Jupiter Mines Limited (ASX.JMS) (Jupiter or the Company) is pleased to announce that the Board of Tshipi e Ntle Manganese Mining Pty Limited (Tshipi) has declared a final dividend to its shareholders of ZAR500 million for the second half of financial year ended 28 February 2022 (FY2022).
Jupiter will receive ZAR237 million (A$22 million; net of withholding tax). Jupiter will also receive ZAR30 million (A$2.8 million) in marketing profits. Tshipi's low cost operations helped to mitigate the challenges throughout the year. Tshipi will have exported 3.34 million tonnes of manganese ore for FY2022 and expects to finish the financial year with a healthy ZAR1 billion (A$92.8 million) in cash, prior to the dividend payment.
Tshipi will retain the remaining cash for working capital and capital expenditure for the upcoming financial year. Jupiter is currently finalising the FY2023 budget and will share the relevant guidance when finalised and approved by the Board. The Board will consider the dividend to Jupiter shareholders in due course, along with the full year results in line with the statutory reporting timeframe. Jupiter also advises that Carel Malan, Tshipi's Chief Financial Officer, has resigned from his position. Tshipi has commenced a process to recruit a suitable replacement.
Carel has been part of the critical foundation of Tshipi since inception, and Jupiter thanks him for his invaluable contribution and dedication to its success.
This announcement has been authorised for release by the Board of Jupiter Mines Limited.
Contact:
Tel: +61 8 9346 5500
Email: jupitermines.com
Web: www.jupitermines.com
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