Tshipi now largest exporter of manganese ore in SA, Red Rock says
(ShareCast News) - AIM-listed Red Rock announced that partly-owned Jupiter Mines had become the largest manganese producer in South Africa and was on track to become the third-largest in the world during the following year.
The Australian outfit, which held approximately 1.2% of the issued share capital of Jupiter Mines; an independent mining company, boasted that Tshipi, a mining project of Jupiter, exported over 1.3m tonnes of manganese ore rendering it the largest exporter of that base metal from South Africa in the five months to July 2017.
In an announcement posted to its website, Jupiter further highlighted that Tshipi remains on track to achieve it record production target of 3m tonnes for the 2018 financial year, which would make it the largest manganese producer globally.
According to the report, Tshipi would deliver the ZAR500m distribution to its shareholders in September as announced on 5 June 2017, should the existing production levels and manganese prices continue.
As a result, it was set to distribute a further $25m to its shareholders, the company said in a statement.