https://www.miningweekly.com

Jupiter mines to host spill meeting, pays $59m in dividends

2nd August 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

ASX-listed Jupiter Mines has advised that shareholders have voted against the adoption of its 2021 Remuneration Report, giving effect to a spill resolution.

Additionally, shareholders have voted in favour of appointing Scott Winter and Peter North as directors of the company, while directors standing for re-election, Andrew Bell and Paul Murray, did not get a majority vote during the company’s annual general meeting on July 30.  

The company has confirmed it will host a spill meeting on or about October 19, while the closing date for director nominations is September 17.

The spill resolution is a resolution to hold another meeting of shareholders at which the current board, excluding MD Priyank Thapliyal, will cease to hold office, and resolutions to appoint directors to those vacated offices will be put to a vote.

The vacating directors are eligible for re-election at the spill meeting. If shareholders pass all of the resolutions at the spill meeting, none of the directors when the first strike was received, other than the MD, will remain as directors of the company.

In explaining the process, Jupiter says that, at the 2020 annual general meeting, the votes against the remuneration report were more than 25% of the votes cast on the resolution (the first strike).

If 25% or more of the votes that were cast on resolution one were voted against the adoption of the 2021 Remuneration Report (the second strike), then resolution two, or the spill resolution, would be put to shareholders.

If the spill resolution passes (with 50% or more of eligible votes cast) another meeting of shareholders would be held (the spill meeting) to re-elect the board of the company.

Meanwhile, Jupiter says its Tshipi manganese operation, in South Africa’s Northern Cape province, has remained profitable despite the impact of Covid-19 and other mining challenges.

Jupiter holds a 49.9% interest in Tshipi é Ntle Manganese Mining, which operates the Tshipi Borwa mine.

Some of the mining challenges in the 2021 financial year included delayed fleet mobilisation, excessive rainfall, equipment availability and the Covid-19 lockdown.

Tshipi has nonetheless reported healthy exports despite these challenges.

Jupiter is moving forward as a pure play manganese company after embarking on a demerger process for its iron-ore assets.

For the 2022 financial year, the company has been focusing on managing costs, addressing outstanding items for expansion of the Tshipi Borwa mine to 4.5-million tonnes a year and consolidating the mine and other opportunities in the Kalahari manganese field.

Jupiter will pay out A$59-million of dividends for the 2021 financial year, after posting a net profit after tax of A$126-million.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION