leadf
logo-loader
viewRed Rock Resources PLC

Red Rock Resources says Jupiter Mines to resume operations in May

“Jupiter has shown its capacity to make money even at low manganese prices, so if anything like current prices can be maintained this will be positive for prospects."

Red Rock Resources PLC -
The Tshipi mine in South Africa

Red Rock Resources PLC (LON:RRR) is to receive a final dividend payment of A0.75c per share from its stake in South Africa-based and Aussie-listed manganese miner Jupiter (ASX:JMS).

The AIM-listed group holds 17.02m shares in Jupiter, which posted after tax profits of A$95mln (A$138mln) in the year to 29 February.

Jupiter owns a 49.9% stake in the Tshipi manganese mine in the Northern Cape.

The South African Government has authorised open pit mines including Jupiter to resume full production from 1 May after a coronavirus lockdown.

Andrew Bell, Red Rock’s chairman, said: "Jupiter has maintained a high sales level at its 49.9% owned Tshipi manganese mine, with 3.41m tons sold, and is conducting a feasibility study on expansion to a 4.5m ton production operation

“Current manganese ore prices of $6.31 per DMTU FOB Port Elizabeth owe something to Covid-19-related shutdowns, though the price was already recovered from low end-2019 levels before the virus hit.

“Jupiter has shown its capacity to make money even at low manganese prices, so if anything like current prices can be maintained this will be positive for prospects. 

“At the closing price of A$0.27, the dividend yield for the year just ended is 17.6%, reflecting the high payout policy of the company".  

Red Rock’s holding is worth A$4.59mln (£2.4mln) at a price of A$0.27 per share.

Quick facts: Red Rock Resources PLC

Price: 0.75 GBX

AIM:RRR
Market: AIM
Market Cap: £6.16 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Red Rock Resources PLC named herein, including the promotion by the Company of Red Rock Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Red Rock Resources ready to ramp up production in Kenya

Red Rock Resources PLC's (LON:RRR) Andrew Bell talks to Proactive London's Katie Pilbeam about the latest developments at its licences in Kenya after they were renewed in August. Bell says that after five years of security and maintenance staff keeping the site safe - it is ready to rock and...

2 days, 6 hours ago

2 min read