Hi LT, i'm not sure about "hedging" per se, but according to its prospectus, Jupiter markets and sells its ore to about 10 - 15 primary customers in Asia in similar volumes by agreement (without concentration risk), with the agreed price having reference to either the spot price, a maximum 3 month forward window during good market conditions, or in some instances, Metal Bulletin or index during poor market conditions.
Accordingly, "In practice, most trades are agreed on a spot basis using theMetal Bulletin as a price reference and negotiation based onfactors such as when the shipment is due and views on where themarket price for manganese could be at the time of shipment." (pg 21 prospectus).
I also take your view that the next dividend should normalise more to previous dividend levels due to Jupiter's attributable cash held at Tshipi which could be distributed to jupiter, high manganese prices and a re-ramp up in production.
Manganese spot price going up, page-154
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