Head

Jupiter seeks an ASX list with an initial public offering of $ 240 million

Jupiter seeks an ASX list with an initial public offering of $ 240 million

By DALE BENTON. March 21, 2018 at 10:27 a.m.

An emerging Australian mining company, with significant assets in Australia and South Africa, has announced its intention to list on the Australian Stock Exchange with an initial public offering of more than $ 200mn.

Jupiter Mines Limited announced in a statement this week that it has launched a prospectus with the Australian Securities and Exchange Commission, amid plans for an Initial Public Offering of 500 million shares for a total value of around A $ 240mn.

Jupiter Mines has three mining projects in operation, Tshipi Manganese Mine (South Africa), Mount Ida Magnetite Project and Mount Mason DSO Hematite project, both located in Australia.

The company's work at the Tshipi mine, an open-cast manganese mine, is the largest manganese mine in South Africa and the third largest in the world.

Located at Kalahari Manganese Field, responsible for approximately 80% of the global manganese economic resources, the project exported 3.34 million tons of manganese in FT18 and "remains one of the largest and most economical manganese exporters at the world".

Related stories:

Rio Tinto sells projects from Hail Creek and Valeria to Glencore for $ 1.7 billion.

Hecla Mining acquires Klondex Mines for $ 462 million.

Stellar Diamonds will be acquired by Newfield Resources to finance the Tongo-Tonguma diamond project.

At the opening address of the brochure, the company's president, Brian Gilbertson, specifically pointed out the success of the Tshipi project as the engine of the IPO.

"Tshipi's strong and experienced management team carries out a" poor and mean "operation, costs are low and tightly controlled, no overhead costs, management fees or interest charges are allocated from a distant central office, because It exists, unlike other places in the industry.A focus for the immediate future is to continue Tshipi's record of unit cost reductions, which has characterized the mine since its launch.

Given the reasonable commodity market in the coming years, Jupiter expects to continue rewarding shareholders with healthy benefits. The intention of the Board is to point to a payment ratio of 70% of the income and cash distributions received by Jupiter from Tshipi é Ntle. This could be in the form of dividends, repurchase offers or returns or distributions of capital to shareholders, subject to the Company maintaining an appropriate working capital balance.