Pan African shares fall

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IOL BR mining PIC001 REUTERS File image: Reuters

Shares of Pan African Resources slide over 4 percent following the announcement of the terms of a deal to acquire Evander mine from Harmony Gold.

The gold miner announced after markets closed on Friday that it would forego a dividend payout in 2012 and conduct a rights issue for 700 million rand ($84 million).

Pan African shares are down 4.15 percent at 2.08 rand while those of Harmony lose 2.5 percent to 78.38 rand.

Separately, the Association of Mineworkers and Construction Union (AMCU), whose bloody turf war with the dominant National Union of Mineworkers (NUM) led to the death of over 40 people at a platinum mine last week, has been recruiting at the Evander mine. - Reuters

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