PanAust is focused on a sustainable business model associated with the production and sale of copper and gold, delivery of production goals and economically astute growth. While copper forms the core product focus, gold and silver provide a measure of commodity diversity.
The strategic direction of the Company is to maximise returns from its producing assets while advancing projects that offer potential to sustain and grow the business in the long term.
2018 business overview
PanAust achieved strong operational results in 2018. Group consolidated annual metal production exceeded budget, with 83,680 tonnes (t) of copper in concentrate produced. Gold and silver production totalled 179,357 ounces (oz) and 1,204,516oz respectively in concentrate and dore.
Excellent safety outcomes underpinned the Company's production performance. By year end, PanAust's Total Recordable Injury Frequency Rate (TRIFR) was 0.60 per million hours worked. This outcome is better than industry averages and a 28 per cent improvement the Company's 2017 safety results.
PanAust's outstanding safety performance reflects its commitment to Zero Harm safety objectives and the success of targeted safety programs that focus on hot spots and lead indicators.
In 2019, PanAust will focus on maintaining and extending production at its Operations in Laos, as well as identifying new exploration tenements within its existing Mineral Exploration and Production Agreement. In Papua New Guinea, the Company is committed to maintaining its relationships with key stakeholders and near-Project communities and advance the Sepik Development Project permitting.