logo-loader

Red Rock Resources expects sizeable final dividend payment from Jupiter Mines

Last updated: 09:35 19 Dec 2018 GMT, First published: 08:29 19 Dec 2018 GMT

manganese
Tshipi is a manganese mine

Red Rock Resources PLC (LON:RRR) has noted the latest update from Jupiter Mines, which owns 49.9% of the Tshipi manganese mine in South Africa.

As long as the manganese price stays robust, Tshipi intends to pay R1bn (£55mln) in a final dividend of which Jupiter intends to distribute close to all of its share.

READ: Red Rock Resources swings to full-year profit as it eyes increased gold income in new year

ASX-listed Jupiter's attributable cash was A$96mln at the end of the quarter.

Red Rock has a 0.95% stake in Jupiter and received an interim dividend payment of 0.5c per share earlier in the year.

Andrew Bell, Red Rock’s chairman, said: "Jupiter continues to generate strong cash flow and solid results and its distribution policy makes it a valuable high yielding asset for Red Rock.

“The CIF manganese price achieved remained strong at $6.43 DMTU during the quarter."

Red Rock has also completed the purchase of 50.1% of a joint venture looking for cobalt and copper in the DRC.

The junior paid £490,000 in shares with a further £250,000 due early in the New Year.

“We are forming a very positive impression of the potential from the data we are assembling,” said Bell.

In early morning trading, Red Rock shares were 4% higher at 0.65p.

 -- Adds share price --

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

18 minutes ago