Business brief | Pan African lifts after upbeat production update, and Pick n Pay’s Proteas bet | Business

Gold producer Pan African lifted after flagging a production rise, while Pick n Pay bets (sort of) on the Proteas.

Gold producer Pan African Resources anticipates an up to 6% increase in its gold production volume during the half-year ending December. The miner added it is making good progress with the construction of the mine tailings retreatment plant at the group’s Mintails Project at Mogale, and construction would be completed before the end of 2024. Chief executive Cobus Loots said the plant would add production capacity of about 50 000 ounces a year, a 25% increase. The group’s shares were up 5% after the announcement and have gained a similar amount in the past year.

Financial services group Old Mutual reported client out flows of some R10.8 billion for its nine months to end-September, having seen R7.25 billion at its half-year. Growth in gross written premiums has also fallen to 15% from 16%, but life insurance sales picked up. Despite challenges, including load shedding and currency volatility in some African markets, the group said its business remains well positioned for growth, citing its strong sales momentum over the past three years. Shares in the group were down marginally in afternoon trade and have risen almost 6% in the past year.