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 Company's strategic vision is anchored around three pillars: sustain the business in the short term through the extension of mine life at its Operations in Laos, grow PanAust organically through targeted exploration activities in Laos and Myanmar, and acquire operating assets that will secure the Company's future.
2019 business overview
PanAust recorded strong operational results in 2019. Group consolidated annual metal production exceeded budget, with 69,284 tonnes (t) of copper in concentrate produced. Gold and silver production totalled 167,418 ounces (oz) and 1,107,361oz 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 0.43 per million hours worked. This outcome is better than industry averages and a 30 per cent improvement the Company's 2018 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.