Shares in Pan African Resources, a small gold miner with a secondary JSE listing, have been on a tear this year. The stock is about 50% higher but is still capitalised at just over R11.7bn. Gold Fields, by comparison, at a market capitalisation of about R274bn, is now one of the JSE’s largest locally headquartered companies.

Apart from proving that size isn’t everything, Pan African is starting to attract rerating considerations, largely for producing predictable numbers. Far larger miners than Pan African have failed at the altar of consistency...

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