Red Rock Resources Plc (LON:RRR) has netted approximately £508,000 in dividends from Jupiter Mines (ASX:JMS), payable from income from the Tshipi manganese mine in South Africa.
The dividend amounts to A$0.05 per share and puts Jupiter on a 14.5% yield for the first half of fiscal 2019.
READ: Red Rock’s holding in Jupiter Mines is about to start paying off in several different ways
That level of yield is unlikely to be sustained, and it’s to be expected that Jupiter’s shares will enjoy a re-rating now.
Red Rock holds 18.5mln Jupiter shares.
"The exceptional profit performance and solid sales growth at Jupiter continues,” said Red Rock’s chairman Andrew Bell.
“The 14.5% dividend announced reflects only the first half of the year, but prices so far remain robust in the second half, with 37% manganese ore FOB Port Elizabeth currently priced at US$5.92 per DMTU, so there appear to be good prospects for a final dividend.