Jupiter Mines

What Jupiter Mines does

Jupiter Mines Limited is an Australian-domiciled, ASX-listed (ASX: JMS) pure-play manganese mining company headquartered in Perth, Western Australia. Through its wholly-owned subsidiary Jupiter Kalahari Pty Ltd, the company holds a 49.9% interest in Tshipi é Ntle Manganese Mining (Proprietary) Limited, which operates the Tshipi open-pit mine in the Kalahari Manganese Field of South Africa's Northern Cape. Tshipi is the largest single manganese mine in South Africa and is consistently ranked among the top five manganese exporters globally, producing lumpy (~36.5% Mn) and fines (~35.5% Mn) ore at a steady-state run-rate of approximately 3.4 million tonnes per annum, with over 100 years of mine life remaining.

The company's core offering is unprocessed manganese ore sold to global steel manufacturers and traders, with sales denominated in USD and benchmarked against public indices. A proprietary Rapid Load Terminal—an 8km private rail siding connecting to Transnet Freight Rail—enables train loading in 4-6 hours versus the standard 12-hour contract terms, and Tshipi is the only manganese producer in South Africa exporting through eight commercial ports across the region, providing meaningful logistics redundancy. The company also holds a B-BBEE Level 1 certification (achieved 2025) and aligns with ICMM, GRI, UNGC, and UN SDG frameworks. On the balance sheet, Jupiter operates with zero debt, AUD 137 million in cash (Q2 FY2026), and robust cash flows.

Jupiter's go-to-market is direct B2B: negotiated, take-or-pay style offtake agreements with steel mills and merchant traders, supplemented by participation in industry conferences. Pricing is commodity market-based (currently ~US$5.16-5.62/dmtu, CNY 38.05/mtu for 36-37% Mn content). Approximately 97% of global manganese consumption is for steel manufacturing, so the addressable market is mature but indispensable. Forward strategy centers on vertical integration: a planned High Purity Manganese Sulphate Monohydrate (HPMSM) project for EV batteries is in Pre-Feasibility stage with FID anticipated by end-2025 and first production targeted for 2028, supported by major shareholders POSCO and AMCI with downstream battery credentials. The company declared an interim dividend in March 2026, indicating healthy capital returns alongside reinvestment optionality.

Name

Jupiter Mines

Legal name

Jupiter Mines Limited

Website

https://jupitermines.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

1–10 employees

Short description

Jupiter Mines is an ASX-listed pure-play manganese producer holding a 49.9% interest in the Tshipi mine in South Africa, one of the world's largest and lowest-cost manganese exporters producing ~3.4Mt annually for global steel and emerging EV battery markets.

Ownership category

akta.pro rank

Product category

Manganese Mining

NAICS

Iron and Steel Mills and Ferroalloy Manufacturing (3311), Coal and Other Mineral and Ore Merchant Wholesalers (42352), Primary Metal Manufacturing (331)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Manganese Ore Mining & Concentrates (IMAKAFAF)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Minerals & Ores Terminals (Iron Ore, Bauxite/Alumina, Concentrates) (TLAHABAB), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Manganese ore mining
• Open-pit mining
• Commodity ore production
• Battery-grade manganese
• Mineral resource extraction

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Manganese Ore Sales: Jupiter generates revenue through the sale of manganese ore produced at the Tshipi mine. The company sells both lumpy and fines manganese ore to global customers, primarily steel manufacturers. Revenue is denominated in US dollars and is commodity price-dependent, with sales volumes typically aligned with annual production targets of 3.4 million tonnes. The company has demonstrated ability to maintain cash-flow positive operations throughout manganese price cycles.
2. Battery-Grade Manganese (Future): Potential future revenue stream from High Purity Manganese Sulphate Monohydrate (HPMSM) production for EV batteries. Scoping study completed, Pre-Feasibility Study underway with FID expected end of 2025 and production slated to begin in 2028.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Jupiter Mines operates and holds a 49.9% interest in the Tshipi Manganese Mine in South Africa's Kalahari Manganese Field — the largest single manganese mine in South Africa and one of the top 5 largest manganese exporters globally. The company produces lumpy and fines manganese ore (average grades of approximately 36.5% and 35.5% Mn respectively) at a production run-rate of 3.4+ million tonnes annually, exporting through eight commercial ports to global steel manufacturers.

Product overview

Jupiter Mines is a mining company with a single core product: the Tshipi Manganese Mine in South Africa's Kalahari Manganese Field, in which it holds a 49.9% interest. Tshipi operates as an open-pit mine producing manganese ore (lumpy and fines grades) at approximately 3.4 million tonnes annually. The company is also advancing a strategic initiative to enter the EV battery market through High Purity Manganese Sulphate Monohydrate (HPMSM) production, with a pilot plant operational and Pre-Feasibility Study underway.

