Ann: Tshipi Declares ZAR330m H1 Dividend, page-30

I think the significance of manganese in batteries is overstated. Even if we went 100% electric vehicles, steel would be the main demand driver. Anyway, regarding Tshipi, the expansion is actually from 3.6 to 4.5, so 20% and not 50%. Dividends over the next year or two from the mine will be smaller to finance the expansion, which will cost about $100 million, half of which is from Jupiter.

But Tshipi is a great mine, actually the lowest-cost and most modern in South Africa. When the manganese ore price drops, usually production in South Africa declines as output that uses road transport (more expensive than rail) is shut down. Tshipi would realize great synergies with the Mamatwan mine as they are right next to each other.

The reason manganese ore prices are declining is that the decreased supply from the SA shutdown was compensated by Eramet's Moanda mine. The market is in a slight oversupply at the moment, but this could change if world governments start pushing infrastructure projects as this would require a lot of steel.