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POSCO JOINS PALLINGHURST AS CO-INVESTOR IN JUPITER MINES LIMITED
HAMILTON, Bermuda - 01 July, 2009 - Pallinghurst Resources (Guernsey) Limited (Ticker: PALLRES.BH) asks shareholders 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
BSX Sponsor: First Bermuda Group Limited
Michael Schroter, First Bermuda Group (441) 295-1330