Jupiter Mines chairman Brian Gilbertson. (Britta Campion/The Australian)
For the offer of up to 600 million Shares for sale at a price of $0.40 per Share to raise up to $240 million (before costs) for the
Selling Shareholders and an offer by the Company for the issue of 10,000 New Shares for the purposes of enabling the Company to issue this Prospectus.
Since it delisted in 2014, when commodities prices were slumping and Jupiter’s market value plummeted to $185m, the company has built the Tshipi open pit mine – one of the world’s three biggest manganese mines and one of the most profitable.
With the $200m mine, the company debt-free and with manganese prices performing well on the back of strong steel demand, Tshipi has so far returned $260m to its shareholders.
Tshipi is producing about 3.3 million tonnes of manganese a year but has capacity of 3.6 million.
Jupiter owns 49.9 per cent of Tshipi, black economic consortium Ntsimbintle mining owns 37 per cent and ASX-listed OM Holdings (OMH), whose shares are up 10-fold in the past year owns 13 per cent.
Jupiter is 86 per cent owned by a consortium of Mr Gilbertson’s investment firm Pallinghurst, Korean steelmaker Posco, mining investor AMI, private equity fund Energy and Minerals Group, Investec and Dutch national pension fund ABP.
Hartleys, Foster Stockbroking and Aitken Murray Capital Partners have been appointed to run the IPO.
Jupiter Mines IPO Prospectus now available at jupitermines.com
Although Public Offer is only open to Australian residents. – Red Rock Resources (AIM:RRR) holds a 1.2% stake in Jupiter Mines. IPO expected to be 18 April.
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