Differentiator

Problem solved

Functional benefit

Products and services

• Manganese Ore (Lumpy and Fines) Two primary manganese ore products — lumpy ore (approximately 36.5% Mn grade) and fines ore (approximately 35.5% Mn grade) — produced at the Tshipi mine in South Africa's Kalahari Manganese Field and exported globally through eight commercial ports for use primarily by steel manufacturers as an essential alloying agent.
• High Purity Manganese Sulphate Monohydrate (HPMSM) Battery-grade HPMSM intended for use as a feedstock in manganese-rich lithium-ion battery cathodes (lithium-manganese-rich / LMR and lithium-manganese-iron-phosphate / LMFP chemistries) for electric vehicles, leveraging existing Tshipi ore supply for an estimated 19% operating cost advantage.

Quantifiable outcome

• 100+ years of mine life providing long-term supply certainty
• +4 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Transnet Freight RailcoreStrategic or Co-development Partner · 2 September 2025Tshipi signed a 10-year Manganese Export Capacity Allocation Agreement (MECA 3) with Transnet Freight Rail on September 2, 2025. The agreement secures long-term rail and port capacity for Tshipi, enabling efficient movement of manganese ore to global markets. With shareholder support, Tshipi continues to collaborate with Transnet to access spare rail capacity and pursue cost-improving long-term solutions. This marks a meaningful step in logistics optimization under the 'Fittest in the Field' strategic pillar.
• Phepha IndustriesminorOthers · 1 January 2023100% Black female-owned enterprise based in Mothibistad providing industrial cleaning services. Tshipi invested approximately R15.6 million (A$1,000,000) since 2023, supporting business growth and creating 25 new local jobs. Partnership exemplifies Tshipi's Enterprise and Supplier Development program.
• African Eagle Waste ManagementminorOthers · 1 January 2022100% Black female-owned waste management company delivering collection, recycling and disposal services to mining and energy clients. Tshipi invested approximately R8.5 million (A$727,600) since 2022, supporting expansion and equipment acquisition while contributing to local employment.
• Tshipi é Ntle Manganese MiningcoreStrategic or Co-development PartnerJupiter holds 49.9% beneficial interest in Tshipi é Ntle Manganese Mining (Proprietary) Limited through wholly owned subsidiary Jupiter Kalahari Pty Ltd. Tshipi operates the world-class Tshipi manganese mine in South Africa's Kalahari Manganese Field. Jupiter is the largest shareholder and exercises joint control of the mine operations.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• South32: South32 is a globally diversified miner with significant manganese operations in South Africa (including the Wessels and Mamatwan mines in the Kalahari Manganese Field). It is the most direct peer given its pure-play manganese exposure in the same geographic region and similar product portfolio (lumpy and fines manganese ore for steel industry).
• Eramet: Eramet is a French mining and metallurgical company that operates the Grande Côte and Moanda mines (Gabon), making it one of the world's largest manganese ore producers. It is also advancing into battery-grade manganese via its Eramet Ideas subsidiary, directly comparable to Jupiter's HPMSM strategy.
• OM Holdings: OM Holdings is a vertically integrated manganese and ferrosilicon producer with mining operations in Australia and South Africa (Bootu Creek and Tshipi joint venture interests). Direct competitor in the manganese ore and ferroalloy space, with similar commodity exposure and customer base.
• United Manganese of Kalahari (UMK): UMK is a South African manganese producer operating in the Kalahari Manganese Field, directly competing with Tshipi for the same geological resource, customer base, and rail capacity. Highly comparable given same geographic operating region, product grades, and export channels.
• Consolidated Minerals (ConsMin): ConsMin is a major manganese ore producer operating in the Kalahari Manganese Field (Woodie Woodie, Nchwaning, Gloria mines). It is one of Tshipi's closest direct competitors in the South African manganese export market with similar product grades and steel-industry customer base.

Broad incumbents

• Anglo American: Anglo American is a major diversified miner with historical manganese exposure (currently restructuring its manganese portfolio). As a broad incumbent, it has overlapping capabilities in the manganese space as part of its wider mining portfolio, though manganese is not its primary focus.
• Vale: Vale is a Brazilian diversified miner with manganese operations (including the Azul mine in Brazil) as part of its broader base metals portfolio. It operates in the same global manganese commodity market with overlapping customer base (steel producers), though not specializing in manganese.
• Glencore: Glencore is one of the world's largest commodity traders and diversified miners with manganese trading operations. It competes indirectly with Jupiter through manganese ore marketing/distribution channels and offers a benchmark for commodity trading scale in the same markets.

Others

• POSCO: POSCO is a major South Korean steelmaker and battery materials producer, and is itself a major shareholder of Jupiter Mines. It is comparable as a downstream customer/partner for both steel-grade manganese and battery-grade HPMSM, representing a key strategic relationship rather than a direct competitor.

Emerging players

• Autlán (Compañía Minera Autlán): Autlán is a Mexican manganese producer (the only major one in North America) with operations across the manganese value chain including ferroalloys. It is comparable as a regional manganese producer serving the global steel industry, with similar product grades but primarily serving the Americas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/jupiter-mines-limited

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jupiter Mines