Maybe a good time to relist, page-80

The main problem for JMS is that its a one trick pony and is entirely dependent on Mn ore. Unfortunately many miners DON'T seem to understand the economics of over production. When prices rise then production is ramped up and then they basically kill the golden goose. Sometimes its better not to flood the market as all you do is to produce more for less money. Here we have Tshipi producing 3.6 million tonnes, and its highly likely that the Mn ore price will slip back to US$5/dmtu, it would be smarter to produce 2.5 million tonnes and keep the price around US$7/dmtu. In fact profit would be 20% higher with the lower 2.5 million tonnes production and higher sales price. Basically miners always shoot themselves in the foot.
OMH is a very different kettle of fish, OMH has the huge OM Sarawak ferro silicon and manganese alloy smelter which generates a consistent profit and is profitable whether Mn ore prices are up or down.

Hokusai, unfortunately you have it all wrong with the comparison of the share price of JMS and OMH. JMS owns 49.9% of Tshipi, whereas OMH owns 26% of Ntsimbintle which in turns owns 50.1% of Tshipi, plus other new projects. If the JMS share price is 35c then as a comparison on the valuation of Tshipi, then just 26c of the OMH share price is reflected in its share of Tshipi. For JMS, the earnings of Tshipi accounts for all its sales and profits, for OMH Tshipi is only a very small part of the overall business and the sales percentage of Tshipi is almost negligible compared to its overall earnings and profit.

I'm now a JMS shareholder, but as I said previously, I do not see a JMS share price above 60c and with the Mn ore price cooling considerably then the present share price of 37 -40c is about right. However if the Mn ore price slips below US$5/dmtu then it will be time to re-evaluate on the downside.