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Jupiter Mines Ltd.
Summary
| Project: | Mount Mason | |
|---|---|---|
| Deposit: | Mount Mason | |
| Location: | Australia | |
| Commodities: | Iron-Silica-Aluminium | |
| Date: | 5/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 31-5-2018: Jupiter Mines Ltd. announces a Resource Estimation report for its Mount Mason deposit at the Mount Mason project. End of year mineral resource estimate unchanged for Mount Mason. Jupiter Mines Limited (“Jupiter” or the “Company”) has an interes | |
| Resources: | (Resource, M+I): 5.9Mt @ 60.1% Fe, 7.92% SiO2, 3.01% Al2O3 | |
| CP/QP: | [Resources]: Micheal Cunningham, Rodney Brown (SRK Consulting (Australasia) Pty Ltd.) | |
| ABSTRACT: | Jupiter Mines Limited (“Jupiter” or the “Company”) has an interest in two projects: a 49.9% share in Tshipi é Ntle Manganese Mining Proprietary Limited (“Tshipi”), which operates the Tshipi Borwa Manganese mine in South Africa; and in Australia, the Central Yilgarn Iron Project (“CYIP”), which includes the Mount Ida Magnetite Project and Mount Mason Hematite Project. The Tshipi Borwa mine is an open-pit manganese mine with an integrated ore processing plant located in the Kalahari Manganese Fields, in the Northern Cape Province of South Africa, which is the largest Manganese bearing geological formation in the world. During the year, Tshipi produced 3.64mt at an average cost of US$2.09 per dmtu and sold 3.34mt of manganese ore with the average manganese price being US$4.74 per dmtu (37% FOB Port Elizabeth). It is currently operating at a production run-rate of approximately 3.6mtpa, which is estimated to make it the largest single manganese mine in South Africa and one of the five largest manganese exporters globally. Jupiter commissioned an independent valuation of its stake in Tshipi according to valuation and accounting standards as at 31 December 2017. The preferred valuation of the Jupiter’s investment was concluded to be ZAR6,751 million (approximately $741 million; ZAR:AUD9.11). Under the equity accounting standards which the investment is accounted for, a further revaluation to the $741 million valuation amount is not permitted. Further information on the investment balance is provided at Note 15. Jupiter reports mineral resources and ore reserves in accordance with the 2012 edition of the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) as required by Chapter 5 of the ASX Listing Rules. Tshipi is a long mine life and a large JORC Mineral Resource Position. The following tables show the mineral resources and ore reserves of the Tshipi Mine in accordance with the JORC Code (2012) as at 31 December 2017, and comparison to previous year. There have been no material movements between the date of the below statements and the end of the financial year. | |
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