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Jupiter churning out dividends

Jupiter Mines continues to reward its shareholders, with another boost to its interim dividend for the 2023–24 financial year (FY24).

The company increased its interim dividend from an average of $0.008 across FY22 and FY23 to $0.010 in FY24, equating to a 33 per cent increase in dividend payouts to $19.6 million.

This represents 172 per cent of Tshipi é Ntle Manganese Mining’s interim dividend, exceeding Jupiter’s dividend policy of distributing at least 70 per cent of the dividends it receives from Tshipi, to its investors.

Jupiter owns a 49 per cent stake in Tshipi é Ntle Manganese Mining, which operates the Tshipi manganese mine in South Africa’s Kalahari region. Tshipi is one of the world’s largest and lowest-cost manganese export operations and has been in production since 2012.

Jupiter’s dividend payout of $19.6 million represents 188 per cent of Jupiter’s half-year net profit after tax (NPAT) of $10.4 million. In past years, Jupiter’s interim dividend averaged 47 per cent of the NPAT for the same period.

This highlights Jupiter’s commitment to rewarding shareholders despite lower manganese prices. The average free-on-board (FOB) manganese price for the half-year was $US2.85 per tonne (t) – 17 per cent lower than $US3.45/t price across the past two interim periods.

“This dividend reflects the quality of the resource and management team at our Tshipi manganese mine in South Africa, as well as the commitment of Jupiter to shareholder returns,” Jupiter managing director Brad Rogers said.

“This enables Jupiter to receive and distribute dividends throughout the manganese price cycle, even at times of cyclically low manganese prices, as was seen during the FY24 interim period.

“The FY24 interim dividend, equating to a dividend yield of 6 per cent at Jupiter’s current share price, contributes to a total of $391 million in dividends declared to Jupiter’s shareholders since listing in April 2018.”

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