Jupiter Mines : Intention to Demerge Jupiter Iron Ore Assets
October 28, 2020 at 04:05 am IST
Share
JUPITER MINES
LIMITED
ABN 51 105 991 740
ASX: JMS
Announcement
28 October 2020
Registered Office:
Level 10
16 St Georges Terrace
Perth WA 6000
Phone: +61 8 9346 5500
Email: investorrelations@ jupitermines.com
Website: www.jupitermines.com
Directors & Officers:
Brian Gilbertson
Paul Murray
Andrew Bell
Priyank Thapliyal
Yeongjin Heo
Hans Mende
Brian Beem (alternate to Hans Mende)
Melissa North
Issued Capital:
Ordinary shares: 1,958,991,033
Current Assets:
World class Tshipi Manganese Mine
Advanced Central Yilgarn Iron Ore Projects
INTENTION TO DEMERGE
JUPITER IRON ORE ASSETS
Jupiter Mines Limited ("Jupiter") (ASX.JMS) announces that the Board has unanimously approved a demerger of its Central Yilgarn Iron Ore assets ("CYIP") and subsequent initial public offering ("IPO"), subject to all statutory approvals.
The demerger will create an ASX listed company, to be named at a later date ("NewCo"), which will work to progress the development of the Mount Mason DSO hematite project as its primary focus in the near term.
The demerger will be achieved via a distribution of NewCo shares in-specie to Jupiter shareholders, in proportion to their existing shareholding in Jupiter.
Jupiter shareholders will also be offered the opportunity to acquire further shares in NewCo above their in-specie allocation. Jupiter will retain a minority holding in NewCo. Subject to all approvals, the demerger and listing is expected to be completed in the first quarter of 2021. Full details and timetable will be announced in due course.
As previously announced, Jupiter has appointed Greg Durack as the Chief Executive Officer to lead the IPO and implement NewCo's strategy. Greg will also serve as an executive director of NewCo. Other board appointments will be made shortly. NewCo will be headquartered in Perth, to maintain proximity to the CYIP assets.
Post the demerger, Jupiter will become a pure-play manganese company, with the aim to continue to maintain its strong balance sheet and high payout ratio.
For, and on behalf of the Board,
Priyank Thapliyal
Director & Chief Executive Officer
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Jupiter Mines Limited is an Australia-based independent mining company. The Company, through Tshipi e Ntle Manganese Mining Proprietary Ltd (Tshipi), operates the Tshipi manganese mine, an open pit mine in the Kalahari Manganese Field (KMF) located in the Northern Cape of South Africa. Tshipi is operating at a production run-rate of approximately 3.3 million tons per annum (Mtpa), being is a manganese mine in South Africa. Tshipi produces lumpy and fines manganese ore product with average grades of around 36.5% and 35.5% respectively. Tshipi's logistics operations allow it to adapt export quantities to market conditions. Tshipi uses a combination of rail and road transport to transport processed manganese ore from the mine to various ports, including Port Elizabeth, Saldanha, Cape Town, Port Elizabeth and Durban in South Africa, and Ludertiz in Namibia.