[miningmx.com] – PALLINGHURST Resources reported a taxed profit of $55.4m in its 2014 financial year compared to $14.7m in the previous period.
The performance was linked to the increase in production and maiden profit-making of its 42%-owned Sedibelo Platinum Mines where annual dispatches of platinum group metal totalled 154,400 ounces during the year.
“Sedibelo Platinum Mines also remains focussed on an IPO once market conditions improve,” said Arne Frandsen, CEO of Pallinghurst Resources. Analysts expect the price of platinum to remain under pressure for most of this year.
Tshipi Borwa, Pallinghurst resources’ manganese investment, more than doubled its production and export volumes to over two million tonnes of manganese ore, the company said.
