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Red Rock Resources set to receive Jupiter dividend, sees Colombia potential

Red Rock said it continues to perform in line with expectations, and retains a good level of liquidity

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Red Rock said Colombia’s Para Resources could generate “significant” royalty payments

Red Rock Resources (LON:RRR) said it expects to receive an interim dividend of more than £0.5mln from its investment in Jupiter Mines (ASX:JMS).

Red Rock holds 18.5mln shares in the Australia’s Jupiter Mines and said it expected to receive an interim dividend of £508,000 shortly.

READ: Red Rock’s holding in Jupiter Mines is starting to pay off, in several different ways

The company also said its Colombian investment, Para Resources, had started to move towards a level of production that could generate “significant” royalty payments.

Red Rock added that it was positive about its prospects in both the Congo and Kenya. However, at its Steelmin plant in Bosnia, it said the process of commissioning had been challenging and had faced some additional headwinds, as the plant was buying spot electricity at a time when its requirement was so variable it could not enter into longer term contracts.

“Red Rock has some potential upside but almost no downside at Steelmin, where it remains the largest shareholder, and will as in the past seek outcomes that maximise our result while minimising any additional risk,” the company said in a statement.

“In other parts of its business, the company continues to perform in line with expectations, and retains a good level of liquidity.”

Shares in Red Rock were 11% down at 0.69p in late morning trade.

Quick facts: Red Rock Resources PLC

Price: 0.45 GBX

AIM:RRR
Market: AIM
Market Cap: £3.04 m
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