REG - Red Rock Resources - Jupiter - Listing Update &Tshipi Year End Results

Red Rock ResourcesAnnouncement

17/04/2018 10:50

RNS Number : 1750L
Red Rock Resources plc
17 April 2018
 

Red Rock Resources plc
 
("Red Rock " or the "Company")
 
Jupiter Mines Confirms Listing and Announces Tshipi Results for 2017-18
 
17 April 18
 
Red Rock Resources Plc, the natural resource development company with interests in gold and steel feed materials, announces that Jupiter Mines Limited ("Jupiter", ASX:JMS), an Australian public company, has today confirmed the listing of Jupiter on the Australian Securities Exchange ("ASX"). Jupiter's Board and Management will ring the ASX bell in Sydney on Wednesday 18 April to commence trading in Jupiter shares at 11am (AEST).
 
Jupiter has also announced final results of Tshipi é Ntle Manganese Mining Proprietary Limited ("Tshipi") for the financial year ended 28 February 2018 ("FY2018") (subject to completion of financial statements and provision of signed audit report). Jupiter owns a 49.9% stake in Tshipi along with equivalent marketing rights.  
 
For the financial year ended 28 February 2018, Tshipi sold 3.34m tonnes of Manganese ore, compared with 2.27m tonnes in the previous year. Revenues rose from ZAR 3,777m to ZAR 7,334m, EBITDA rose from ZAR 1,354m to ZAR 3,104m, and Net Profits After Tax rose from ZAR 891m to ZAR 1,901m. 
 
Note1 AUD:ZAR 1:9.39 as at 17 April 2018
 
The audit for the consolidated Jupiter group including the Jupiter marketing entity is ongoing and the Jupiter results will be announced per the Australian Stock Exchange reporting timetable.
 
Jupiter CEO, Priyank Thapliyal commented that "the Tshipi operating and sales strategy for FY2019 is broadly similar to that of FY2018. The results for FY2018 when manganese prices averaged around US$4.742 demonstrate the cash generation potential of Tshipi. With current prices at US$7.232, significantly higher cash flow is being generated. Product has been sold through to April which will result in cash in the bank for Tshipi of approximately ZAR 1.5 billion at end of May. Should the markets hold, this raises the prospect of a substantial HY2019 distribution to Tshipi shareholders, and in turn to Jupiter shareholders under the Company's dividend policy as stated in the replacement prospectus."
 
Note2: Metal Bulletin US$ per dry metric ton unit for 37% ore FOB Port Elizabeth
 
A copy of the full Jupiter announcement may be found on the Jupiter website, www.jupitermines.com 
 
Red Rock retains a 0.95% stake in the post IPO share capital of Jupiter, which at the IPO price will be worth AUD 7,409,966.    
 
Andrew Bell, Chairman of Red Rock comments: "The excellent performance of Tshipi in the last financial year has been followed by a still better performance so far in the current year, with Jupiter forecasting cash at bank at Tshipi of approximately AUD 160m equivalent at the end of May, with the possibility of a substantial payout to Jupiter shareholders under the Company's dividend policy as stated in the replacement prospectus."
 
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014
 
For further information, please contact:
 
Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396         NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212                                                Broker First Equity Limited



This information is provided by RNS
The company news service from the London Stock Exchange
 
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