Jupiter Mines: Update

RNS Number : 5009M

Red Rock Resources plc

31 July 2017

 

Red Rock Resources plc

("Red Rock " or the "Company")

Jupiter Mines: Update

31 July 2017

Further to the announcement of 5th June 2017, Red Rock announces that Jupiter Mines Ltd ("Jupiter"), an Australian unlisted public company, has held its Annual General Meeting for the year ended 28 February 2017 in Sydney, NSW, and has posted a copy of the presentation given at the meeting on its website, www.jupitermines.com.

Highlights:

o  2.2m tons of manganese ore exported from Tshipi Mine in the year to February 2017

o  Based on 4 months' operations and 6 months' sales in the current year Tshipi on target to achieve 3m+ tons of exports 

o  Tshipi one of the largest global and largest South African exporters of manganese ore

o  Tshipi currently 3rd largest manganese mine in the world with 400mt+ resource - low costs and 100+ year life of mine

o  Focus on cost optimization continues - manganese ore prices remain well above Tshipi business cost levels 

o  700m Rand - Projected cash in hand at end-August 2017 - half year free cash flow of 211m Rand

o  Jupiter plans US$25m distribution to shareholders in September 2017 subject to market conditions   

o  Red Rock holds approximately 1.2% of Jupiter - Company to receive estimated US$300,000 from planned distribution

o  Process of addressing strategic options Including disposal or IPO ongoing

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 0129 351 7744                                                   Broker Dowgate Capital Stockbrokers Ltd

Glossary

MT: million tons

Resource: ore that is potentially valuable, and for which reasonable prospects exist for eventual economic extraction

 

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