Pallinghurst Secures $250 Million From Dutch Asset Manager APG

Pallinghurst Resources Ltd. (PGL.JO), the resources investment firm led by mining heavyweight Brian Gilbertson, Monday said it has secured $250 million in funding from Dutch asset manager Algemene Pensioen Groep NV, including $50 million for platinum producer Platmin Ltd. (PPN.T).

Platmin, which counts Pallinghurst among its shareholders, separately said Singapore state-owned investment company Temasek Holdings will invest a further $50 million which will in part be used to fund the acquisition of a 10% stake in the Sedibelo Platinum Project in South Africa being offloaded by Barrick Gold Corp. (ABX).

Pallinghurst said more than $200 million of the equity capital being committed by APG is earmarked for resources investments in South Africa.

The commitment is for up to 10 years and investments will be made at the discretion of Pallinghurst, it said.

"With this APG commitment, Pallinghurst has raised more than $1.5 billion," said Arne Frandsen, chief executive office of Pallinghurst. "In the past 18 months, we have invested more than $500 million of mainly foreign funds into the South African mining industry."

Johannesburg-listed Pallinghurst, whose chairman is former BHP Billiton Ltd. (BHP) CEO Gilbertson, has investments in colored gemstones, luxury brand Faberge, steel feed materials and platinum group metals.

-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com

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