JOHANNESBURG (miningweekly.com) – Australian mining company Jupiter Mines plans to redistribute $55-million to its shareholders through an equal-access share buyback.
All Jupiter shareholders will be made an equal offer to buy back 6% of their shares at $0.40 a share.
The buyback will be funded from a R500-million repayment by 49.9%-owned Tshipi é Ntle Manganese Mining.
Tshipi in November announced it would distribute R1-billion to its shareholders for the year ended February 28.
Red Rock Resources, which holds about 1.2% of Jupiter's shares in issue, expectes to receive payment of $655 785.
Another Jupiter shareholder, Pallinghurst Resources, which holds a 20% stake in Jupiter, expects to receive about R150-million from the distribution.