Ann: Dividend/Distribution - JMS, page-26

"The cost of production remained steady throughout the period, averaging ZAR31.60 ($3.14) per dmtu (FOB) (HY2019: ZAR29.38; $3.03)."

I know contract pricing is not the same as spot FOB basis but looks like cost of production is very close to the price they will be receiving currently and potentially for the next 3 months.
Am I reading that incorrectly.

US$2.70 /dmtu
https://www.jupitermines.com/projects/tshipi/manganese-price-information

-Like the 90% dividend pay out policy in low global rate environment
- Like the fact the mine has its own power supply and avoids the Eskom debacle
- Like management,vanilla and reliable company

I previously posted an article around the physical market from Refinitiv.
https://do not advertise external sites/Article/3896717/GLOBAL-MANGANESE-WRAP-Ore-prices-fall-further-amid-weak-demand-alloy-prices-soften-in-Europe-China.html
""There is not much demand from consumers, and it's a buyers' market right now," one consumer said. "Some fourth-quarter deals have been reported as being done at these new lower price levels, but even then it is not for the usual bigger-sized tonnages that steelmakers buy as steelmakers are wary and cautious about the future of steel prices in a weakening market.""

Although out now I will be looking to re-enter maybe later this year or early next.