The Tshipi Borwa manganese mine is in a strong position to weather the uncertainties ahead, as the world struggles, probably for years to come, to recover from the devastating economic consequences of the global lockdown, Jupiter Mines nonexecutive chairperson independent Brian Gilbertson said on Thursday. In releasing the Sydney-listed company’s 2020 annual report and audited financial statements for the financial year ended February 29, Gilbertson drew attention to the manganese mine’s scale of operations, low operating costs, lean overhead structure, and ungeared capital structure as being key strengths in these troubled times.
The Industrial Development Corporation (IDC) confirmed on Wednesday that it had initiated business rescue proceedings at Kalagadi Manganese (Pty) Ltd. The application, issued out of the Johannesburg High Court on April 29, saw IDC argue that Kalagadi Manganese urgently required the restructuring of its business and its liabilities, as well as a moratorium on debts and other liabilities.
Aim-listed Premier African Minerals has reaffirmed the basis for the proposed purchase of a further 7% in MN Holdings (MNH), the owner and operator of the Otjozondu manganese mining project in Namibia. Premier's proposed additional purchase is based exclusively on the independent valuation for further plant and equipment that MNH has acquired.
An application of the State-owned Industrial Development Corporation (IDC) to have mining company Kalagadi Manganese placed under business rescue is being opposed in the High Court Gauteng Local Division, Johannesburg. As a R3-billion creditor and 20% shareholder of the black women-led private company, IDC has asked the court to appoint Sibusiso Nduna and Piers Marsden as the joint interim business rescue practitioners under section 131(5) of the Companies Act, 2008.
TSX-listed Giyani Metals is undertaking a nonbrokered private placement of units to raise up to $1.2-million in immediately available new funding. Moreover, certain of the shares for debt transactions originally announced on May 6 have been approved by the TSX Venture Exchange and have now closed.
A prefeasibility study (PFS) into the Butcherbird manganese project, in Western Australia, has identified a start-up manganese concentrate export scenario as part of a staged development strategy. ASX-listed Element 25 on Tuesday said that the base case assumed an annual production of 312 000 t/y of medium-grade ump manganese concentrate, grading between 30% to 35% manganese, over a mine life of 42 years.
The final dividend announced by Jupiter Mines on Wednesday provides shareholders with a good yield at a payout ratio considerably higher than that stated in the company’s dividend policy. The final dividend of the ASX-listed company, which operates the Tshipi Borwa opencast manganese mine in the Kalahari manganese field of the Northern Cape, provides shareholders with a total yield of 14.8% and a payout ratio of almost 92%, which is well above the company’s stated 70% dividend payout-ratio policy.
TSX-listed Canadian explorer and developer Giyani Metals Corporation has filed an updated and amended National Instrument (NI) 43-101-compliant technical report for its Botswana-based K.Hill manganese project. The amended technical report was required after a review of a previous technical report, filed on September 25, 2019, was found to be incomplete by staff of the Ontario Securities Commission (OSC), as it did not address all of the disclosure items required of a technical report under NI 43-101.
Tshipi Borwa, an opencast manganese mine in the Kalahari manganese field of the Northern Cape, will be able to commence operations at 100% levels from May 1, Jupiter Minerals has noted. During a briefing hosted on Saturday April 25, Trade, Industry and Competition Minister Ebrahim Patel provided an initial list of activities that could begin to resume, in phases, from May 1, which is when South Africa’s lockdown officially transitions from Level 5 to Level 4.
The Tshipi é Ntle Manganese Mining company is donating R5-million to the Solidarity Fund set up by President Cyril Ramaphosa in response to the devastating effects of Covid-19. Tshipi é Ntle Manganese Mining company is a subsidiary of Jupiter Minerals, which is listed on Australia's ASX.