Shares in recently-relisted manganese miner Jupiter Mines Ltd (ASX: JMS) have stayed static at 38c per share today on the release of its FY19 quarterly activities report today.
Manganese ore sales came in ahead of budget for the quarter, with rail and road volumes also exceeding expectations.
Jupiter has taken advantage of the strong market for manganese to sell off low-grade “lumpy product” from its stockpiles with its Tshipi project on track to meet its annual target with significant cash flow generation the result of higher sales.
Jupiter’s IPO back in April was the biggest among ASX miners in almost 10 years, with the company so far smashing through its targets and raking in some impressive cash assets.
More experienced manganese player South32 Ltd (ASX: S32) has also had recent success via its Northern Territory based Groote Eylandt Mine.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.