IPO - Jupiter Mines Limited, page-96

Goodluck for JMS shareholders today.

Grebmoolb, "The Manganese price remains close to the recent high and ferro-silicon is far more uncertain recently."
Yes, no doubt about it Manganese ore is at a high in the cycle, so its more likely to down than up. Agreed, Ferro silicon has come back from recent highs of US$1800/t but at US$1,450/tonne, OMH costs are about US$800/tonne then I don't really see that it presents any problem for OMH. Yes,OMH has $500 million of debt, but you don't build one of the worlds largest low cost smelters for peanuts. The fact that OMH paid down $75 million in debt in six months and will most likely pay down another $100 million in the current six months then it shows the capability of OM Sarawak. OMH is now also one of the worlds largest producers of manganese alloys. The profits on these alloys is large and better than most smelters due to low cost power in Sarawak.
JMS, is dependent on the Tshipi partnership and doesn't have control, the dividends paid out are not just to JMS, nor does JMS dictate what the payment will be. JMS gets 49.9% of profits. Yes, JMS has a larger stake, but frankly the 13% OMH stake in Ntsimbintle is a far smarter move as it also has the same 13% stake in the new Mn ore coming on line that Ntsimbintle is developing, whilst JMS has no input and no stake in any of the new Mn mines.