If you assume a FY19 average price of $6.10/dmtu that basically...

If you assume a FY19 average price of $6.10/dmtu that basically increases margins by 50%. So if you call Tshipi project level NPAT $303m we can allocate $151m to JMS.

They say they are targeting a 70% payout ratio which would equate to A$105m in dividends. $105m/1,948m = 5.4cps. If you assume even a massive dividend yield of 8% that works out to a share price of A67c.

If Manganese prices stay high and they can prove consistent production performance this surely has some growth in it + divs.