Jupiter Mines Ltd (ASX:JMS) has welcomed an additional investment by AMCI Euro Holdings BV which has acquired the 7.44% stake previously held by Pallinghurst Consolidated (Cayman) Limited (PCCL).
AMCI has been a long-term supportive shareholder of Jupiter and the company’s Tshipi Borwa Manganese Mine in South Africa since its inception.
This company is already represented on the Jupiter share register by HJM Jupiter LP and FRK Jupiter LP.
READ: Shares in Jupiter Mines are yielding more than 20%, with manganese production going strong at the Tshipi mine
PCCL is a wholly-owned subsidiary of Gemfields Group Ltd (JSE:GML) (OTCMKTS:PLLHF) and the transaction is consistent with Gemfields’ strategy to focus on African coloured gemstones.
AMCI has agreed to purchase PCCL’s entire stake in Jupiter which equates to almost 146 million shares for total consideration of more than A$44.24 million in cash.
Jupiter has thanked PCCL for its support over the last 10 years.
Gemfields’ chief executive officer Sean Gilbertson said: “I believe that the price achieved for the sale is fair, being approximately 2.4% below the 30-day VWAP and approximately 2.5% above Friday’s closing Jupiter share price.
“The sale of our Jupiter shares also enables the directors to realise their ambition of making a maiden distribution to shareholders.”
Tshipi Borwa is world’s third largest
Jupiter has a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining (Pty) Limited, which operates the Tshipi Borwa mine in the southern portion of the rich Kalahari manganese field.
The operation is the single largest manganese mine in South Africa and third largest in the world.