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Jupiter Mines to buy back US$55M worth of shares

Jupiter Mines Ltd. said Jan. 23 that it plans to buy back 6% of its own shares at 40 U.S. cents apiece totaling US$55 million.

The buyback, to be conducted via an off-market process, will be funded by the 499 million South African rand loan repayment from unit Tshipi é Ntle Manganese Mining (Pty) Ltd. and from existing cash reserves.

The buyback offer, open to all shareholders of record Jan. 25, will begin Jan. 30 and close March 7, Jupiter Mines noted.