Bloomberg
Jupiter Mines Ltd., an Australian company developing manganese
and iron ore mines, said Singapore’s state investment company
Temasek Holdings Pte is interested in its Tshipi project. Shares
surged.
Jupiter is also seeking to raise between A$70 million ($59
million) and A$100 million in a share sale, Jupiter Chairman
Brian
Gilbertson said on a call with reporters today.
The Tshipi manganese mine in South Africa may cost $200 million and
take 18 months to construct, according to Perth-based Jupiter.
Temasek has spent more than
$1.2 billion on energy and resources assets in the six months to
mid-May as it diversifies its portfolio. The Singapore-based
company this year invested $150 million in Platmin Ltd., the South
Africa-based platinum miner controlled by Gilbertson’s Pallinghurst
Resources Ltd.
“They are fully briefed on this project and are interested in
it,” Gilbertson said. “They are aware of the project and very
interested in steelmaking raw materials.”
Jupiter jumped 25 percent to 25
Australian cents, giving it a market value of A$92 million at the
4:10 p.m. Sydney time close on the Australian stock exchange.
Jupiter agreed in March to acquire a 49 percent stake in Tshipi
from a group of companies led by Pallinghurst. The deal will be
voted on at a shareholder meeting that may be held next month,
Gilbertson said today. In exchange, Jupiter agreed to issue shares
to the group, including Investec Plc, which will then own 85
percent of the Australian company.
Posco, South Korea’s largest steelmaker, will hold 20 percent of
Jupiter, Pallinghurst 17 percent and Investec will control 16
percent. American Metals and Coal International Inc. will also have
a 15 percent stake.
Temasek’s investments in energy and resources accounted for 5
percent of its portfolio at the end of March last year, compared
with 33 percent in financial services, according to its latest
annual report. Temasek managed a portfolio of S$172 billion ($124
billion) as of July 31, 2009, according to its website.
Temasek spokesman Jeffrey
Fang in Singapore declined to comment.
To contact the reporters on this story: Rebecca
Keenan in Melbourne at [email protected]