| Mon 5 Jun 2017, 10:00 | | PALLINGHURST RESOURCES LIMITED - Pallinghurst continues to benefit from strong manganese prices |
|
PGL 201706050011A
Pallinghurst continues to benefit from strong manganese prices
PALLINGHURST RESOURCES 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")
Pallinghurst continues to benefit from strong manganese prices
Jupiter Mines Ltd (“Jupiter”) has announced a further US$25 million distribution to be made to its shareholders
in September 2017. Pallinghurst, as an 18.43% shareholder in Jupiter, expects to receive a further distribution
of approximately US$5 million in September 2017.
Jupiter is a 49.9% shareholder of the leading manganese producer, Tshipi é Ntle Manganese Mining (Pty) Ltd
(“Tshipi”). The combination of rigorous cost management, positioning Tshipi Borwa in the lowest cost quartile,
with the improvement in the manganese price resulted in Tshipi making its maiden distribution of ZAR1 billion
in March 2017. The manganese price has remained strong over the past few months and accordingly, Tshipi
has recently agreed to distribute a further ZAR500 million to its shareholders in September 2017. This would
result in a total return, in 2017, to Tshipi shareholders of ZAR1.5 billion.
Jupiter distributed US$55 million to its shareholders in March 2017, of which Pallinghurst received US$10
million. Accordingly, in total, Pallinghurst stands to receive US$15 million in 2017 as distributions from its
investment in Jupiter.
The above proposed distributions are subject to there being no material adverse change in market conditions,
including to manganese prices.
Guernsey
5 June 2017
Sponsor
Investec Bank Limited
Date: 05/06/2017 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
