Jupiter Mines update

RNS Number : 9776Z

Red Rock Resources plc

23 May 2019

 

Red Rock Resources plc

("Red Rock " or the "Company")

Jupiter Mines - Update

23 May 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 18,524,914 shares (0.95%) and which owns 49.9% of the Tshipi Borwa manganese mine in South Africa, has released an update entitled "Strong Cash Generation Continues At Tshipi", the full text of which may be read at www.jupitermines.com

Highlights

·    Tshipi on track to deliver 3m t sales target for year to February 2020

·    Cost control remains focus with FOB prices this year averaging US$2.18 per dry metric ton unit (DMTU)

·    Tshipi to pay out at end June cA$116 million (Jupiter share cA$58m)

·    Jupiter expects to pay healthy dividend in November 2019

·    Jupiter payout likely to exceed policy of 70% payout ratio

Andrew Bell, Chairman, comments: "Having recently received a final dividend for Jupiter's year ended 28 February of US$319,554.77, we are pleased to see the continuing strong cash generation at Jupiter and the board's discipline in maintaining the high dividend yield policy. With its open pit production and hundred year mine life at what is now South Africa's biggest mine, Jupiter continues to be one of the leading low cost producers globally".

The closing price of Jupiter shares on the Australian Stock Exchange on 22 May 2019 was A$0.34, making Red Rock's holding worth A$6,298,470.

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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