This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
Pallinghurst continues to benefit from strong manganese prices
HAMILTON, Bermuda – June 5, 2017 –In a filing with the Bermuda Stock Exchange dated 5 June 2017, Pallinghurst Resources Limited (the “Company”; Ticker: PALLRES.BH), made the following announcement.
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.
BSX Listing Sponsor:
Kim Gibson, Clarien BSX Services Ltd (#294 2971) (441)294-2971