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.
2017 business overview
On the back of improved metal prices, record production at its Operations in Laos, and ongoing vigilance to maintain a lean cost structure, PanAust achieved outstanding operational results in 2017. Group consolidated annual metal production exceeded budget, with a record 90,363 tonnes (t) of copper in concentrate produced. Importantly this record was achieved without additional capital investment. Gold and silver production totalled 192,530 ounces (oz) and 1,377,376oz 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 0.83. This outcome is better than industry averages and a 28 per cent improvement the Company's 2016 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.
The Way Ahead for PanAust in 2018 will be to focus on a further refine elements of its business that are within its control - safety production, cost performance and strategic growth opportunities.