Local gold group Pan African Resources laid out plans to consolidate its ownership in Australia’s Tennant Creek mineral field for £163m (R3.65bn) as elevated gold prices continue to drive dealmaking in the mining sector.
The deal, in which Pan African would acquire 100% of joint venture partner Emmerson, would see the group pursuing a listing on the Australian Securities Exchange (ASX) as a “foreign exempt listing”, expanding its investor base while bolstering its portfolio.
The announcement comes a little more than a year after Pan African acquired Australia’s Tennant Consolidated Mining Group for $54.2m, giving it a 75% stake in the Tennant Creek joint venture.
The takeover gave the group full ownership of Tennant’s coveted Nobles mine, once the country’s largest open-pit gold mine. It is expected to produce about 50,000oz a year, taking Pan African’s annual output to around 300,000oz.
In a statement on Monday, Pan African said it already has the support of some Emmerson shareholders, including Noontide Investments and TA Private Capital Security Agent, which intend to vote a combined 26% of Emmerson’s shares in favour of the offer.
The scheme requires the approval of at least 75% of all votes cast by Emmerson shareholders, with a meeting pencilled in for mid- to late-June.
By pursuing a foreign exempt listing on the ASX, Pan African would trade on the exchange as a Chess depositary interest (CDI), a tool developed by the ASX to allow Australian investors to trade foreign securities.
It will have no effect on the group’s primary listings on the London Stock Exchange and JSE, it said.
As geopolitical uncertainty spurs demand for safe-haven assets, South Africa’s mining industry recorded 32 deals in the 12 months to end-June 2025 worth nearly $10bn (R174bn), a leap from $1.5bn in 2023 and $2.5bn in 2022.
Data from Herbert Smith Freehills last year showed that deal values in the African mining sector surged by 85% in 2024 due to large transactions in gold, together with copper and other critical minerals, with South Africa accounting for more than half of the value of transactions.
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