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Shares in Pan African Resources will start trading on the Australian Securities Exchange (ASX) on Tuesday, opening the door to a new pool of investors for the South African gold miner.The listing follows the company’s acquisition of joint venture partner Emmerson Resources in Australia, which gave the company full ownership of the country’s Nobles mine and a foreign exempt listing on the ASX.The Australian expansion at a time of elevated gold prices has drummed up excitement among institutional investors, allowing the company to enter the JSE’s top 40 index for the first time earlier this year.Pan African spokesperson Hethen Hira told Business Day it has been confident that an Australian listing would be well received since its first Sydney roadshow in July last year.“We met with about 20 Australian institutions over a three day period and saw lots of interest for Pan African shares,” Hira said. “The overwhelming approval by Emmerson shareholders for the [takeover] and our interactions with them also show there will be a good appetite for trading in Pan African shares on the ASX.” The Australian move began in 2025 when Pan African acquired the Tennant Consolidated Mining Group for $54.2m (about R888m), giving it a 74% stake in the Tennant Creek joint venture. It spent another £163m consolidating its ownership in March this year.The venture owns Australia’s Nobles mine, once the country’s largest open-pit gold mine, now expected to produce about 50,000oz a year, taking Pan African’s annual output to about 300,000oz.In a note last month, Allan Gray analyst Andrew Boulton said he was eyeing the company’s journey into new territory with “great enthusiasm”, adding that the asset manager has held Pan African shares since 2009.Pan African listed on the JSE in 2007 and has since enjoyed steady production growth thanks to a series of low-cost acquisitions and a focus on tailings retreatment.In the past three years shares in the miner have soared more than eight-fold as investors flocked to its low-cost, high-margin assets. Its latest interim results for the six months to end-December reported a more than 150% jump in revenue.
