The PanAust story so far
- In March, PanAust was honoured to receive the Lao PDR Labour Order Class 1 Medal from the Government of Laos. The Medal recognised the Company's outstanding contribution to upgrading road infrastructure in the Khammouane Province, and its contribution to broader socio-economic development in Laos.
- On 21 December, PanAust announced the completion of the Environmental Impact Statement (EIS) for the Frieda River Copper-Gold Project and that an electronic copy of the document had been lodged with the Conservation and Environment Protection Authority (CEPA) of Papua New Guinea.
- On 14 December, PanAust announced the expansion of the Company's Myanmar exploration program through a farm-in agreement it had entered into with Metro Mining Limited in relation to the Mahar San Exploration Project in the Sagaing Region, Myanmar.
- In October, Phu Kham and Ban Houayxai once again achieved the maximum Caterpillar '5-star Contamination Control Facility' rating for their mobile maintenance workshops and associated supply facilities.
- On 24 June, PanAust announced that a Special Mining Lease application for the Frieda River Copper-Gold Project was registered with the Mineral Resources Authority of Papua New Guinea.
- On 19 May, PanAust announced the completion of the feasibility study for the Frieda River Copper-Gold Project in Papua New Guinea.
- On 8 February, PanAust announced that it had been granted three Exploration Licences in Myanmar, providing the Company with the first phase of a contract area it aims to build into a package of tenements covering 1,400 square-kilometres; exploration to commence in the first quarter 2016.
- PanAust delivered exceptional full-year outcomes for the 2015 year recording the strongest ever annual performance metrics for safety, production and costs.
- At the 2015 CDP Australian Climate Leadership Awards held in November, PanAust received the award for Most Profitable Carbon Reduction Activity, which recognised a range of energy-efficiency initiatives the Company put in place at its operations in Laos that delivered significant financial benefits.
- On 20 July, the compulsory acquisition process was completed and PanAust became a wholly owned subsidiary of Guangdong Rising H.K. (Holding) Limited which is a wholly owned subsidiary of Guangdong Rising Assets Management Co. Ltd (GRAM).
- From the close of trading on Friday 12 June, PanAust was removed from the official list of the Australian Securities Exchange (ASX).
- On 1 June, Guangdong Rising Assets Management (GRAM) released a notice of compulsory acquisition to the ASX (that is, to exercise its right to compulsorily acquire the remaining shares in PanAust).
- On 26 May, GRAM announced that it had acquired more than 90 per cent of PanAust shares; the takeover offer closed on 27 May.
- On 2 April, PanAust announced that it had received a letter from GRAM dated 28 March 2015 announcing its intention to make an unconditional, off-market takeover offer to acquire all of the shares of PanAust that it did not already own at a cash price of A$1.71 per share. On 8 May, the offer was raised to A$1.85 per share, which Independent PanAust Directors unanimously recommended PanAust shareholders accept.
- On 12 November, PanAust announced that Dr Fred Hess had been appointed Managing Director. The announcement marks the conclusion of the Managing Director succession process which began in March.
- On 2 September 2014, the Frieda River joint venture partners – PanAust Limited and Highlands Pacific – provided a progress update on the development concept for the Frieda River Project: the base case demonstrates a higher value outcome than previous studies with a development concept comprising an open pit and a single process plant module incorporating a SAG mill and two ball mills. This concept leverages PanAust's experience at the Phu Kham Copper-Gold Operation in Laos which has a similar process plant configuration and compact footprint within very similar terrain.
- PanAust exercised its option under the Share Placement Agreement with Highlands Pacific (announced on 1 November 2013) to increase its shareholding in Highlands from 7.5 per cent to approximately 14 per cent. The share placement took place on 1 September 2014.
- On Monday 25 August 2014, PanAust announced that the acquisition of an 80 per cent interest in the Frieda River Copper-Gold Project in Papua New Guinea from Glencore plc had been completed. The remaining 20 per cent of the Project is held by the Company’s joint venture partner, Highlands Pacific; a company incorporated in Papua New Guinea.
- On 6 March, Board Chairman, Gary Hounsell and Managing Director, Gary Stafford announced that PanAust had commenced an orderly succession process for the position of Managing Director.
- In November, PanAust announced it had entered a share sale and purchase agreement to acquire 80 per cent of the Frieda River Copper-Gold Project in Papua New Guinea.
- In October, PanAust announced that a revised life-of-mine plan had been developed for the Phu Kham Copper-Gold Operation in Laos which forecasts a year-on-year increase in annual copper in concentrate production to a peak of approximately 90,000 tonnes in 2018 and 2019.
