Jupiter Mines targets $240 million IPO

Tshipi mine. Image: Jupiter Mines

Jupiter Mines has lodged a prospectus with the Australian Securities and Investments Commission (ASIC) for its listing on the ASX.

The company is planning an initial public offering (IPO) of 500 million shares minimum (600 million maximum) at 40 cents per share, representing a total worth of around $240 million before costs.

Jupiter Mining is primarily knowns for its 49.9 per cent-owned Tshipi manganese mine in South Africa (the largest in the country and third-largest in the world), as well as its Mount Ida magnetite and Mount Mason DSO hematite projects in the Kalgoorlie region, Western Australia, collectively called the Central Yilgarn iron projects (CYIP).

Brian Gilbertson, chairman of Jupiter Mines, said in the opening letter of the prospectus that the company looked forward to a bright future, stressing the potential of the Tshipi operation in particular.

“[Tshipi’s] strong performance has enabled Jupiter to return in excess of $154 million to its shareholders over the last two years alone,” he said. “That constitutes a return of 150 per cent on Jupiter’s investment of $100 million into the project. The mine has a very long life ahead

“Given reasonable commodity markets in years to come, Jupiter expects to continue rewarding shareholders with healthy returns.”

The initial offer to shareholders is expected to commence on Tuesday March 27 and will close on Friday April 6. The successful completion of the IPO will see around 70 per cent of Jupiter Mining go public on the ASX.

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