Pallinghurst Resources, which has a focus on coloured gemstones and steel-making minerals, was moving close to concluding a deal in either coking coal or manganese as prices for these types of assets became more realistic, said CEO Arne Frandsen. Pallinghurst, which recently took full control of its London-listed subsidiary Gemfields, has shaken up its executive management structure as it shifts to being an evergreen mining company instead of a limited life investment holding company, with Brian Gilbertson now a nonexecutive chairman instead of executive chairman. Gemfields has an emerald mine in Zambia and a ruby mine in Mozambique. Pallinghurst has long sought another leg to add to its successful Jupiter Mines investment, which gives it exposure to the Tshipi manganese mine in the Northern Cape. Manganese, chrome, coking coal and iron ore are the key ingredients needed in steel and stainless steel production. Jupiter has undeveloped iron ore deposits in Australia, but Pallinghurst...
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