Q & A
June 2016 was 213,267oz gold and platinum ( cf Edison ’ s expectation of 213,934oz and management ’ s prior guidance of 209,000oz ) and that normalised , headline EPS ( excluding financial instruments ) will be 208-228 % higher than in FY15 at 2.00-2.13p . Our valuation of PAF ( excluding its Uitkomst colliery ) is 23.6p at Edison ’ s long-term gold prices . In the meantime , it continues to have the sector ’ s third highest forecast dividend yield , globally , of over 5 % ( NB FY16 results are scheduled for 21 September ).
KEFI and Euromax by contrast are in the process of developing their mines . KEFI is in the closing stages of financing its Tulu Kapi gold mine in Ethiopia and intends to present a syndicate-approved plan to shareholders in H216 . Edison ’ s value of the dividends that investors can expect from the successful development of the underground and open pit mines is 2.45p / sh ( in current money terms ). However , it rises to 3.94p / sh in FY21 and , even further , to 5.85p / sh in the event that management can leverage cash flows into other valueenhancing exploration opportunities on the Arabian-Nubian shield ( eg in Saudi Arabia where it also has highly
14 November 2016