Equipment breakdowns during the second quarter have led to a loss of mining production and the company produced 945,000t while shipping 808,000t.
A soft distribution has been announced by Tshipi, which will affect the Jupiter Mines dividend in turn. This is a sign of challenging conditions in South Africa, Macquarie points out, while a board spill at Jupiter Mines has increased uncertainty.
Underperform maintained. Target is reduced to $0.19 from $0.22.
Sector: Materials.
Target price is $0.19.Current Price is $0.23. Difference: ($0.04) – (brackets indicate current price is over target). If JMS meets the Macquarie target it will return approximately -21% (excluding dividends, fees and charges – negative figures indicate an expected loss).
