Pan African Resources has completed a definitive feasibility study for its planned Soweto tailings retreatment project on the West Rand, with a final investment decision targeted for December.The project is expected to produce between 35,000oz and 40,000oz of gold a year over about 15 years.Pan African estimates the project will require R3.68bn in capital, about R880m more than the R2.8bn outlined in its November 2025 study. The higher estimate includes a new tailings storage facility and related infrastructure.The company said it reduced the latest capital estimate by R718m after reviewing the project’s design and costs, while keeping planned production capacity unchanged.At a gold price assumption of $3,550/oz, the project has a post-tax net present value of R1.85bn and an estimated internal rate of return of 30%, which indicates the expected return on the investment before financing costs. Payback is expected at about three years after the project starts operating.Pan African expects to make a final investment decision in December, subject to board approval, project financing and the required statutory approvals. Construction is expected to take about 28 months from the decisionThe company said the Soweto project will be built alongside Pan African’s existing Mogale Tailings Retreatment operation and use infrastructure already in place for processing and smelting.The project will retreat gold-bearing tailings from the Soweto Cluster, which Pan African acquired in 2022. It is expected to increase gold production from the broader Mogale complex to about 100,000oz a year at peak production.The company said the environmental impact assessment and permitting process is well advanced. It has submitted its water-use licence application, which is being processed, and expects the main environmental authorisations during the 2027 financial year.Pan African expects to make a final investment decision in December, subject to board approval, project financing and the required statutory approvals. Construction is expected to take about 28 months from the decision.The company said the project would also rehabilitate historical tailings facilities and surrounding areas on the West Rand.Business Day