Pallinghurst's former COO Priyank Thapliyal will take up the role of full-time CEO of Jupiter Mines (Jupiter), in which Pallinghurst holds an 18.4% stake.As part of his immediate resignation, Thapliyal's responsibilities will be absorbed by the other executive directors.
He is a founding partner of both Pallinghurst Advisors LLP and the Investment Manager.
He was primarily responsible for Pallinghurst’s steel making materials strategy.
The board of Pallinghurst thanks Thapliyal for his valuable past contribution to the success of Jupiter, and looks forward to continue working with him as he further develops one of Pallinghurst’s important investments.
Thapliyal will work exclusively on strategic initiatives such as Jupiter’s full-time CEO and director.
Jupiter Mines owns the Tshipi manganese project in the northern Cape.
Tshipi manganese mine on track for record production and profit
Jupiter recently announced that the Tshipi manganese mine is on track to exceed its 3 Mtpa target for the 2018 financial year end.
Provided current manganese prices hold, Tshipi could distribute a further R600 million to its shareholders for H2’2018.
Should this happen, Jupiter will distribute U$25 million to its shareholders in April 2018.
That would mean that Tshipi had fully repaid its shareholders their R2 billion capital investment.
The recent buy-back offer has closed, with final acceptances at approximately 96.76%. The Tshipi shareholders have terminated the dual-track sale process for Tshipi.
With a 49.9% stake in the world class Tshipi manganese mine (scale, operating costs, life of mine), which has delivered strong profits and shareholder returns, the board of Jupiter has resolved to pursue strategic options at the Jupiter level.
This may involve a relisting of Jupiter on the ASX, a sale of Jupiter or merger and acquisition activities to grow the company further.
About Tshipi mine
Tshipi é Ntle Manganese Mining operates the open pit manganese mine, called Tshipi Borwa Mine, in the Kalahari manganese field (KMF) located in the Northern Cape.
Tshipi é Ntle means “beautiful steel” in the local Tswana language.
Waste development and infrastructure construction commenced in 2011 and the first ore was exported in 2012.
The Tshipi Borwa mine is a modern low cost manganese black economic empowered producer that has been setting the benchmark for how mines should be constructed, managed and operated in the New South Africa.