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Pallinghurst considers maiden dividend distribution

15th December 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – Diversified miner Pallinghurst Resources expects to receive about $10-million, or R140-million, in March 2017, as part of Tshipi é Ntle Manganese Mining’s previously announced decision to distribute R1-billion to its shareholders.

In turn, Jupiter Mines – a 49.9% shareholder in Tshipi – has resolved to distribute $55-million to its shareholders.

Pallinghurst is an 18.45% shareholder in Jupiter Mines.

Pallinghurst would consider allocating a material portion of these funds as a maiden distribution to shareholders.

Tshipi benefited from its successful production ramp-up and the strong market environment, with the price of manganese increasing from below $1.50/t in January to recent prices of above $7/t, 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 February 28, 2017.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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