The South African gold miner will consolidate full ownership of the Tennant Creek joint venture in Australia through a court-approved scheme of arrangement
Pan African Resources PLC (LSE:PAF, OTCQX:PAFRY, JSE:PAN), the London and Johannesburg-listed gold producer, has agreed to acquire Australian mining company Emmerson Resources in an all-share deal valuing Emmerson at approximately £163 million.
Under the terms of the deal, Emmerson shareholders will receive 0.1493 new Pan African shares for each Emmerson share held, with consideration delivered in the form of CHESS Depositary Interests (CDIs), a structure used to allow foreign-listed shares to trade on the Australian Securities Exchange (ASX).
The acquisition, structured as an Australian court-approved scheme of arrangement, is subject to approval by at least 75% of votes cast by Emmerson shareholders at a meeting expected to be held in mid-to-late June 2026.
The deal consolidates Pan African's position at the Tennant Creek mineral field in Australia's Northern Territory, where the two companies currently operate a joint venture in which Pan African holds a 75% stake and Emmerson the remaining 25%.
Pan African entered the Tennant Creek joint venture when it acquired the Tennant Consolidated Mining Group in 2024.
Cobus Loots, chief executive of Pan African, said the transaction represented the logical next step following that acquisition and would allow the company to optimise project sequencing and capital allocation across the region.
The Emmerson board has unanimously recommended the scheme, with chairman Mark Connelly saying the deal delivers shareholders an immediate and attractive premium while maintaining their exposure to Tennant Creek as part of a larger, better-funded gold producer.
Shareholders holding approximately 26% of Emmerson's issued shares have already confirmed their intention to vote in favour of the deal, including Noontide Investments, which controls around 19.1% of shares, and TA Private Capital Security Agent, which intends to vote approximately 6.9% of shares in favour.
As part of the transaction, Pan African will seek a foreign exempt listing on the ASX, enabling Emmerson shareholders to trade their Pan African CDIs on the Australian exchange after the deal completes.
Pan African's primary listings on the London Stock Exchange and Johannesburg Stock Exchange will be unaffected by the additional ASX listing.
The company will host a webcast for analysts and investors at 10am GMT on Tuesday, 10 March.