(MENAFN- ProactiveInvestors - Australia) Jupiter Mines (ASX: JMS) is poised to start generating cash from its Tshipi Borwa Mine in South Africa after loading its first full trainload of manganese ore.
The first train comprising 104 wagons loaded with 6,430 tonnes of manganese ore is currently being railed to Port Elizabeth by Transnet where it will be stockpiled pending a 40,000 tonne initial shipment.
This first shipment is expected to be dispatched from from Port Elizabeth in late December or early January.
Jupiter added the project remains on time and on budget while the $100 million in cash ensures that it is well funded to meet any remaining Tshipi commitments.
Tshipi Borwa has a Resource of 163 million tonnes at 37.1% manganese plus a top-cut resource of 145 million tonnes at 31.58% manganese.
It targets steady state production of 2.4 million tonnes per annum and is expected to have a mine life of more than 60 years.
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