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Pallinghurst benefits from strong manganese prices, maiden distribution expected in March 2017
HAMILTON, Bermuda – December 15, 2016 –In a filing with the Bermuda Stock Exchange, Pallinghurst Resources Limited (the “Company”; Ticker: PALLRES.BH), made the following announcement.
Pallinghurst benefits from strong manganese prices, maiden distribution expected in March 2017
Pallinghurst is pleased to advise that following Tshipi é Ntle Manganese Mining (Pty) Ltd’s (“Tshipi”) decision to distribute ZAR1 billion to its shareholders, Jupiter Mines Ltd (“Jupiter”) – a 49.9% shareholder in Tshipi – has resolved to distribute US$55 million to its shareholders. Accordingly, Pallinghurst, as an 18.45% shareholder in Jupiter, expects to receive approximately US$10 million (ZAR140 million) in March 2017.
The Board of Pallinghurst will consider allocating a material portion of these funds as a maiden distribution to shareholders during March 2017.
Tshipi has benefited from its successful production ramp-up and the strong market environment, with the price of manganese increasing from below US$1.50 per dry metric tonne unit (“dmtu”) in January 2016 to recent prices of above US$7 per dmtu, representing a fivefold increase. Tshipi’s optimisation of its cost base has also contributed to its expectation of record profits during its financial year ending 28 February 2017.
The above distributions are subject to there being no material adverse change in market conditions.
BSX Listing Sponsor:
Kim Gibson, Clarien BSX Services Ltd (441)294-2971