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History

The PanAust story so far

2011

  • PanAust was presented with the Labour Medal Class One for the ‘Best Development in a Rural Area’ by the Government of Laos. The award is presented once every five years and recognised the Company’s outstanding contribution to rural socio-economic development and poverty eradication in Laos between 2006 and 2010.
  • PanAust received the Australian-based Ethical Investor Sustainability Award in the community and social category for the Livelihood Improvement Program in Laos.
  • PanAust Shareholders approved the one-for-five consolidation of ordinary shares (resulting in the conversion of every five shares held by a shareholder into one share with any fractions rounded up to the next whole).
  • The Shareholder Agreement and Articles of Association for the Government of Laos to take up a 10 per cent share in Phu Bia Mining were signed.
  • PanAust entered the S&P/ASX 100 Index.
  • PanAust received the Award for Best Community Development Initiative in the Southeast Asia category at the Asia Mining Congress in Singapore for the Technical Trades Training Program.
  • PanAust acquired a majority interest in the Inca de Oro Copper-Gold Project in Chile from Codelco.

2010

  • The Company's 2010 EBITDA was US$300.1 million*.
  • The Group consolidated net profit after tax for 2010 was US$160.1 million*.
  • The Phu Kham Copper-Gold Operation produced 67,806 tonnes of copper at a C1^ cash cost of US$0.87 per pound after precious metal credits.
  • The Company announced that it had made a binding offer to Codelco, the world’s largest copper company, for PanAust to acquire a majority interest in the Inca de Oro Copper-Gold Project in Chile. While Codelco’s Board of Directors has passed a resolution recommending acceptance of PanAust’s offer, under Chilean law, the offer is subject to approval by Presidential Decree.
  • The Board approved the development of the Ban Houayxai Gold-Silver Project, which is likely to produce, on average, more than 100,000 ounces or gold per year and 700,00 ounces of silver per year over a mine life of at least eight years.
  • PanAust received the 2010 Award for Best Community Development Initiative at the Asia Mining Congress in Singapore for the Company’s Livelihood Improvement Program.
  • Gold production at the Phu Kham Heap Leach Operation ceases as the reserve is depleted. Between November 2005 and April 2010, the operation produced nearly three tonnes of gold and played an important role in the initial development of PanAust’s presence in Laos.

2009

  • The Company's 2009 EBITDA was US$124.7 million*.
  • The consolidated net profit after tax for 2009 was US$23.2 million*.
  • First full year of production at Phu Kham Copper-Gold Operation; producing more than 54,000 tonnes of copper at a C1^ cash cost of US$0.97 per pound copper after precious metal credits.
  • A series of capital raisings including a Share Purchase Plan and a 19.9 per cent cornerstone investment by major Chinese investment group Guangdong Rising Assets Management (GRAM) provided the Company with the flexibility and strength to progress its pipeline of growth projects.
  • Phu Kham’s 1,600-strong workforce achieved exemplary workplace health and safety outcomes.

2008

  • Construction of the Phu Kham Copper-Gold Operation completed ahead of schedule and within 5 per cent of the US$241 million capital budget.
  • Commencement of commercial operations declared for the Phu Kham Copper-Gold Operation and first sales of copper-gold concentrate.
  • Concentrate sales contracts in place for more than 90 per cent of 2009 production and 50 per cent for 2010.
  • Outstanding safety performance.
  • Ban Houayxai Gold-Silver Project pre-feasibility study identifies the potential to develop a project producing 100,000 – 130,000 ounces of gold and 700,000 – 800,000 ounces of silver per annum.
  • Major infill drilling program completed at the Puthep Copper Project.

2007

  • The Company entered the S&P/ASX 200 Index.
  • Syndication of the Phu Kham Project senior debt facility finalised.
  • First Phu Kham copper-gold ore mined and stockpiled and Phu Kham Copper-Gold Operation commissioning commenced.
  • Ban Houayxai Gold-Silver Project resource drilling and pre-feasibility study commenced.

2006

  • Board approved development of the US$241 million Phu Kham Copper-Gold Project.
  • Completion of equity and debt package for funding of development of the Phu Kham Copper-Gold Project.
  • Launched first major regional exploration drill program in Laos.
  • PanAust/Padaeng Industry joint venture receives approval from the Thai Government to commence feasibility drilling program at the Puthep Copper Project in northern Thailand.

2005

  • PanAust gains ‘producer’ status following first gold pour at the Phu Kham Heap Leach Gold Operation.
  • Phu Kham Copper-Gold Project feasibility study completed and feasibility extension program commenced based on anticipated substantially expanded mineral resource.

2004

  • The Heap Leach Gold Project feasibility study confirms that the project is technically and economically robust.
  • Preliminary study on the Phu Kham Copper-Gold Project completed in March 2004 indicated the ‘company-making’ significance of this project.
  • Commenced site works for the Heap Leach Gold Operation which represents the first phase of an initial two-phase development of the Phu Kham deposit.

2003

  • Pre-feasibility study commenced on the Phu Kham Heap Leach Gold Project.
  • Commenced preliminary study to assess the potential of the Phu Kham copper-gold deposit that underlies the oxide gold cap.

2002

  • Metallurgical test results indicate that deposit oxide gold-cap mineralisation at the Phu Kham deposit is suited to conventional heap leach processing.
  • Positive results from initial phase of drilling at the Ban Houayxai gold-silver deposit.
  • Positive results from drilling at the Phu Kham copper-gold deposit.

2001

  • Agreement signed with Normandy Anglo for PanAust to acquire the Phu Bia Contract Area in Laos.


*This information should be read in conjunction with PanAust's Financial Reports.

^Brook Hunt convention for reporting direct cash costs comprising: mine site, concentrate transportation and freight, treatment and refining charges and marketing costs. Based on payable copper in concentrate produced.