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PGL
PGL
PGL - Pallinghurst Resources Limited - Construction of Tshipi Borwa Manganese
mine to commence
PALLINGHURST RESOURCES LIMITED
(Previously Pallinghurst Resources (Guernsey) Limited)
(Incorporated in Guernsey)
(Guernsey registration Number: 47656)
(South African external company registration number 2009/012636/10)
Share code on the BSX: PALLRES ISIN:GG00B27Y8Z93
Share code on the JSE: PGL
("Pallinghurst" or the "Company")
CONSTRUCTION OF TSHIPI BORWA MANGANESE MINE TO COMMENCE
Shareholders of Pallinghurst are advised that mine development at Tshipi Borwa
is expected to commence in the first half of 2011 at an estimated cost of US$200
million. Production is anticipated to begin within 18 months and will at full
capacity produce approximately 2.4 million tonnes per annum of direct shippable
manganese ore.
Located in the Kalahari Manganese Field near Hotazel in the Northern Cape;
Tshipi Borwa has a mineral resource of 163 million tonnes of manganese, at a
grade of 37%. The geology is similar to the adjacent Mamatwan which has been in
production for 46 years.
It is expected that 350 new jobs will be created by the new mine directly and as
many as 2,000 additional jobs through the provision of goods and services.
The Company holds its interest in Tshipi Borwa through its 16.5%* effective
interest in ASX listed Jupiter Mines Limited ("Jupiter"), which in turn owns
49.9% of Tshipi Borwa. Broad based BEE consortium Ntsimbintle Mining
("Ntsimbintle") owns the remaining 50.1% of Tshipi Borwa. Former Transnet CEO
Saki Macozoma is the Chairman of Ntsimbintle.
Pallinghurst Chairman Brian Gilbertson said: "Tshipi Borwa is set to become one
of the world`s major suppliers of manganese - a critical raw material for steel
production. Its competitive cost profile and more than 50 years of life, makes
it a very attractive project for shareholders and the community of the Northern
Cape."
Pallinghurst CEO Arne H. Frandsen commented: "With our superb location in the
world`s most desirable manganese province we now enter the final stages of
construction to realise Tshipi Borwa`s exciting growth potential. We have
invested in this project from its outset. It demonstrates Pallinghurst`s ability
to drive projects up the value curve from greenfields to production."
8 February 2011
Guernsey
Enquiries
CapitalVoice
Johannes van Niekerk 082 921 9110
* Following completion of the AUD150 million capital raising as announced by
Jupiter on 31 January 2011
Sponsor: Investec Bank Limited
Date: 08/02/2011 16:37:01 Produced by the JSE SENS Department.
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