Low rand prices for PGMs result in larger interim loss for Pallinghurst
Pallinghurst Resources posted a deepening interim loss, taking substantial write-downs against its investments in coloured gemstones and platinum, as options are considered for realising value from its Tshipi manganese investment. Pallinghurst, which is essentially an investment holding company, recently took over the whole of London-listed Gemfields, the world’s largest listed producer of coloured gemstones, making it an operating company. Pallinghurst’s interim results included an emphasis of matter, noting that the expiry of the decade-long initial life span on September 14 2017 needed to be addressed by a resolution of shareholders to extend the life span or to change its articles of incorporation. "The exact nature of any extension to the company’s life beyond September 14 2017 cannot presently be determined as it is subject to shareholder vote at a general meeting of the company, which has not yet been held," the note said. Pallinghurst posted a total comprehensive loss of $81...
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