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PAN AFRICAN RESOURCES PLC - Pan African successfully commissions 10MW solar photovoltaic (PV) plant at Evander Gold Mines

Release Date: 10/05/2022 14:00
Code(s): PAN     PDF:  
Wrap Text
Pan African successfully commissions 10MW solar photovoltaic (PV) plant at Evander Gold Mines

Pan African Resources PLC
(Incorporated and registered in England and Wales under the Companies Act 1985 with registered
number 3937466 on 25 February 2000)
Share code on AIM: PAF
Share code on JSE: PAN
ISIN: GB0004300496
ADR ticker code: PAFRY
(“Pan African” or the “Company” or the “Group”)


PAN AFRICAN SUCCESSFULLY COMMISSIONS 10MW SOLAR PHOTOVOLTAIC (PV) PLANT AT EVANDER GOLD MINES


HIGHLIGHTS

    •   The first solar PV renewable energy plant of this capacity to be commissioned by a mining
        company in South Africa
    •   Construction cost of R150 million (US$9.4 million at an exchange rate of US$/ZAR:16.00), with
        cost savings estimated at R100,000/day ~ R3m/month, at current electricity tariffs payback is
        anticipated in under 5 years
    •   Reduced use of fossil fuel-generated power consumption with an expected reduction in C02
        emissions saving of some 26,000t/annum, contributing to an estimated 5% reduction in Group
        emissions
    •   Feasibility study nearing completion on 12MW expansion to power Evander underground
        organic growth projects – construction to commence during FY2023
    •   The Group is finalising its roadmap to decarbonisation with an additional 8MW PV plant to be
        constructed at Barberton Mines during FY2023, combined with an investigation into
        operational battery storage solutions
    •   30MW of solar capacity expected to be in operation by 2024 across the Group’s assets.


Pan African is pleased to inform shareholders that its Evander solar PV renewable energy plant
commenced the generation and supply of electricity to the Group’s Elikhulu surface retreatment
operations, as part of its hot commissioning process, on Friday, 6th May 2022. The solar PV plant,
situated at Evander Gold Mines, will provide an estimated 30% of Elikhulu’s power requirement and
materially reduce electricity costs.

Cobus Loots, CEO of Pan African, commented: “In addition to CO2 emission reductions, the PV plant
has the added benefits of providing a secure and stable power supply, while at the same time ensuring
we manage future cost pressures resulting from above-inflation electricity tariffs. Reducing our carbon
emissions is just one of the ways Pan African is ‘Mining for a Future’, and forms part of our integrated
beyond compliance approach in support of our ESG principles. We will continue with energy
independence and decarbonisation initiatives at all our operations, with another 20MW of solar
capacity scheduled to be constructed in the next two years.”

Construction and specifications

    •   Site area of 20.1 hectares containing 26,640 solar modules (445W Suntech bi-facial
        polycrystalline modules for improved yield)
    •   50 Sungrow string inverters (250kW each), 4 Sungrow 880V/6.6kV MV transformers
    •   222 STi Norland single axis sun trackers to maximise yield
    •   6.6kV MV switching station on site, with a 507m long 6.6kV overhead line connecting to the
        mine’s electrical network
                                                                                                 1
Pan African concluded the concept design and bankable feasibility study for this solar PV plant during
2019 and obtained municipal consent for construction on 17 December 2019. Engineering studies and
other regulatory processes, including the water use licence and environmental approvals and DMRE
consent were obtained during 2020. The NERSA generation licence was issued in August 2021.

Site-establishment and construction commenced in calendar Q1 2021, on rehabilitated land owned
by Evander Mines. The tender for the Evander solar PV facility was awarded to juwi Renewable
Energies South Africa, a subsidiary of the German headquartered juwi Group, one of the world’s
leading renewable energy companies.

Social Impact

During construction the services of 10 local contractor companies were utilised, which provided 202
temporary local job opportunities. The jobs and skills developed during construction will be retained
for Evander Gold Mine’s underground renewable energy 12MW expansion phase. Apart from using
local contractors for cleaning and maintenance of the solar panels, the Company is investigating
implementation of agriculture projects at the facility which are expected to create sustainable local
employment opportunities and maximise land utilisation at Evander Gold Mine’s solar PV facility.

Rosebank

10 May 2022

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com



Contact information

Corporate Office                                 Registered Office
The Firs Office Building                         Suite 31
2nd Floor, Office 204                            Second Floor
Cnr. Cradock and Biermann Avenues                107 Cheapside
Rosebank, Johannesburg                           London
South Africa                                     EC2V 6DN
Office: + 27 (0)11 243 2900                      United Kingdom
info@paf.co.za                                   Office: + 44 (0)20 7796 8644
 
Cobus Loots                                      Deon Louw

Pan African Resources PLC                        Pan African Resources PLC

Chief Executive Officer                          Financial Director

Office: + 27 (0)11 243 2900                      Office: + 27 (0)11 243 2900


Phil Dexter/Jane Kirton                          Ross Allister/Alexander Allen
                                                                                                 2
St James's Corporate Services Limited            Peel Hunt LLP

Company Secretary                                Nominated Adviser and Joint Broker

Office: + 44 (0)20 7796 8644                     Office: +44 (0)20 7418 8900


Ciska Kloppers                                   Thomas Rider/Nick Macann

Questco Corporate Advisory Proprietary Limited   BMO Capital Markets Limited

JSE Sponsor                                      Joint Broker

Office: + 27 (0)11 011 9200                      Office: +44 (0)20 7236 1010


Hethen Hira                                      Website: www.panafricanresources.com
Pan African Resources PLC

Head: Investor Relations
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za




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Date: 10-05-2022 02:00:00
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