- PanAust announced a partnership with the Asian Development Bank (ADB) to provide $41 million towards a $46.55 million project to deliver clean water and better sanitation facilities to residents of 11 towns in Laos. PanAust will be the first private sector donor to partner with ADB for one of its sovereign projects. The Company's contribution will be $6 million over six years.
- Construction of the Phu Kham Increased Recovery Project was completed in mid-April and metallurgical recoveries were meeting the design recovery model by the end of June.
- The Ban Houayxai Gold-Silver Operation received a five-star rating from Caterpillar Inc. for its mobile maintenance and mobile warehouse facilities. The rating is one of only six worldwide and the first in a developing country.
- The Ban Houayxai Gold-Silver Operation was certified in full compliance with the International Cyanide Management Code.
- PanAust received the Project Development of the Year Award at the Mines and Money Hong Kong Asia Mining Awards, recognising outstanding project management for the development of the Ban Houayxai Gold-Silver Operation.
- PanAust received the 2013 Sustainability Leadership Award at the Asia Mining Congress in Singapore. The award recognised the Company’s program to create and support business opportunities within the villages closest to their mining operations in Laos.
- Phu Kham 2013 Ore Reserve estimate (February 2013) confirmed average life-of-mine metal production in concentrate of over 70,000 tonnes per annum copper and 65,000 ounces per annum gold.
- Ban Houayxai 2013 Ore Reserves estimate (February 2013): tonnes increased 22 per cent, contained gold up 25 per cent, and silver up 26 per cent.
- Ban Houayxai mine life extended and near-term gold-silver production rates likely to increase.
- In 2012, PanAust produced 63,285 tonnes of copper in concentrate, 135,965 ounces of gold and 616,687 ounces of silver in concentrate and doré.
- PanAust's 2012 EBITDA was US$331.5 million (a 15 per cent increase from 2011)*.
- 2012 profit after income tax attributable to PanAust was US$142.3 million*.
- The Company's maiden interim dividend of A$0.03 per ordinary share was declared on 23 August 2012 and was paid to shareholders on 25 October 2012. For those shareholders electing to participate in the Dividend Reinvestment Plan rather than receiving a cash dividend, a total of 518,637 ordinary shares were issued at a price of A$3.17 per share. Final dividend of A$0.04 per share (payable in April 2013) brought the total dividends declared for 2012 to A$0.07 per share.
- The Phu Kham Upgrade Project was commissioned in September 2012 resulting in a 33 per cent increase in ore processing capacity from 12 to 16 megatonnes per annum at the Phu Kham Copper-Gold Operation.
- The Ban Houayxai Gold-Silver Operation officially opened on 20 April 2012.
- The Ban Houayxai Operation commenced production of gold-silver doré in May 2012 following a 15-month construction and commissioning phase. Commercial production was declared from 1 June 2012.
- In February 2012, PanAust announced the Phu Kham Increased Recovery Project which is expected to bring increases in annual copper and gold production of approximately 5,000 tonnes and 7,500 ounces respectively from the second half of 2013.
- In January 2012, the Ban Houayxai Project was pre-operationally certified in compliance with the International Cyanide Management Code (a voluntary industry program for the gold-mining industry that promotes the responsible use of cyanide).
- The Company's 2011 EBITDA was US$284.2 million*.
- 2011 profit after income tax attributable to PanAust was US$137.6 million.
- The Phu Kham Copper-Gold Operation produced 59,897 tonnes of copper at a C1^ cash cost of US$1.01 per pound after precious metal credits.
- PanAust was presented with the Labour Medal Class One for the ‘Best Development in a Rural Area’ by the Government of Laos. The award is presented once every five years and recognised the Company’s outstanding contribution to rural socio-economic development and poverty eradication in Laos between 2006 and 2010.
- PanAust received the Australian-based Ethical Investor Sustainability Award in the community and social category for the Livelihood Improvement Program in Laos.
- PanAust Shareholders approved the one-for-five consolidation of ordinary shares (resulting in the conversion of every five shares held by a shareholder into one share with any fractions rounded up to the next whole).
- The Shareholder Agreement and Articles of Association for the Government of Laos to take up a 10 per cent share in Phu Bia Mining were signed.
- PanAust entered the S&P/ASX 100 Index.
- PanAust received the Award for Best Community Development Initiative in the Southeast Asia category at the Asia Mining Congress in Singapore for the Technical Trades Training Program.
