ASX-listed Jupiter Mines has declared an interim unfranked dividend of $0.05 apiece, to be paid on October 10, equating to a near 100% payout ratio post South African withholding tax and Jupiter income tax payment.
Jupiter owns 49.9% of the Tshipi openpit manganese mine, in the Kalahari Manganese Field, which continued to deliver exceptional performance in the first half of the 2019 financial year, resulting in the healthy returns for Jupiter shareholders.
Jupiter chairperson Brian Gilbertson on Monday remarked that Jupiter had declared a healthy first dividend and delivered upon its key initial public offering undertaking.
“This is a result of Tshipi’s first half of the year sales materially exceeding the half-year estimate for the financial year 2019 business plan, along with robust manganese prices and cost reductions achieved over this period.”
“Jupiter aspires to be the ASX vehicle of choice for investors looking to achieve crude steel and evolving battery material exposure.
“We will consider value-accretive options to increase our underlying stake in Tshipi, as well as regional consolidation in the Kalahari basin,” Jupiter CEO Priyank Thapliyal added.