Jupiter Mines has posted a strong March quarter with rising sales, production and earnings at its Tshipi manganese mine in South Africa.
The company delivered 858,152 tonnes of production for the quarter at Tshipi, a 15 per cent lift from the December period and a 14 per cent increase on the prior corresponding period (PCP).
Sales rose to 777,229 tonnes, a 14 per cent rise on the previous quarter and in line with full-year targets.
The mine achieved an EBITDA of $44.3 million for the quarter, up 65 per cent on the prior quarter, with net profit after tax of $28.3 million.
“The March 2025 quarter saw increased sales and production levels, with manganese prices improving during the quarter,” Jupiter said.
“Tshipi EBITDA improved by 65 per cent on the previous quarter, driven by a combination of higher realised manganese prices and increased sales volumes, as well as a decrease in the unit cost of production.”
Production costs fell 15 per cent to $US2.06 per dry metric tonne unit (dmtu) on a free on board (FOB) basis, benefiting from higher volumes, favourable orebody conditions and currency tailwinds.
Manganese prices averaged $US4.03/dmtu (CIF) for the quarter, up 8 per cent from the December quarter.
Prices peaked at $US4.49/dmtu in March before retreating to $US3.87/dmtu by the end of April.
Tshipi’s logistics operations were bolstered by the recommencement of South African road haulage to meet export demand, with on-land logistics volumes increasing 26 per cent for the period.
Despite minor cashflow reduction due to dividend payments, Jupiter said “excluding this, Tshipi generated positive net cash for the quarter, notwithstanding increases in inventory and working capital during the quarter”.
Tshipi remains on track to meet its 2024–25 financial year export target of 3.4 million tonnes.
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