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Red Rock Resources advances as it unveils Jupiter Mines results

Red Rock Resources shares advanced after it reported on the final results of Australia based miner Jupiter Mines, in which it has a 1.2% stake.
Red Rock Resources advances as it unveils Jupiter Mines results
Red Rock Resources is involved in a host of projects, including gold exploration in Kenya

Red Rock Resources (LON:RRR) shares advanced after it reported on the final results of Australia based miner Jupiter Mines, in which it has a 1.2% stake.

Jupiter holds a 49.9% joint venture interest in Tshipi é Ntle Manganese Mining, which owns two manganese projects in the Kalahari Manganese fields - Tshipi Borwa and Tshipi Bokone.

Jupiter also holds 33% of OM Tshipi (S) Pte Ltd, the marketing arm of the joint venture.

Manganese production at the 49.9% Tshipi joint venture more than doubled to over 2 million tonnes in the second year of operation, noted Red Rock, while its share of profits  from the manganese JV's increased to A$18.4mln from A$8.8mln, Red Rock highlighted.

Red Rock chairman Andrew Bell said: "The key figures in the Jupiter results are the operational profit figures from the joint ventures. These are once again excellent, and despite low manganese prices have reached over A$18m as production and exports more than doubled.  

 "The current year at Tshipi is estimated to see a pause in the rate of growth, due to weak manganese demand and possible impact of power shortages in South Africa on the rail network. Jupiter and its partners however continue to increase efficiencies and reduce production cost, and we are fortunate to be invested in a first class long term asset with excellent management."

Earlier today, Bell said in a separate statement that Red Rock was starting a new phase, as he teams up with Matt Lofgran for an oil exploration venture in West Africa.

RRR has secured an option to invest nearly £700,000 into Elephant Oil, a privately owned company, which has a production sharing contract for 4,500 square kilometres onshore Benin.

Red Rock shares added 8.33% to 0.065p.

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