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Jupiter Mines Limited, advised by Henry Davis York (HDY), has successfully acquired a 49.9 per cent share in the Tshipi Kalahari manganese project in South Africa. Jupiter acquired the stake…
Jupiter Mines Limited, advised by Henry Davis York (HDY), has successfully acquired a 49.9 per cent share in the Tshipi Kalahari manganese project in South Africa.
HDY was the legal adviser on the acquisition which was completed on 29 October and has resulted in an increase to Jupiter's market capitalisation to over $600 million.
HDY partner Robert Tracy was the key adviser on the deal along with senior associate Iona Borthwick.
Tracy said of the deal: "The acquisition has been a company-making deal for Jupiter and is a significant step in its steel feed corporation strategy.
"The transaction is also representative of the increasing interest of Australian exploration companies in acquiring offshore assets to complement their Australian interests, and also highlights the continued attractiveness of the Australian resources sector to high profile international players."
The Tshipi Project has an inferred/indicated resource base of 163.2 million tonnes (comprising 101.4 million inferred and 61.8 million indicated) of manganese ore at an average grade of 37 per cent. Tshipi anticipates commencing manganese ore production by early 2012.
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