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February 17, 2025Pan African calls time on rampant gold theft at Sheba mine
PAN African Resources has expressed displeasure at the rampant gold theft and declining productivity at its Sheba mine in Mpumalanga, which it is now restructuring.
“It’s time for a reshuffle. It’s time for a restructuring,” said Cobus Loots, CEO of Pan African. “I want no more theft and no more unsafe mining. We need mines that are contributing and Sheba is not contributing and it’s not sustainable,” he added. The mine employs between 700 and 800 people.
In a presentation earlier, Loots said the company had caught 60 people involved in gold theft and suspected the activity to be many more. It comes amid reports of illegal trespassing of hundreds on the mine premises in recent times.
Gold production from Sheba fell 13% to just over 8,000 ounces in the six months ended December. Combined with the Barberton and Consort mines, which all form part of Pan African’s Barberton Gold Mines, all-in sustaining costs were $2,959 per ounce, lossmaking even at the currently elevated gold price.
