- Jupiter Mines’ (JMS) operations in South Africa are now on hold after the country yesterday went into lockdown to prevent the spread of COVID-19
- Through the company’s subsidiary, Jupiter Kalahari, it holds a 49.9 per cent interest in Tshipi Borwa Manganese Mine in South Africa
- During the three-week country-wide lockdown, operations at the open-pit mine, as well as manganese exports, will be suspended
- However, critical maintenance, security and dewatering of the pit will continue, which will allow operations to recommence more quickly post lockdown
- Jupiter Mines assured shareholders it has enough cash reserves to keep the mine under care and maintenance during the lockdown
- Shares in Jupiter Mines are down 3.41 per cent and trading for 21.3 cents apiece
Jupiter Mines’ (JMS) operations in South Africa are now on hold after the country went into lockdown to prevent the spread of COVID-19.
Earlier in the week, South African President Cyril Ramaphosa announced the country would go into a 21-day lockdown from March 26, until April 16.
As of today, there are more than 900 people in South Africa who have the virus, the highest number of confirmed cases to date in any African country.
Through the Jupiter Mines’ wholly-owned subsidiary, Jupiter Kalahari, the company holds a 49.9 per cent interest in Tshipi Borwa Manganese Mine in South Africa.
Operations at the open-pit mine, as well as manganese exports, are now suspended under the three-week country-wide lockdown.
However, critical maintenance, security and dewatering of the pit will continue, which will allow operations to recommence more quickly post lockdown.
These internal care, maintenance and security activities are expected to cost ZAR25 million, or roughly A$2.37 million.
In a letter to shareholders, Jupiter Mines Director and Chief Executive Officer Priyank Thapliyal said the company has sufficient cash reserves to cover care and maintenance during the lockdown and that it has flexible contracts and no debt.
Shares in Jupiter Mines are down 3.41 per cent and trading for 21.3 cents apiece.