Pan African Resources PLC (PAF) 2009年年度报告「LSE」.pdf

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1、Annual Report2009The African Focused Gold Mining CompanyPan African Resources PLC(hereinafter referred to the“Company,Pan African Resources or Pan African)(Incorporated in England&Wales under the Companies Act 1985 with registration number 3937466 on 25 February 2000)Share code on AIM:PAF(Primary li

2、sting)Share code on AltX:PAN(Secondary listing)ISIN:GB0005300496Table of ContentsIntroduction1Nature of Our Business2Salient Features3Share Statistics&Shareholding4Geographic Location5Company StructureCommentary 20098Chairmans Report10Chief Executive Officers ReviewReview of Assets20Mining Operation

3、:Barberton Mines(Pty)Ltd(Barberton Mines)26Near-Term Production:Phoenix Platinum Mining(Pty)Ltd(Phoenix Platinum)30Growth Project:Manica gold project(Manica)34New BusinessMineral Resource Management38Group Mineral Resource Management39Qualifying Statements&Analysis40Quality Assurance&Quality Control

4、(QAQC)Corporate Governance 44Board of Directors46Executive Management-Pan African Resources47Executive Management-Barberton Mines48Corporate GovernanceFinancial Statements56Directors Report59Statement of Directors Responsibilities60Independent Auditors Report62Consolidated&Company Income Statements6

5、3Consolidated&Company Balance Sheets64Consolidated&Company Cash Flow Statements65Consolidated&Company Statements of Recognised Income 66Notes to the Financial StatementsAdditional Information104Notice of AGM108Glossary of TermsInsertForm of ProxyPan African Resources PLCAnnual Report 20091Nature of

6、Our BusinessPan African is a gold mining Group that produces approximately 100,000oz per year.Its focus is on developing low cost,high margin production or near production projects.The Group is largely debt free,is unhedged and is able to fund all of its current on-mine capital from internal cash fl