- PanAust acquired a majority interest in the Inca de Oro Copper-Gold Project in Chile from Codelco.
- The Company's 2010 EBITDA was US$300.1 million*.
- The Group consolidated net profit after tax for 2010 was US$160.1 million*.
- The Phu Kham Copper-Gold Operation produced 67,806 tonnes of copper at a C1^ cash cost of US$0.87 per pound after precious metal credits.
- The Company announced that it had made a binding offer to Codelco, the world’s largest copper company, for PanAust to acquire a majority interest in the Inca de Oro Copper-Gold Project in Chile.
- The Board approved the development of the Ban Houayxai Gold-Silver Project, which is likely to produce, on average, more than 100,000 ounces or gold per year and 700,000 ounces of silver per year over a mine life of at least eight years.
- PanAust received the 2010 Award for Best Community Development Initiative at the Asia Mining Congress in Singapore for the Company’s Livelihood Improvement Program.
- Gold production at the Phu Kham Heap Leach Operation ceases as the reserve is depleted. Between November 2005 and April 2010, the operation produced nearly three tonnes of gold and played an important role in the initial development of PanAust’s presence in Laos.
- The Company's 2009 EBITDA was US$124.7 million*.
- The consolidated net profit after tax for 2009 was US$23.2 million*.
- First full year of production at the Phu Kham Copper-Gold Operation; producing more than 54,000 tonnes of copper at a C1^ cash cost of US$0.97 per pound copper after precious metal credits.
- A series of capital raisings including a Share Purchase Plan and a 19.9 per cent cornerstone investment by major Chinese investment group Guangdong Rising Assets Management (GRAM) provided the Company with the flexibility and strength to progress its pipeline of growth projects.
- Phu Kham’s 1,600-strong workforce achieved exemplary workplace health and safety outcomes.
- Construction of the Phu Kham Copper-Gold Operation completed ahead of schedule and within 5 per cent of the US$241 million capital budget.
- Commencement of commercial operations declared for the Phu Kham Copper-Gold Operation and first sales of copper-gold concentrate.
- Concentrate sales contracts in place for more than 90 per cent of 2009 production and 50 per cent for 2010.
- Outstanding safety performance.
- Ban Houayxai Gold-Silver Project pre-feasibility study identifies the potential to develop a project producing 100,000 – 130,000 ounces of gold and 700,000 – 800,000 ounces of silver per annum.
- Major infill drilling program completed at the Puthep Copper Project.
- The Company entered the S&P/ASX 200 Index.
- Syndication of the Phu Kham Project senior debt facility finalised.
- First Phu Kham copper-gold ore mined and stockpiled and Phu Kham Copper-Gold Operation commissioning commenced.
- Ban Houayxai Gold-Silver Project resource drilling and pre-feasibility study commenced.
- Board approved development of the US$241 million Phu Kham Copper-Gold Project.
- Completion of equity and debt package for funding of development of the Phu Kham Copper-Gold Project.
- Launched first major regional exploration drill program in Laos.
- PanAust/Padaeng Industry joint venture receives approval from the Thai Government to commence feasibility drilling program at the Puthep Copper Project in northern Thailand.
- PanAust gains ‘producer’ status following first gold pour at the Phu Kham Heap Leach Gold Operation.
- Phu Kham Copper-Gold Project feasibility study completed and feasibility extension program commenced based on anticipated substantially expanded mineral resource.
- The Heap Leach Gold Project feasibility study confirms that the project is technically and economically robust.
- Preliminary study on the Phu Kham Copper-Gold Project completed in March 2004 indicated the ‘company-making’ significance of this project.
- Commenced site works for the Heap Leach Gold Operation which represents the first phase of an initial two-phase development of the Phu Kham deposit.
- Pre-feasibility study commenced on the Phu Kham Heap Leach Gold Project.
- Commenced preliminary study to assess the potential of the Phu Kham copper-gold deposit that underlies the oxide gold cap.
- Metallurgical test results indicate that deposit oxide gold-cap mineralisation at the Phu Kham deposit is suited to conventional heap leach processing.
- Positive results from initial phase of drilling at the Ban Houayxai gold-silver deposit.
- Positive results from drilling at the Phu Kham copper-gold deposit.
- Agreement signed with Normandy Anglo for PanAust to acquire the Phu Bia Contract Area in Laos.
*This information should be read in conjunction with PanAust's Financial Reports.
^Brook Hunt convention for reporting direct cash costs comprising: mine site, concentrate transportation and freight, treatment and refining charges and marketing costs. Based on payable copper in concentrate produced.