great find hopeless. will be very interesting next...

great find hopeless. will be very interesting next week.

PALLINGHURST NEW LISTING

Pallinghurst along with four partners have around $1 billion to invest in mining projects and plans to raise up to $500 million more to build up assets in two other areas -- platinum, and products used for steel production such as iron ore, manganese, chrome and coking coal.

Pallinghurst itself raised $170 million through a Bermuda listing and plans to raise at least that much with a second listing in South Africa, Gilbertson said.

"There will be a further inward listing on the Johannesburg stock exchange in the third quarter to raise additional funds for the some of the projects we're expanding into."

Its four partners, each of which have injected $200 million, are South Korea's Posco, the world's fourth largest steelmaker by output, South African investment bank Investec Plc, privately held American Metals & Coal International (AMCI) and U.S. private equity fund NGP Midstream & Resources.

One further partner might join the consortium, he added.

Pallinghurst has recently taken a 19.9 percent stake in Australian iron ore exploration firm Jupiter Mines Ltd, just under the threshold at which a full takeover bid for the firm is required. "There will be further developments there in the coming weeks," Gilberton said without giving details.

Pallinghurst already has a manganese project in South Africa and is finalising plans for its entry into the platinum sector in the same country, he added. (Editing by Mark Potter/Rory Channing)