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South African gold and platinum producer Pan African Resources (PAF) says it will now work to improve volume and grades in key operations after a 68% fall in attributable first-half earnings to £5.5 million. The company, quoted on AIM and in Johannesburg, saw turnover in the six months to December slide 19.5% to £68.1 million, while all-in costs on the gold side rose from $965 (£622) to $1,165 an ounce, the average gold selling price fell from $1,311 to $1,231 an ounce and the South African Rand weakened.
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