While market conditions for manganese are expected to remain challenging in the short term, the longer-term outlook for sustained growth in the demand for manganese is strong, says ASX-listed Jupiter Mines in its annual report for the financial year ended June 30.

Chairperson Ian Murray explains that Jupiter remains focused on optimising operations at its flagship manganese mine Tshipi, in the Northern Cape, pursuing growth opportunities and maintaining financial resilience to enhance shareholder value.

Jupiter has a 49.9% interest in the Tshipi manganese mine.

During the year, Jupiter reports it made strong progress against its environmental, social and governance (ESG) commitments, including the development of its ESG reporting framework and ESG Strategy, and development of Jupiter’s inaugural Sustainability Report.

The financial year 2023 Sustainability Report was released in March, and provided stakeholders with a comprehensive overview of Tshipi’s ESG performance.

The company says the report follows the Global Reporting Initiative (GRI) index and aligns with relevant UN Sustainable Development Goals, supporting Jupiter’s broader ESG strategy by showcasing its sustainable development contributions and future commitments.

“Sustainability reporting is now a standard feature of Jupiter’s annual disclosures, with our second Sustainability Report included within this Annual Report, outlining progress against our ESG commitments and Tshipi’s 2024 financial year ESG performance,” says Jupiter.

MD and CEO Brad Rogers says the company’s approach to sustainability comprises six interconnected priorities that focus on areas material to the company’s business and stakeholders.

Rogers notes that safety performance at Tshipi improved throughout the year, particularly in the second half, concluding with a total recordable incident frequency rate of 0.35 at the end of June.

During the year, Jupiter also advanced the feasibility study for Tshipi’s solar project, with the study on track to be completed by the second quarter of the 2025 financial year.

Rogers adds that the company has also calculated Scope 1 and 2 emissions and is currently reviewing options for measuring Scope 3 emissions in the coming financial year.

Tshipi’s feet management strategy, aimed at improving energy efficiency, is also advancing well with ongoing efforts to explore load curtailment options to reduce energy demand and costs.

Moreover, aligned with Jupiter’s broader sustainability goals, the scoping study for the company’s high-purity manganese sulphate monohydrate (HPMSM) project was completed in the March quarter, which Rogers says furthers the company’s opportunity to contribute to the global energy transition.

He says this initiative underscores the potential of producing battery-grade manganese to support the electrification of transport and broader sustainability efforts, positioning it as a key player in this critical market.

The prefeasibility study for the HPMSM project has begun.

“Looking ahead, there is still more work to be done, and we have a clear plan to drive our ESG efforts forward with transparency and accountability. Investments in ESG are not just ethical choices; they are strategic decisions that strengthen our business model, enhance our market position, and ensure the long-term resilience of the company,” says Rogers.

Jupiter notes that Tshipi delivered solid results in the 2024 financial year, particularly in the last quarter of the year when market conditions were most favourable.

Tshipi achieved production of 3.5-million tonnes and a record sales volume of 3.6-million tonnes.

Based on the company’s ownership in Tshipi and its marketing and development activities, Jupiter recognised a share of profit of A$40-million and a net profit after tax of A$38.9-million for the year.