Proactive Investors - Run By Investors For Investors

Red Rock Resources set to receive significant dividend from holding in Jupiter Mines

Red Rock is a long-standing shareholder of Jupiter
Red Rock Resources set to receive significant dividend from holding in Jupiter Mines
It won't be the first payment Red Rock has received from Jupiter

Red Rock Resources PLC (LON:RRR) is set to receive a substantial dividend payment from Jupiter Mines LTD (ASX:JMS), in which it holds just over 18.5mln shares.

Jupiter holds a 49.9% stake in the producing Tshipi manganese mine and has a growing track record of dividend payments.

WATCH: Red Rock Resources delighted as work towards JORC resource at Musonoi mine advances

The Tshipi operating company has just announced a R1.1bn distribution to shareholders, and Jupiter is expected to pass this on to its own shareholders, as it has done in the past.

Jupiter will receive R521mln from Tshipi net of withholding taxes, with additional income from the associated Tshipi marketing company.

"We are pleased to report that Jupiter continues to perform strongly,” said Red Rock chairman Andrew Bell.

“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.”

 

 

View full RRR profile View Profile

Red Rock Resources PLC Timeline

Related Articles

Pacific American Coal's Elko coking coal project in Canada
January 10 2019
The company drilled the project in 2018 and is waiting on laboratory assays.
Archer quantum computing technology
Tue
As part of its advanced materials strategy, the company is progressing a graphite-to-graphene beneficiation strategy.
1542997473_serbian-landscape.jpg
November 23 2018
Freeport can earn into the two licences, which are within the southern portion of the Timok Magmatic complex

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use