Pan African Resources, a South African gold miner that joined the FTSE 250 last year, has seen its shares nearly triple as the gold bull runs. The company also announced a buyout of joint‑venture partner Emmerson Resources, adding Australian holdings to its portfolio and setting the stage for a dual‑market listing for investors late today.

Despite a recent slide that pushed gold prices from about $5,400 to $4,600 an ounce, Pan African shares stay well above the metal’s spot level on a year‑to‑date basis. Investors have poured capital into the stock during the rally, underpinning the company’s valuation growth for long‑term profits and growth of shareholders in the sector today.

Chairman Keith Spencer has sold £1.5mn in shares, a move that comes after the company’s aggressive expansion. Spencer, who joined the board in 2007 and led it since 2011, stepped down as chair to allow new leadership to navigate the post‑acquisition era as the company prepares for integration of the Australian assets and future growth.

With the Emmerson deal, the board will welcome former chair of the Australian firm Mark Connelly, replacing Spencer. The transition follows Spencer’s succession of South African President Cyril Ramaphosa in 2011. Investors will watch how the new leadership aligns the dual‑market strategy and capitalises on the gold price rebound for shareholders and shareholders worldwide today.