Jupiter Mines has welcomed Exxaro Resources as a prospective partner and major shareholder.
Exxaro has inked a binding agreement to acquire a 50.1 per cent interest in the Tshipi manganese mine in South Africa and a 19.99 per cent stake in Jupiter.
Exxaro will acquire Ntsimbintle Holdings’ 37.1 per cent interest in Tshipi and OM Holdings’ 13 per cent stake in the mine, subject to regulatory approvals. It will also purchase over 392 million fully paid ordinary shares in Jupiter at a price of ZAR 3.69 per share ($0.317).
Upon completion, Exxaro will become Jupiter’s largest shareholder, while Jupiter will retain its 49.9 per cent interest in Tshipi and joint control of its operations.
Jupiter chair Ian Murray said the company is delighted to welcome Exxaro as a prospective partner and major shareholder.
“Exxaro brings significant South African operational expertise and a shared commitment to unlocking the full potential of the Tshipi operation,” he said.
“Their investment strengthens our platform for growth and supports our strategy to consolidate and create value across the Kalahari manganese field.
“On behalf of Jupiter’s board and management team, sincere thanks are extended to Ntsimbintle Holdings and OM Holdings for their longstanding partnership and significant contributions to Tshipi’s success.”
Exxaro’s portfolio includes coal, iron ore, zinc and renewable energy assets across South Africa.
In other recent news at Jupiter, the company posted a strong March quarter with rising sales, production and earnings at its Tshipi.
The company delivered 858,152 tonnes of manganese production for the quarter at Tshipi, a 15 per cent lift from the December period and a 14 per cent increase on the prior corresponding period.
Sales rose to 777,229 tonnes, a 14 per cent rise on the previous quarter and in line with full-year targets.
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