What it owns
Manganese - 0.95% stake in Jupiter Mines that owns nearly 50% of the Tshipi Borwa open pit manganese mine in South Africa.
Cooper/cobalt -Three licences in DRC
Gold – Migori (Kenya 100%), El Limon (Colombia royalty), Ivory Coast (100%)
Oil & Gas – Elephant Oil (Benin 4.84%)
How is it doing
Jupiter highlighted sales in line with its target, firm manganese prices, growth in Chinese steel production and a 71% rise its shares since the year of last year.
Red Rock chairman Andrew Bell said Jupiter “continues to demonstrate the stability, consistency, and simplicity of the first-rate business it is”.
“With a stated policy of a 70% payout ratio, it achieved 90% payout last year, and is on course to provide a continuing strong earnings and dividend stream this year,” he said.
“We expect organic growth and consolidation of its interests to drive the business over the next four or five years, with enterprise value materials potentially providing a significant source of incremental demand at the end of that period.”
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Further expansion and dividends from Jupiter
Power Metal Resources has started exploration programme
Some progress on other projects
Red Rock valued at a discount to stake in Jupiter Mines