Dividend-paying manganese producer Jupiter Mines has signed off on its full-year with a $54 million profit and a 1¢ a share unfranked final dividend.
Perth-based Jupiter has a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining Proprietary Limited, which operates the Tshipi Borwa manganese mine in the southern portion of the Kalahari manganese field in South Africa.
Jupiter said it had generated underlying earnings before interest, tax, depreciation, amortisation and impairment of $44.8 million and an EBITDA of $57.5 million for the year to 28 February 2022. A gain of $12.6 million was recognised during the year on disposal of the company’s exploration and evaluation assets following demerger of its Central Yilgarn Iron Ore assets.
Net profit after tax for the Group was $54 million, down 20% from FY21 because of operational challenges, lower manganese prices and higher transport costs.
Jupiter’s board declared an unfranked final dividend of 1¢ a share, with a record date of May 6 and payment on May 20. The dividend reflects an 84% pay-out ratio for the second half of FY22.
“FY22 was a challenging year for a number of reasons: above average rainfall in the mine causing operational delays and rail logistics challenges from weather, cable damage and derailments,” Jupiter’s acting CEO Scott Winter said.
“A focus on mine plan and operational optimisation helped deliver increased production and lower FOB costs. The mine continues its low cost of operations and delivered strong profitability even in a high shipping cost and depressed manganese price environment.
“Jupiter has worked through a number of changes, notably the change to the board and executive and the divestment of the exploration and evaluation assets.
“After delivering a 6.1% dividend yield in FY22 we are excited for what FY23 will bring.
“We look forward to working with Tshipi to safely optimise operations at the mine while also investigating other opportunities to grow Jupiter’s manganese business.”
