Gold News

Pan African to make the leap to mid-tier gold producer

Pan African Resources is set to make the leap from explorer-developer to medium-sized gold producer now that it is due to acquire Baberton Mines.

The company has received permission from the South African Reserve Bank to complete the transaction, which is aimed at establishing Pan African Resources as a firm focused only on gold.

Jan Nelson, the company's chief executive, told Mineweb that the acquisition - which will see it take 74 per cent of Baberton Mines - would enable it to make further acquisitions.

It is likely to produce around 180,000 ounces of gold per year after the deal goes through, making it one of the largest companies on the JSE's AltX.

Pan African has also signed an agreement with SEMS Exploration Services and Birim Goldfields to acquire a 90 per cent share of the license rights of Ghana's Akrokerri Exploration Property.

The license covers an area of 46.8 square kilometres situated next to the largest gold producer in Ghana, the Obuasi gold mine.
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