Jupiter Mines this week opened a $42 million share buyback, partly funded by a 1.1 billion South African rand ($91.9 million) distribution to shareholders by South African manganese miner Tshipi, of which it owns 49.9%.
The board of Tshipi resolved to distribute the cash to shareholders due to soaring production and higher manganese ore prices, Jupiter said. Metal Bulletin's 37% manganese ore index stands at $6.09 per dry metric tonne unit (dmtu), up 12.1% year on year. Tshipi is expected to report 3.3 million tonnes in...