Exxaro Resources, a large, South-African based resources company, have announced a binding agreement to acquire various manganese mining interests in South Africa. This includes interests in both the world-class, long life Tshipi manganese mine and Jupiter Mines. 

Commenting on the transaction, Chair Ian Murray said: “We are delighted to welcome Exxaro as a prospective partner and major shareholder in Jupiter. Exxaro brings significant South African operational expertise and a shared commitment to unlocking the full potential of the Tshipi operation. Their investment strengthens our platform for growth and supports our strategy to consolidate and create value across the Kalahari Manganese Field.” 

Jupiter Mines CEO Brad Rogers provides an overview of the Tshipi transaction and what this means for Jupiter and our stakeholders in the video below.

Under the Tshipi transaction, Exxaro will acquire Ntsimbintle Holdings and OM Holdings Limited interest in Tshipi, equating to a 50.1% ownership of Tshipi.  

Exxaro will also acquire 392,012,248 fully paid ordinary shares in Jupiter from Ntsimbintle Holdings, equating to a price of A$0.317 per share (ZAR3.69, at an exchange rate of 11.63 ZAR to 1 AUD).   

Following this transaction, Exxaro is expected to hold a 19.99% interest in Jupiter and replace Ntsimbintle Holdings as Jupiter’s largest shareholder.  

Jupiter will continue to retain its 49.9% stake and joint control of Tshipi. The terms of the Tshipi shareholders agreement are unaffected by this transaction and all of Jupiter's existing shareholder rights and rights to market shipping will be unchanged.  

The Tshipi Transaction is subject to certain conditions, including the receipt of regulatory approvals in South Africa. 

Read more in Jupiter’s ASX release and Exxaro Resources JSE release.