Jupiter pays special dividend, commissions extra equipment to meet guidance
ASX-listed Jupiter Mines on Thursday announced in its report for the quarter ended May 31 that it would pay a special dividend of R1.15-billion to its shareholders at the end of June.
This will be in addition to a further dividend for the remainder of the first half of the 2020 financial year.
The company’s net consolidated cash balance had decreased from $72.8-million to $35.4-million during the quarter, owing to the company’s dividend payment.
Jupiter’s attributable cash, including its share of Tshipi cash, was $106.8-million at the end of the May quarter, calculated as the net consolidated cash and Jupiter’s 49.9% share of Tshipi’s cash balance.
Jupiter has a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining, which operates the Tshipi Borwa manganese mine in South Africa’s Northern Cape province.
The company said in a statement on Thursday that mining for the quarter was behind forecast, mainly owing to equipment issues and mining in difficult areas in the pit. Tshipi will mobilise additional trucks by the end of the month and an additional excavator will be mobilised between July and December to “catch up” on production.
Jupiter produced 880 724 t of manganese in the quarter under review, compared with the 915 011 t of manganese produced in the corresponding quarter last year.
Jupiter sold 837 531 t of manganese in the reporting period, compared with 924 255 t in the corresponding period.
Earnings before interest, taxes, depreciation and amortisation were A$132-million in the reporting quarter, compared with A$171-million in the corresponding quarter.
During the reporting period, Tshipi CFO Carel Malan resigned to pursue other opportunities. Tshipi has started a process to recruit a suitable successor.
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