Pan African Said to Seek Australian Listing for Manica Gold
(Updates with share price in final paragraph.)
Sept. 1 (Bloomberg) -- Pan African Resources Plc, a Southern African gold producer, hopes to list its Manica gold project in Mozambique on the Australian Stock Exchange in early November, said a person familiar with the matter.
Pan African has yet to make a formal application to the exchange, the person said, asking not to be named because the information isn’t public. Macquarie Group Ltd. is advising the Johannesburg-based company on the transaction, said the person.
Pan African Resources and Sean Chilvers, a Johannesburg- based director at Macquarie’s local unit, declined to comment.
The company said Aug. 19 it will separately list shares in Manica to “unlock optimal shareholder value.” Pan African plans to remain an “anchor shareholder” after a listing, which will provide capital needed to build an operation producing 20,000 tons a month of gold-bearing rock by the third quarter of next year, according to its website.
The timing is favorable for the transaction “considering the growing interest in Mozambique and global sentiment towards gold,” the company said earlier this month. Gold had its biggest gain in 21 months in August, rising 12 percent to $1,825.72 an ounce as investors bought the metal as a haven.
Pan African fell 3 cents, or 1.9 percent, to 1.55 rand by the 5 p.m. close of trading in Johannesburg.
--Editors: John Viljoen, Alex Devine
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