A West Australian metal exploration company plans to be relisted on the Australian Securities Exchange (ASX), highlighting growing confidence in mining shares.
Perth-based Jupiter Mines, which is owned by former BHP Billiton chief executive Brian Gilbertson, hopes to be listed on the ASX again after spending nearly three years as an unlisted public company.
The company recently enjoyed better than expected earnings and dividend flows from its half-owned Tshipi Manganese Mine in South Africa. Manganese prices have soared to eight-year highs of more than $US7.30 per dry metric tonne.
Jupiter is also fielding takeover bids for Tshipi, which is adjacent to the Mamatwan manganese mine and operated by the BHP Billiton spin-off South32.
The Board of Jupiter recently approved an equivalent $73 million dividend to shareholders.
“This will most likely be in the form of an equal access share buy-back, payable as cash in March 2017,” Jupiter CEO Priyank Thapliyal says.
The company delisted from the ASX in 2013 when it was valued at about $200 million. It made the decision after finding the market was undervaluing Tshipi’s scale and mine life longevity of 60 years.