Mining windfall for Saki Macozoma
The Australian listing of the owner of a manganese mine in SA was a thumping success
Australians have come in for a lot of flak in SA over the past few months but they have recently demonstrated huge faith in, would you believe it, the SA mining sector, and turned businessman and former ANC MP Saki Macozoma into a dollar billionaire in the process. Setting foot where many local investors would fear to tread, Jupiter Mines listed on the Australian Stock Exchange last week, the biggest Australian mining IPO in a decade, raising A$240m and setting the company’s market cap at around R80bn. Jupiter’s single operational asset at the moment is its 50% stake in the Tshipi Kalahari manganese mine, and the listing was a thumping success partly because the manganese price is currently on a tear. The company is estimating that it will make a profit of R2bn this year based on a unit cost price for manganese of US$4.74 — and the current price is $7.21. The other half of the mine is owned by a consortium led by Macozoma which, together with Jupiter, built the mine from scratch for...
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