Jupiter Mines Limited’s (ASX: JMS) is involved in the operations of developing mineral resource properties in South Africa and Australia. The company is having 49.9% interest in Tshipi e Ntle Manganese Mining Pty limited. On 27 September 2018, Jupiter Mines Limited’s (ASX: JMS) share prices increased by 3.03% after the release of its Second quarter report of FY2019. The company reported that the Tshipi Borwa Manganese Mine’s production and sales were on track during the quarter and the sales were higher than the target 3.5mtpa. The Mined volume of the Tshipi during the quarter was 2,737,391 bcm (Bank Cubic Metre) which was 2,509,466 bcm in the first quarter. The Average cost of production of Tshipi slightly increased from 28.24 FOB (free on board) from the first quarter to 28.48 FOB in the second quarter.
During the quarter there was a 20,265 bcm deficit of ore in the total mining volumes due to a delay in the mobilization of an additional excavator and due to mining in a difficult fissure area. However, the company is having enough stockpile to meet all export demands.
Both rail and road volumes performances are leading the budget for the quarter and year to date. For the year to 31 August, MECA 2 rail volumes have indicated an annualized rate of 2.1 million tonnes, with Transnet outperforming the current strike rate. Road volumes were decreased in line with securing the additional train. Tshipi management's main goal is to ensure compliance with the FY2019 business plan for both high grade lumpy and fines volumes on an even basis spread throughout FY2019. To capitalize on favourable market conditions the management is focusing on selling more low-grade material which will optimize the use of shareholder funds tied into capital expenditure and working capital and deliver the lowest cost of production.
The net consolidated cash balance of the company decreased from $26,843,211 to $15,543,106 during the quarter due to the supplier payments of receipts which were received in Q1 and due to the payment of Income Tax for FY 2018. On 10 September 2018, the company declared a dividend of ZAR 2 billion to its shareholders. On 17 September 2018, the company announced that it will pay its shareholders an interim unfranked dividend of $0.05 per share on 10 October 2018. During the quarter, the company also commenced the migration of Jupiter Kalahari which is company’s wholly owned subsidiary from Luxembourg to Australia.
JMS’s share traded at $0.340 with a market capitalization of $646.47 million as of 27 September 2018 (AEST 1:49 PM).
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