Proactive Investors - Run By Investors For Investors

Red Rock Resources takes Jupiter write-down but gets hefty dividend

Red Rock owns 18.525mln shares in Jupiter Mines (0.95%)
Jupiter is a manganese mine

Red Rock Resources PLC (LON:RRR) posted wider losses in the half year to December.

At the pre-tax level, losses widened to £283,000 from £115,000 a year earlier, while a write-down on its stake in Jupiter Mines meant attributable net losses were £2.1mln against a profit of £4.62mln previously.

READ: Red Rock Resources re-cycles Jupiter Mines dividend into other opportunities

Australia-listed Jupiter is paying dividends, however.

For the year ended February 2019, the payment was 7.5 cents and as manganese prices have been steady, dividend payments are expected to continue.  

Red Rock owns 18.525mln shares in Jupiter (0.95%), which means a dividend receipt of A$1.39mln (£750,000) for the year just ended.

Elsewhere, Red Rock has expanded its exploration acreage in Congo and taken a stake in African Battery Metals PLC (LON:ABM).

View full RRR profile View Profile

Red Rock Resources PLC Timeline

Related Articles

A map showing Comet's Springdale Graphite Project on WA's south coast
May 05 2019
New CEO Philippa Leggat joined the junior last week to explore the Esperance area project’s commercial potential.
January 16 2019
The company has been granted a key approval by the State Government to build processing plant and tailings storage facilities.
Cobalt on the element table
January 17 2019
The company’s managing director will speak at the RIUExplorersConference in Fremantle next month.

© 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