Mining

South Africa: Pan African Resources shut Evander underground mine, cutting 1, 700 jobs

Thursday, 03 May 2018 21:18

JSE and LSE-listed company Pan African Resources confirmed yesterday May 2, it would suspend activities at its Evander 8 underground gold mines by the end of this month, cutting 1, 700 jobs.

The company indicated that it concluded a consultation process with the relevant stakeholders. Moreover, an internal and external review of the mine revealed that “there is no realistic prospect of mining on a sustainable and profitable basis from this operation in the current weak rand gold price environment”.

CEO Cobus Loots indicated that this was not an easy decision given the country’s socio-economic situation and the impact on a large number of employees.

“All South African gold producers have been adversely affected by the recent strengthening of the rand, and it is imperative that we act decisively to ensure the future of our group and stakeholders that rely on our operations,” he said.

However, the retrenched employees could be granted new job opportunities from the mining group which indicated that it was identifying opportunities in lower-cost operations, especially Elikhulu tailing project.

Louis-Nino Kansoun

On the same topic
• Loulo-Gounkoto mine remains shut as Mali’s administrator seeks to restart it by selling stored gold• Barrick halted operations in January over export...
Hive Coega has officially entered its construction phase, with tenders now out for its core infrastructure. This milestone comes four years after the...
Côte d’Ivoire, the world’s leading cocoa producer, has set an ambitious target: to process 100% of its cocoa crop at the first stage by 2030. While the...
 • Kamoa-Kakula, DRC's largest copper mine, boosts production by 31% to 245,127 tonnes in H1 2025, despite a temporary halt in operations in...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.