Shares in Jupiter Mines have doubled in value since South32 was forced to close its Groote Eylandt manganese mine after Cyclone Megan on March 16, with the junior ASX-listed producer benefitting from a surge in the commodity’s price.
The Groote Eylandt mine, 630 kilometres east of Darwin, is the world’s largest single producer of the metal and exported 5.9 million tonnes worth $1.53 billion last year. It is co-owned by South32 and Anglo American in a venture known as GEMCO.
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