Published: 02 February 2018

PAN African Resources (PanAf), a JSE-listed gold producer, has emerged as the company interested in buying the assets of Zimbabwe's ASA Resource Group, a base metals and gold firm.

Panaf said earlier on Monday that it had entered into exclusive negotiations with the joint administrators of ASA Resource Group "… in relation to acquiring certain of the assets and liabilities of the group". It said there could be no certainty an agreement would be reached.  Shares in Panaf were 0.45% higher in Johannesburg at the close.

Given that Panaf's CEO, Cobus Loots, was much criticised for departing from the company's strategy of low cost gold mining when he bought the Uitkomst thermal coal mine in 2016, it seems likely the company will restrict its interest to ASA Resource Group's Freda-Rebecca gold mine. ASA also operates a nickel mine in Botswana and has base metal exploration in the Democratic Republic of Congo (DRC).
- miningmx

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