to improve safety statistics and strive for zero harm,” said Loots.