Ann: Tshipi Declares ZAR330m H1 Dividend, page-7

I'm thinking a bit more conservative. Based on the combined dividend to JMS from Tshipi inclusive of the marketing fee, its approx AUD 14.5 mill. Divide that by the almost 2 biliion shares on the register works out at 0.725 cents per share assuming 100% payout to shareholders. So the idea of a 1c + divvy is fanciful. At best 0.75c but I reckon they will hold some back due covid uncertainties and the manganese price has dropped a lot over the past 6 months and does not look like ratcheting up any time soon. So I can foresee the divvy cut back to 0.5c at worst, with 0.75c the upper end. The only way this could be surpassed is if they sold off the iron ore leases in which case a one-off special divvy could be declared, but needs to be done within a month or so, which seems unlikely given its been for sale for a long time. At present I do not hold, but was a long term holder until the Mn price started to collapse. May buy back in, but the halcyon days of 5c + divvys per year are long long gone unless or until the company expands production by a significant amount ( am aware expansion plans are afoot but ain't going to come to fruition in the short term).