Pan African ResourcesEvander mine buy clears final hurdle

Pan African Resources would take control of Evander mine on February 28 after completing the final hurdle in its bid for the Harmony Gold asset, it said on Friday. The company had obtained government consent as required under section 11 of the Mineral and Petroleum Resources Development Act, the last outstanding condition for the deal, the company said. Chief executive Jan Nelson said he was delighted that the final condition to acquire the R1.5 billion mine, which produced 100 000 ounces of gold a year, had been met. “A world class ore body and exceptional team of people will ensure that Pan African continues to deliver profitable, sustainable stakeholder growth,” he said. Pan African’s shares fell 2.97 percent to close at R2.61 on the JSE on Friday. – Dineo Faku