REG - Red Rock Resources - Update on Jupiter Mines

Red Rock ResourcesAnnouncement

19/12/2018 07:05

RNS Number : 9000K
Red Rock Resources plc
19 December 2018
 


Red Rock Resources plc
 
("Red Rock " or the "Company")
 
Jupiter Mines Update
 
19 December 2018
 
Further to the announcement of 12 October 2018, Red Rock Resources Plc, the natural resource development company with interests in gold, metals and steel feed materials, announces that Jupiter Mines Limited ("Jupiter", ASX:JMS) has released its quarterly results for the period ending 30 November, 2018.
 
Jupiter is an Australian public company in which Red Rock holds 18,524,914 shares (0.95%) and which owns 49.9% of the Tshipi manganese mine in the Northern Cape province of South Africa.
 
Highlights
 
·     Tshipi production and sales on track as per FY2019 business plan.
·     Jupiter's attributable cash $96 million (pre-tax and other commitments) at end of the quarter.
·     Subject to Tshipi performing as per plan and manganese price holding over January and February 2019, Tshipi plans to distribute approx. R1 billion as dividend to its shareholders.
Jupiter Board intends to distribute close to 100% of its share of Tshipi FY2019 final dividend and marketing net profits. The Board will make its final decision in February when Tshipi declares its final dividend amount.
 
The full announcement can be found on Jupiter's website, www.jupitermines.com 
 
Andrew Bell, Chairman, comments: "Jupiter continues to generate strong cash flow and solid results and its distribution policy makes it a valuable high yielding asset for Red Rock. The CIF manganese price achieved remained strong at $6.43 DMTU during the quarter."     
 
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




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