Pan African Resources
PAN African Resources’ commitment to paying a dividend – described by Loots as “pretty close to sacrosanct” – has been cause for comment after the gold producer utilised R210m of its R800m debt facility to honour the interim payout promise. Damned if you do; damned if you don’t. The sense is, however, Loots still has to properly get his feet under the table after taking over Pan African from Ron Holding last year. Investors didn’t like the R200m purchase of Uitkomst coal mine forcing Loots to keep defending the opportunism of the deal and the firm’s commitment to gold. However, he has determined the group won’t buy another deep-level, underground gold mine. This may have something to do with the grade problems at its major underground mine acquisition, Evander Gold Mines, which hurt Pan Africa’s full-year figures last year. Good news though: the grade is back at Evander and Pan Africa’s other asset, Barberton, is performing well. Pan African punches above its weight in terms of rating. Loots’ background as a CA is still being used against him from some quarters who think the role at Pan African requires hard core mining experience.
LIFE OF COBUS
He was previously MD of Shanduka Resources and has been a director of Pan African since 2009. He was also previously the group’s joint interim CEO from March 2013 to September 2013. He was appointed CEO of Pan African Resources in April 2015. He is a CA and runs marathons.
- Web Address: www.panafricanresources.com