ASX-listed Jupiter Mines has advised that the board of Tshipi é Ntle Manganese Mining has declared a dividend of R88-million for the first half of the 2022 financial year, of which R41.7-million is due to Jupiter.
Jupiter says it will also receive R33-million in marketing profits.
The Tshipi dividend was modest, explains Jupiter, given sustained depressed manganese prices and significant increases in shipping rates.
The company plans on retaining R517-million for its cash floor and working capital outflow, and spend a further R82-million in capital expenditure in the remainder of the financial year.
Tshipi operates the Borwa mine, in the Kalahari Manganese Field of South Africa’s Northern Cape province.
Jupiter effectively has a 49.9% shareholding in Tshipi.