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Jupiter flags higher fiscal H1'19 dividend on strong performance at Tshipi

Jupiter Mines Ltd. plans to distribute a higher-than-expected dividend of 1.5 billion South African rand in the first half of its fiscal 2019 on the back of a strong performance at its Tshipi manganese-iron ore mine in South Africa.

Tshipi continued to exceed annualized production and sales targets during the first fiscal quarter, topping its target of 3.3 million tonnes per annum, Jupiter said June 18.

Such performance, along with a robust manganese price, led to stronger cash generation, the company said. Tshipi's cash is forecast to reach 2 billion rand by the end of August, based on sales concluded until July.