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PGL
PGL
PGL - Pallinghurst Resources - POSCO joins Pallinghurst as co-investor in
Jupiter Mines Limited
Pallinghurst Resources Limited
(Formerly Pallinghurst Resources (Guernsey) Limited)
Registration Number: 47656
(Incorporated in Guernsey)
ISIN: GG00B27Y8Z93
BSX share code: PALLRES
JSE share code: PGL
("Pallinghurst" or the "Company")
POSCO JOINS PALLINGHURST AS CO-INVESTOR IN JUPITER MINES LIMITED
POSCO to invest in Jupiter
Pallinghurst shareholders are asked to note an announcement issued on 1 July
2009 by Jupiter Mines Limited ("Jupiter") to the Australian Stock Exchange that,
subject to approval by the shareholders of Jupiter, POSCO Australia Pty Ltd
(POSCO) will become a strategic investor in Jupiter with the placement of 48
million ordinary shares to POSCO for US$6.25 million at 16.266 Australian cents
per share. Jupiter will hold a General Meeting to seek shareholder approval for
the proposed transaction with POSCO.
POSCO has also agreed an arms-length off-take agreement with Jupiter for up to
50% of Jupiter`s DSO-grade (direct shipping ore) iron ore production.
Background
On 9 March 2009, Pallinghurst and its joint venture partner Red Rock Resources
("RRR") acquired a joint 43.6% interest in Jupiter (27.48% and 16.12%
respectively), as part of Pallinghurst`s stated strategy of creating a supplier
of the key raw materials to the steel industry.
Subject to approval by Jupiter shareholders, Pallinghurst, RRR and POSCO will
jointly hold 52.98% of Jupiter.
POSCO made a commitment of US$200 million as a Pallinghurst co-investor to
pursue steel feed projects with Pallinghurst on 21 April 2008. POSCO`s first
indirect investment as a Pallinghurst co-investor into the Tshipi manganese
project in the Kalahari Basin of South Africa was announced on the JSE and BSX
on 4 June 2009.
Impact on the Company
There is no direct impact on the headline earnings, net assets or net tangible
assets per share of the Company as a result of the transaction, or the
anticipated implementation, assuming Jupiter shareholders approve the terms.
For further information please contact:
Arne Frandsen +44 7881916047
Johannes van Niekerk +27 82 921 9110
Guernsey 1 July 2009
Investment Bank and Sponsor: Investec Bank Limited
Date: 01/07/2009 12:24:11 Produced by the JSE SENS Department.
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