https://www.engineeringnews.co.za

Jupiter mines to list on ASX; Tshipi increases FY18 net profit

17th April 2018

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) ­– Jupiter Mines, which owns a 49.9% interest in Tshipi é Ntle Manganese Mining, will list on the ASX on Wednesday, with the company’s board and management to ring the ASX bell in Sydney to formally start trading.

Tshipi, which is based in South Africa’s Northern Cape, achieved a net profit after tax of R1.90-billion for the financial year ended February 28, compared with R891-million in the 2017 financial year.

The mine produced 3.34-million tonnes of saleable manganese in the year under review, compared with 2.27-million tonnes of saleable manganese in the prior year.

“The Tshipi operating and sales strategy for the 2019 financial year is broadly similar to that of the 2018 financial year. The results for the 2018 financial year, when manganese prices averaged around $4.74/t of manganese, demonstrate the cash generation potential of Tshipi,” said Jupiter CEO Priyank Thapliyal.

He added that with current prices at $7.23/t of manganese, significantly higher cash flow is being generated.

Product has been sold through to April, which will result in cash in the bank for Tshipi of about R1.5-billion at the end of May.

Should the markets hold, this raises the prospect of a substantial financial half-year 2019 distribution to Tshipi shareholders and, in turn, to Jupiter’s shareholders under the company’s dividend policy.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.064 0.113s - 156pq - 2rq
Subscribe Now