Morning Report: Pan African profits jump 126% to US$21.9mln

Headlines from the Proactive UK newsroom.

Pan African’s (LON:PAF) interim profits jumped 126% to US$21.9mln as the gold miner benefited from the rise in the gold price, better production at the Evander miner and the stronger dollar.

Afritin (LON:ATM) has made the first shipment of concentrate from the Uis Tin Mine in three decades. It is a significant milestone for the firm which is ramping up production to 60 tonnes of tin concentrate per month.

Gold miner Resolute Mining (LON:RSG) added a further 2.5 million ounces to total ore reserves and resources during 2019.  The total now stands at 19.1mln ounces.

HSBC is to slash 35,000 jobs to save US$4.5bn after 2019’s profits slumped by a third. The job cuts will reduce the Asia-focused bank’s headcount to 200,000 from 235,000.

Apple has become the first major US company to issue a trading warning due to the impact of the coronavirus on its supply chain in China.

Lower metal and coal prices coupled with operational problems pushed Glencore into a loss of US$400mln in 2019. The mining and trading group also promised to cut its coal and oil businesses to reduce carbon emissions by 30% by 2035.


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