The boss of the biggest mining float in years has stepped down with illness
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The boss of the biggest resources float in years has been hospitalised with gallstone-induced acute pancreatitis.
Manganese producer Jupiter Mines listed last month after completing a $240 million raising.
The debut was fairly disappointing for short-term investors. The shares (ASX: JMS) have so far not traded above their 40c issue price.
Stockhead columnist Tim Treadgold explained the challenges the big float faced here.
The shares opened down 2 per cent at 36.7c on Wednesday morning after Jupiter announced CEO Priyank Thapliyal was temporarily stepping down after contracting acute pancreatitis.
“Jupiter Mines regrets to announce that its Chief Executive Officer, Priyank Thapliyal, has been hospitalised for an unforeseen medical condition relating to gallstone-induced acute pancreatitis.
“Jupiter has been advised that this condition is likely to persist for some time and will require an extended recovery period.
“He is expected to make a full recovery in due course, but is unlikely to be able to resume his heavy work and travel schedule until then.
In the meantime, chairman Brian Gilbertson — a former boss of BHP — will act as CEO.
Acute pancreatitis is an inflammation of the pancreas caused when gallstones block the flow of pancreatic juices into the duodenum.
Acute pancreatitis is “a common acute surgical condition associated with high morbidity and mortality in severe cases”, according to the Medical Journal of Australia.
The mortality rate in Australia is very low at 0.08 per cent however.
The annual incidence worldwide is between five and 73 cases per 100 000 people — though the incidence in Australia is “on the higher end of the spectrum”, the MJA says.