Jupiter reports lower interim profit from manganese subsidiary
ASX-listed Jupiter Mines has declared an interim dividend of $0.005 apiece for the six months ended August 31.
The company posted an interim profit after tax of $27-million, compared with an interim profit of $29-million posted for the six months ended August 31, 2020.
During the period under review, Jupiter divested its Central Yilgarn iron project assets, in Australia, into a wholly-owned subsidiary Juno Minerals and completed a demerger of Juno through an in-specie distribution of its shareholding in Juno to Jupiter shareholders.
The profit realised from this demerger totalled $12-million, while Jupiter provided $5-million in seed capital funding to Juno.
The Tshipi Borwa mine, in South Africa, recorded a net profit after tax of $31-million, of which $15-million was attributable to Jupiter through its 49.9% shareholding in Tshipi é Ntle Manganese Mining – the owner of the mine.
Tshipi é Ntle Manganese Mining sold 1.65-million tonnes of manganese ore in the period under review.
Jupiter has advised that the net profit from Tshipi was lower than the prior corresponding period owing to sustained depressed manganese prices and significant increases in logistics and shipping costs, which could not be borne by the end-customer.
The Tshipi Borwa mine remains behind plan on production owing to excavator breakdowns, inclement weather and operator issues.
Overall, shipping volumes were 8 000 t behind target for the year to date, but Tshipi é Ntle Manganese Mining, nonetheless, moved almost 1.8-million tonnes through on-land logistics during the reporting period, despite disruptions at the ports it uses in South Africa.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation