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Shares in Pan African Resources (LON:PAF) plunged by 10.16% to 7.80p as the company struggled during the year ended 30th June. The firm said that earnings per share would be 70-80% lower than in the prior period due to issues including adverse exchange rates and the cessation of underground mining at the Evander gold site.
Operational stability and production are expected to improve during the current year due to wage agreements being made with two South African mining unions and the installation of new equipment at the Barberton site. Production from the first quarter suggests that the company is on track to meet its full year production guidance of 100,000 oz.