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RBC Capital Markets has started its coverage of Pan African Resources PLC (LSE:PAF, OTCQX:PAFRY, JSE:PAN) with an Outperform rating and a 155p price target that implies upside of 55%. The broker expects production to rise about 30% to 350,000 ounces annually by FY30, led by Tennant Creek in Australia, which it sees reaching around 100,000 ounces.