SMM5, 27 Feb: Jupiter Mining, which is listed on the Australian Stock Exchange, said its subsidiary Tshipi é Ntle Manganese Mining, which has a 49.9 per cent stake in South Africa, is on track to meet its 3 million tonne sales target for fiscal 2020, Mining Weekly reported.
The company remains focused on cost control, with an average production cost of 31.04 rand ($2.18) per metric ton so far this year. As a result, the Tshipi board has decided to pay shareholders 1.1 billion rand, or A $116 million, by the end of June. As a result, Jupiter Mining is expected to provide shareholders with a half-year distribution for fiscal 2020 in November, with double-digit yields.
Mining weekly online has previously reported that Jupiter mining announced a dividend of 2. 5 cents a share, equivalent to a yield of 24 per cent in its first year of listing on the Australian stock exchange. It is reported that the company was listed on the stock exchange in April 2018.
Priyank Thapliyal, chief executive of the company, said Jupiter mining would continue to provide returns, with Jupiter mining's distribution of earnings unprecedented in the mining industry since fiscal year 2017, with a dividend yield of about 24 per cent in fiscal 2019. He points out that in the past three years, the company has paid A $300m to shareholders, equivalent to about 50 per cent of Jupiter mining's market value, which is striking given Tshipi's 100-year mining career.