Major manganese miner Jupiter Mines has released its Preliminary Final Report, outlining a 42% increase in net profit after tax of $76.5 million.
The Jupiter Board declared a final dividend of 1.2 cents per share, unfranked, reflecting a 76% payout ratio for the second half of the year.
Jupiter’s 49.9% investment in Tshipi é Ntle Manganese Mining (Pty) Ltd saw a doubling in share of profit for FY2023 compared to FY2022, attributable to an increase in high grade ore sales volumes as well as higher manganese prices and shipped volumes generally. Tshipi é Ntle Manganese Mining owns and operates the Tshipi Borwa manganese mine in South Africa’s Kalahari region.
Jupiter chief executive officer Brad Rogers commented: “FY2023 saw Tshipi continue its track record of dependable operational performance. The year was completed without any lost time injuries and an improving trend with respect to minor injuries and incidents. The mine delivered an increase in sold volumes, year on year, with high grade ore sales achieving an all time record during the year.
“These achievements have contributed to an improved financial performance, year on year, notwithstanding manganese prices were below the 5 year average level and shipping rates were elevated for the first 9 months of the financial year.
“Jupiter’s marketing team delivered a 30% increase in marketing revenue, year on year, based on increased volumes and improved prices. This has resulted in a total FY2023 dividend declared of $43.1m, equating to a 9.2% dividend yield at currently prevailing Jupiter share prices.”