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Red Rock Resources - Announcement by Jupiter Mines

RNS Number : 6937P
Red Rock Resources plc
12 February 2019
 

Red Rock Resources plc

 

("Red Rock " or the "Company")

 

Announcement by Jupiter Mines

 

12 February 2019

 

Red Rock Resources Plc, the natural resource development company with interests in gold and steel feed materials, announces that Jupiter Mines Limited ("Jupiter", ASX:JMS), an Australian public company in which Red Rock holds 18,524,914 shares (0.95%), has released an update which reads as follows:

 

"Tshipi Declares R1.1 Billion H2 2019 Dividend

 

Jupiter Mines Limited ("Jupiter") is pleased to announce that the Board of Tshipi é Ntle Manganese Mining (Pty) Ltd ("Tshipi") has resolved to distribute a R1.1 billion H2 2019 dividend to its shareholders. Tshipi has distributed a total of R3.2 billion in dividends in FY2019, against a R2 billion capital cost to develop the Tshipi mine.

 

Jupiter will receive R521 million from Tshipi (net of withholding taxes) and approximately R36 million from its marketing entity for H2 2019.

 

Full details regarding the onward distribution of funds by Jupiter to its shareholders will be announced shortly.

 

Tshipi aims to continue selling 3 million tonnes of high grade ore for the financial year 2020, complemented by low grade ore when available.

 

With a 100 year life, Tshipi management will commence evaluating growth scenarios to increase production up to its load out infrastructure capacity of 5mtpa and higher, over the medium term."

 

A copy of the Jupiter announcement may be found on the Jupiter website, www.jupitermines.com and on the ASX website www.asx.com.au/asx/shre-price-research/company/JMS 

 

Red Rock Chairman Andrew Bell comments: "We are pleased to report that Jupiter continues to perform strongly. While this is not the formal announcement of a dividend by Jupiter, Jupiter on relisting in 2018 declared a dividend policy that would mean the distribution of most sums received from Tshipi.

 

This distribution from Tshipi is a sign of confidence in the prospects of the business. The manganese price continues stable at satisfactory levels." 

 

Notes:

 

Jupiter owns 49.9% of Tshipi é Ntle Manganese Mining (Pty) Ltd, the owner of the Tshipi Borwa manganese mine, referred to herein as Tshipi. The closing price of Jupiter on the Australian Stock Exchange on 11 February 2019 was AUD 0.295 per share. 

 

 

For further information, please contact:

 

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396        NOMAD Beaumont Cornish Limited

Jason Robertson 0207 374 2212                                                Broker First Equity Limited


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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