Commodity investment holding company Pallinghurst Resources will pay its first-ever dividend, distributing some of the $10m (about R140m) windfall it has received from its manganese investment. Pallinghurst, which has stakes in platinum, gemstones and manganese, is chaired by Brian Gilbertson, one of the masterminds behind the formation of BHP Billiton, the world’s largest resources company. News of a maiden dividend sent Pallinghurst’s stock up 3% on the JSE to a session high of R4.38 on thin volumes of just 33,340 shares changing hands. Tshipi é Ntle Manganese Mining, which has a manganese mine in SA’s Northern Cape, paid R1bn to its shareholders after benefiting from higher prices for the ingredient that goes into steel production. The manganese price has shot up to $7/tonne from less than $1.50/tonne in January this year, coinciding with the Tshipi mine’s ramp-up to full production. "Tshipi’s optimisation of its cost base has also contributed to its expectation of record profits...
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