Jupiter Mines Achieves Record FY2025 Sales and Production at Tshipi Manganese Mine
ASX-listed Jupiter Mines has announced a strong performance from its flagship Tshipi manganese mine in South Africa, achieving several record-breaking milestones for the 2025 financial year, despite some operational challenges in the June quarter.
The company reported a 40% quarter-on-quarter increase in sales volumes, setting a new full-year sales record of 3.59 million tonnes. Both logistics and sales volumes exceeded expectations for the year.
While quarterly mining volumes declined by 30% due to water ingress limiting pit access, Tshipi still delivered its highest-ever annual mining volume, surpassing all previous records.
Production of high-grade ore fell by 21% during the June quarter, also impacted by pit conditions. However, full-year production remained ahead of plan.
Additionally, low-grade stockpiled ore was processed for the first time since Q1 FY2025, supporting overall throughput.
By the end of June, Tshipi had set another benchmark — a full-year processing record of 3.6 million tonnes, including all material processed and ore production.
Despite these operational successes, unit costs rose during the June quarter. Reduced volumes of graded ore, combined with several year-end financial provisions, led to a higher unit cost of $2.36 per dry metric tonne unit (dmtu) FOB.
One lost-time injury was recorded during the quarter involving a contractor who sustained a laceration while working alone under inadequate lighting.
The total recordable injury frequency rate (TRIFR) remained steady at 0.38, unchanged from the previous quarter.
Tshipi reported Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of A$40.9 million and Net Profit After Tax (NPAT) of A$25.9 million for the June quarter.
These were down from A$44.3 million and A$28.3 million, respectively, in the March quarter. Jupiter attributed the decline to lower realised ore prices and increased unit production costs.
Strategic and Corporate Updates
Jupiter also confirmed Exxaro Resources’ binding agreement to acquire:
A 50.1% interest in Tshipi from Ntsimbintle Holdings and OM Holdings
A 19.99% stake in Jupiter Mines from Ntsimbintle Holdings
The deal is subject to regulatory approval in South Africa. Jupiter will retain its 49.9% stake in Tshipi with no change to its existing shareholder rights.
Post quarter-end, the Tshipi board declared a final dividend of R300 million for H2 FY2025. Jupiter’s share amounts to A$12.3 million (R142.2 million) after withholding tax, plus an additional A$2.3 million (R26.3 million) in marketing profits.
The final dividend to Jupiter shareholders will be announced on August 29, alongside preliminary FY2025 results.
Jupiter noted that a late rise in manganese ore prices at the end of the March quarter encouraged increased supply from major producers.
The resumption of exports from the Groote Eylandt mine in Australia further added to global inventories, pushing up stockpiles at Chinese ports, although they remain below the five-year average of 5.86 million tonnes (FerroAlloyNet data).
As a result, manganese prices softened in the June quarter, with the average realised price falling to $3.86/dmtu CIF, down from $4.03 in the March quarter. Ongoing macroeconomic and geopolitical uncertainty added further pressure.
However, prices have started to recover post-quarter-end, supported by stronger downstream demand and expectations of economic stimulus in China, especially in the steel sector.
As of late July, the spot price had climbed to $3.99/dmtu CIF, up 4% from the end of June.
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