Jupiter Mines Limited completed the Spin-Off of Central Yilgarn Iron Ore Assets Of Jupiter Mines Limited.
May 06, 2021
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Jupiter Mines Limited (ASX:JMS) announced the spin-off of unknown majority stake in Central Yilgarn Iron Ore assets on October 28, 2020. The spin-off will be achieved via a distribution of spun company's shares in-specie to Jupiter’s shareholders in proportion to their existing shareholding in Jupiter. Jupiter’s shareholders will also be offered the opportunity to acquire further shares in spun company above their in-specie allocation. Jupiter will retain a minority holding in spun company. The spin-off 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. NewCo will have subsequent initial public offering after transaction. NewCo will be headquartered in Perth, to maintain proximity to the Central Yilgarn Iron Ore assets. Jupiter has appointed Greg Durack as the Chief Executive Officer to lead the initial public offering and implement NewCo’s strategy. Greg will also serve as an Executive Director of NewCo. Other Board appointments will be made shortly.
Transaction is subject to all statutory approvals and other approvals. Board of Jupiter Mines unanimously approved the transaction. JMS shareholders overwhelmingly supported the transaction. The transaction and listing is expected to be completed in the first quarter of 2021. As of January 21, 2021, the transaction is expected to close on February 26, 2021. As of March 8, 2021, the closing of the transaction has been delayed. As of March 15, 2021, the proposed listing of Juno is expected to be completed in May 2021. As of May 7, 2021, Juno has also received conditional approval to be admitted to the Official List of the ASX and is expected to list on May 14, 2021.
Jupiter Mines Limited (ASX:JMS) completed the spin-off of unknown majority stake in Central Yilgarn Iron Ore assets on May 7, 2021.
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.