from bloomberg

July 5 (Bloomberg) -- Jupiter Mines Ltd., an Australian company developing manganese and iron ore mines, said Singapore's state investment company Temasek Holdings Pte is interested in its Tshipi project after a briefing. Shares surged.

Jupiter is also seeking to raise between A$70 million ($59 million) and A$100 million in a share sale, Jupiter Chairman Brian Gilbertson said on a call with reporters today. The Tshipi manganese mine in South Africa may cost $200 million and take 18 months to construct, according to Perth-based Jupiter.

Temasek has spent more than $1.2 billion on energy and resources assets in the six months to mid-May as it diversifies its portfolio. The Singapore-based company this year invested $150 million in Platmin Ltd., the South Africa-based platinum miner controlled by Gilbertson's Pallinghurst Resources Ltd.

"They are fully briefed on this project and are interested in it," Gilbertson said. "They are aware of the project and very interested in steelmaking raw materials."

Jupiter jumped 20 percent to 24 Australian cents, giving it a market value of A$89 million at 2:36 p.m. Sydney time on the Australian stock exchange.

Jupiter agreed in March to acquire a 49 percent stake in Tshipi from a group of companies led by Pallinghurst. The deal will be voted on at a shareholder meeting that may be held next month, Gilbertson said today. In exchange, Jupiter agreed to issue shares to the group, including Investec Plc, which will then own 85 percent of the Australian company.

Posco, South Korea's largest steelmaker, will hold 20 percent of Jupiter, Pallinghurst 17 percent and Investec will control 16 percent. American Metals and Coal International Inc. will also have a 15 percent stake.

Temasek's investments in energy and resources accounted for 5 percent of its portfolio at the end of March last year, compared with 33 percent in financial services, according to its latest annual report. Temasek managed a portfolio of S$172 billion ($124 billion) as of July 31, 2009, according to its website.

Temasek officials didn't immediately reply when contacted today.

-- With assistance from Netty Ismail in Singapore. Editors: Tan Hwee Ann, Andrew Hobbs.