Jupiter Mines Q1 2026 Update: Tshipi Manganese Mine Delivers Solid Production and Sales
ASX-listed Jupiter Mines has reported another reliable set of results from the Tshipi manganese mine in South Africa for the quarter ended September 30, 2025, with sales of 837,577 tonnes and production of 829,798 tonnes.
In its quarterly activities report for the first quarter of the 2026 financial year, Jupiter confirmed that both sales and production are on track to meet the full-year target of 3.4 million tonnes.
The company holds a 49.9% interest in the Tshipi mine through its wholly-owned subsidiary, Jupiter Kalahari.
The company highlighted that Tshipi continued to generate strong cash flow, increasing cash on hand to A$140 million during the quarter.
Cost efficiency and operational performance
The cost of production decreased by 4% to $2.27 per dry metric ton unit (dmtu) on a free-on-board (FOB) basis, driven by higher volumes of graded ore mining, increased production, and ongoing cost-control initiatives.
Jupiter noted that this reduction is particularly commendable given the strengthening of the South African rand against the US dollar, which typically increases dollar-denominated operating costs.
Despite declaring and paying a final dividend of R300 million to shareholders for the 2025 financial year during the quarter, the company successfully increased its cash reserves.
On the safety front, no lost-time injuries were reported during the quarter. However, the total recordable injury frequency rate (TRIFR) rose slightly to 0.44, up from 0.38 in the previous quarter, due to two minor injuries requiring medical treatment.
Financial performance
Tshipi recorded an EBITDA of A$26.6 million and a net profit after tax (NPAT) of A$17.8 million for the quarter, down from EBITDA of A$40.9 million and NPAT of A$25.9 million in the previous quarter.
Jupiter attributed this decline to lower sales volumes and the product mix, noting that the prior quarter had benefited from higher-than-average sales volumes.
Manganese market update
The company reported that seaborne manganese ore prices for semi-carbonate ore strengthened during the September quarter, driven by a stabilization in global supply and strong Chinese alloy production.
Port stockpiles in China remained stable, despite steady volumes returning from the majority-owned South32 manganese operation at Groote Eylandt, Australia. Strong consumption by Chinese alloy plants absorbed the increase in manganese exports.
Jupiter highlighted that Chinese manganese stockpiles were 4.4 million tonnes at quarter-end, below the five-year average of 5.8 million tonnes, representing less than two months of consumption.
Globally, crude steel production has faced headwinds in 2025, particularly in China, where production has generally declined throughout the year.
The reduction in steel output in developed countries has been offset by strong growth in India, driven by railway infrastructure, urbanization, and renewable-energy projects.
Jupiter noted that most countries continue to face challenges from geopolitical tensions, trade disruptions, and broader macroeconomic pressures affecting the steel industry and associated commodities.
Worldsteel’s recent Short Range Outlook projects that global steel demand will remain flat in 2025, increasing by 1.3% in 2026, supported by resilient economic conditions, infrastructure investment, and easing financial conditions.
The company anticipates that Chinese crude steel production will continue to decline in 2025 and 2026, affected by the ongoing slump in the property market, potential trade issues, and financial pressure on local governments.
Post-quarter, manganese ore prices remained stable, with no significant changes in supply or demand dynamics.
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