Pallinghurst director takes up position as Jupiter Mines CEO
JOHANNESBURG (miningweekly.com) – Priyank Thapliyal has been appointed CEO of Jupiter Mines, in which Pallinghurst Resources holds an 18.4% interest.
Thapliyal has, therefore, resigned as executive director of Pallinghurst, with his responsibilities to be absorbed by the other executive directors on the board.
Jupiter, which owns a 49.9% interest in the Tshipi Kalahari Manganese Mine, in South Africa, on Thursday said the mine was on track to exceed its three-million-tonne-a-year production target for the 2018 financial year, with the company having already shipped 1.88-million tonnes in the first seven months of the year.
If current manganese prices hold up, Tshipi could distribute a further R600-million to its shareholders for the second half of the financial year, with $25-million to be distributed to shareholders in April 2018.
“That would mean that Tshipi had fully repaid its shareholders their R2-billion capital investment,” Jupiter said.
Meanwhile, Tshipi’s shareholders have terminated a dual-track sales process for Tshipi, with Jupiter’s board of directors having resolved to consider strategic options at the Jupiter level.
“This may involve a relisting of Jupiter on the ASX, a sale of Jupiter, or merger and acquisition activities to grow the company,” it said.
Red Rock Resources, which owns 1.2% of Jupiter, welcomed Jupiter’s plans to maximise the value of the business for its shareholders.
“The Tshipi manganese business goes from strength to strength, and the levels of profit distribution being achieved show the value of this asset to Red Rock, which with 1.2% of Jupiter receives about £250 000 from each six-monthly $25-million distribution,” chairperson Andrew Bell added.
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