- Barrier pillar mining lifts quarterly ore production
- Improved logistics drive stronger manganese ore sales
In Q4 FY’26 (Apr-Jun’26), Jupiter Mines reported a 14% q-o-q increase in manganese ore production from its Tshipi mine, with output rising to 0.966 mnt from 0.849 mnt in Q3 FY’26. Sales also increased by 12% q-o-q to 0.943 mnt, supported by stronger shipments and improved logistics performance during the quarter.
Barrier pillar mining boosts ore output
Production growth was primarily driven by a 22% increase in graded ore mining, supported by higher barrier pillar mining activity. Waste mining volumes also rose by 14% q-o-q, enabling greater access to ore. Consequently, high-grade manganese ore production increased by 16%, while low-grade output edged up by 2%, lifting total quarterly production to 0.966 mnt. Production costs remained stable, declining marginally by 1% to $2.48/dmtu FOB.
Improved logistics strengthen quarterly sales
Sales benefited from smoother logistics, with on-land logistics volumes increasing by 3% q-o-q to 0.892 mnt, supporting higher ore dispatches. Total sales reached 0.943 mnt, exceeding the previous quarter and helping Tshipi achieve 3.488 mnt of sales for FY’26, above its annual target and historical average. The company also attributed stronger quarterly earnings to improved realised manganese prices during the period.
Outlook
Jupiter Mines’ production is likely to remain supported by stable mining operations and efficient logistics. However, softer manganese ore prices, elevated Chinese port inventories, and cautious downstream demand may limit earnings growth in the near term.
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