ASX-listed Jupiter Mines remains optimistic about the long-term demand for manganese despite current market challenges, as outlined in its annual report for the financial year ending June 30.
Chairperson Ian Murray emphasized that Jupiter is focused on optimizing operations at its flagship Tshipi manganese mine in South Africa’s Northern Cape, seeking growth opportunities, and maintaining financial resilience to enhance shareholder value. Jupiter holds a 49.9% interest in the Tshipi mine.
During the year, Jupiter made significant strides in its environmental, social, and governance (ESG) initiatives. The company developed an ESG reporting framework, launched its ESG strategy, and published its inaugural Sustainability Report for the 2023 financial year, which was released in March.
The report follows the Global Reporting Initiative (GRI) guidelines and aligns with relevant UN Sustainable Development Goals.
In its second Sustainability Report, included in the annual disclosures, Jupiter highlighted its ongoing efforts toward ESG commitments and showcased Tshipi’s ESG performance for the 2024 financial year.
Managing Director and CEO Brad Rogers explained that the company’s sustainability approach focuses on six key priorities, all of which are crucial to both the business and its stakeholders.
Safety and Energy Initiatives
Safety performance at Tshipi saw improvements, particularly in the second half of the financial year, with a total recordable incident frequency rate of 0.35 by the end of June.
Jupiter also made advancements on its solar project feasibility study, which is expected to be completed by the second quarter of the 2025 financial year.
The company has calculated its Scope 1 and 2 emissions and is currently reviewing options for measuring Scope 3 emissions in the upcoming financial year.
In line with efforts to improve energy efficiency, Jupiter is progressing with load curtailment options to reduce energy demand and operational costs.
Advancing the Global Energy Transition
Jupiter also completed a scoping study for its high-purity manganese sulfate monohydrate (HPMSM) project during the March quarter.
The project positions the company to contribute significantly to the global energy transition, especially through the production of battery-grade manganese, which supports the electrification of transport and broader sustainability goals.
The prefeasibility study for the HPMSM project is now underway, further strengthening Jupiter’s role in this emerging critical market.
Financial Performance and Future Outlook
Tshipi delivered solid results for the 2024 financial year, particularly during the last quarter when market conditions were favorable.
The mine achieved production of 3.5 million tonnes and a record sales volume of 3.6 million tonnes. Jupiter recognized a profit share of A$40 million, with a net profit after tax of A$38.9 million.
Looking ahead, Rogers underscored the importance of continuing the company’s ESG efforts with transparency and accountability.
“Investments in ESG are not only ethical decisions; they are strategic moves that strengthen our business, enhance our market position, and ensure the long-term resilience of the company,” he said.
While the near-term market conditions for manganese may be challenging, Jupiter Mines is well-positioned to capitalize on future growth as global demand for manganese, especially in sustainable energy applications, continues to rise.
