Mining Journal reported that Jupiter Mines Ltd has raised AUD 150 million to develop a manganese property in South Africa and fast track iron ore projects in Western Australia.

The Perth based company said the placement will take place in two tranches, the first featuring 142.9 million shares at AUD 0.70/share to raise AUD 100 million. This first tranche will also include a AUD 1.5 million investment from Mr Priyank Thapliyal, a director of the company.

The second tranche will include a further 71.4 million shares at AUD 0.70/share to raise the remaining AUD 50 million. This tranche requires shareholder approval.

Jupiter plans to use the fund to develop the 49.9% owned Tshipi Borwa project, which is in the Kalahari manganese field in South Africa.

The company said: “Jupiter’s portion of the capital required to construct the mine, plant and infrastructure at Tshipi is expected to be USD 100 million, out of the USD 200 million needed to enable production of up to 2.4 million tonnes of manganese lump and fines.”

Proceeds from the raising will also be used to fast-track the wholly owned Mt Ida and Mt Mason iron ore projects in the Central Yilgarn region of WA. A further AUD 10 million will be used for working capital purposes.

(Sourced from mining-journal.com)