Summit TV

Transcript:

Not for widows and orphans. It’s a small gold mining business unbundled out of Metorex. I think the management team is outstanding - they’ve done a fantastic job in sorting out some of the issues with illegal miners in their Barberton Mines. The more interesting side of Pan Africa is it’s a very low cost gold producer - they are not deep level mines so they’re not facing some of the operational issues we are seeing in Harmony - so from that perspective you are still getting gold exposure with a low cost producer. I think watch the platinum space they are getting into - dump re-processing in the platinum arena is going to become far more topical. I think a lot of our platinum miners are starting to find the same incremental costs coming in with labour, electricity, deeper level mines and refrigeration - so I think this dump re-processing area is one that’s going to be interesting. I think it’s a high margin business and if they can expand a lot more in that it will be very interesting over the next four to five years.

Broker:
Bruce Main, CEO: Ivy Asset Management

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