Jupiter Mines (ASX:JMS) said Exxaro Resources is expected to acquire a 19.99% stake in the firm and become its largest shareholder, according to a Wednesday Australian bourse filing.
Exarro entered into a binding agreement to acquire Ntsimbintle Holdings' 37.1% stake in the Tshipi manganese mine, OM Holdings' (ASX:OMH) 13% stake in the mine, as well as Ntsimbintle and OM Holdings' marketing rights, equating to the right to market 50.1% of ore sales from the mine. The deal is subject to certain conditions, including the receipt of regulatory approvals in South Africa.
As part of the deal, the South African miner will also acquire 392,012,248 fully paid ordinary shares in Jupiter from Ntsimbintle, at 3.69 South African rand per share.
Jupiter will continue to hold a 49.9% stake in the mine and continue to exercise joint control over Tshipi operations, consistent with current
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