Jupiter Mines - update and dividend declaration

RNS Number : 8119R

Red Rock Resources plc

31 October 2019

 

Red Rock Resources plc

("Red Rock " or the "Company")

Jupiter Mines - Update and Dividend Declaration

31 October 2019

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 in which Red Rock holds 17,024,914 shares (0.87%) and which owns 49.9% of the Tshipi Borwa manganese mine in South Africa, has released its interim results for the six months to 31 August 2019, and declared a A$78,359,641.32 interim dividend.

This dividend is equivalent to A$0.04 per Jupiter share and will be paid on 21 November. Red Rock will receive A$680,996 (approximately US$467,980 or £363,447).

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The trading price for Jupiter shares in the market is A$0.325 per share, and the dividend represents a six month yield of 12.3%.

Jupiter notes the continuing decline in the Manganese price since the half year end.

The full text of the Jupiter announcement may be read at www.jupitermines.com 

Andrew Bell, Chairman, comments: "Jupiter continues to show strong cash generative abilities with what we believe to be a lower cost base than its peer group; with a hundred year life of mine this makes it able to strengthen its position in poor markets as well as good.  The board's discipline in not only maintaining but exceeding its stated high dividend payout policy makes this an unusual company. We expect Jupiter to build on its position as one of the leading low cost producers globally".

The closing price of Jupiter shares on the Australian Stock Exchange on 30 October 2019 was A$0.325, making Red Rock's holding worth A$5,533,097.

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

Tim Sohal 0203 700 2500                                                            Broker Pello Capital Limited

 

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