IPO - Jupiter Mines Limited, page-154

Basically I think OMH is a more defensive business than JMS because it is a 'toll mill' operation basically, has less exposure to manganese prices, probably a tad more expensive (yes they make similar EBITDA/NPAT/whatever, but we've ignored the capex in this calculation). That said, from a purely mining perspective, JMS's mine is obviously more defensive than OMH because it is on a lower position on the cost curve. From a pure cashflow perspective, JMS looks cheaper at higher manganese prices