Manganese ore prices starting to move UP, page-184

Agreed, great post.

Alternatively the vehicle for the consolidation may be the operating company in which JMS is a 49.9% shareholder, Tshipi e Ntle, Tshipi may begin to realize its own goals of co-development and consolidation of the Kalahari Manganese Basin.

Given Tshipi managements' superior operating experience in the KMB. local knowledge & values and stronger FCF and balance sheet, not to mention its BEE credential, I think this may be preferred pathway rather than JMS going at it alone. End of the day JMS would still benefit from the consolidation while significant socio-political, operating and financial risks are managed by an experienced team on the ground and the resources available from the combined JV partners.

I do not think that, presently, JMS has the capability in any shape or form of entering the downstream battery precursor materials space - it may very well be a vanity project which could cost shareholders significantly.

Future growth in demand for manganese (along with iron) is going to be driven largely by the rapid urbanization, industrialization and growth of emerging economies such as China, India, Indonesia, Brazil and Sub-Saharan Africa together with SEA, rather than battery tech/electrification.




Extract from Tshipi Business Approach: