ASX-listed Jupiter Mines says its 49.9%-owned subsidiary Tshipi é Ntle Manganese Mining’s Tshipi Borwa mine in South Africa, is on track to deliver on its three-million-tonne sales target for the 2020 financial year.
The company remains focused on cost control, with free-on-board production costs averaging at R31.04, or $2.18, per dry metric tonne unit, so far, this year.
Consequently, the Tshipi board has resolved to pay out R1.15-billion, or A$116-million, to shareholders at the end of June.
Jupiter, therefore, expects to make a healthy half-year distribution for the 2020 financial year to its shareholders in November, in line with double-digit yields.
Mining Weekly Online previously reported that Jupiter had announced a final unfranked dividend of 2.5c a share, amounting to a 24% yield on its first year of listing on the ASX. The company listed on the stock exchange in April 2018.
“Jupiter continues to deliver healthy returns. The yield on distributions by Jupiter since the 2017 financial year is unprecedented in the mining industry, with the dividend yield for the 2019 financial year being about 24%,” CEO Priyank Thapliyal said at the time.
“Over the last three years, A$300-million has been paid out to shareholders, equating to about 50% of Jupiter’s market capitalisation. This is very compelling considering Tshipi’s 100-year mine life,” he had noted.