Red Rock Resources plc Announcement by Jupiter Mines (6937P)
February 12 2019 - 1:00AM
UK Regulatory
TIDMRRR
RNS Number : 6937P
Red Rock Resources plc
12 February 2019
Red Rock Resources plc
("Red Rock " or the "Company")
Announcement by Jupiter Mines
12 February 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%), has
released an update which reads as follows:
"Tshipi Declares R1.1 Billion H2 2019 Dividend
Jupiter Mines Limited ("Jupiter") is pleased to announce that
the Board of Tshipi é Ntle Manganese Mining (Pty) Ltd ("Tshipi")
has resolved to distribute a R1.1 billion H2 2019 dividend to its
shareholders. Tshipi has distributed a total of R3.2 billion in
dividends in FY2019, against a R2 billion capital cost to develop
the Tshipi mine.
Jupiter will receive R521 million from Tshipi (net of
withholding taxes) and approximately R36 million from its marketing
entity for H2 2019.
Full details regarding the onward distribution of funds by
Jupiter to its shareholders will be announced shortly.
Tshipi aims to continue selling 3 million tonnes of high grade
ore for the financial year 2020, complemented by low grade ore when
available.
With a 100 year life, Tshipi management will commence evaluating
growth scenarios to increase production up to its load out
infrastructure capacity of 5mtpa and higher, over the medium
term."
A copy of the Jupiter announcement may be found on the Jupiter
website, www.jupitermines.com and on the ASX website
www.asx.com.au/asx/shre-price-research/company/JMS
Red Rock Chairman Andrew Bell comments: "We are pleased to
report that Jupiter continues to perform strongly. While this is
not the formal announcement of a dividend by Jupiter, Jupiter on
relisting in 2018 declared a dividend policy that would mean the
distribution of most sums received from Tshipi.
This distribution from Tshipi is a sign of confidence in the
prospects of the business. The manganese price continues stable at
satisfactory levels."
Notes:
Jupiter owns 49.9% of Tshipi é Ntle Manganese Mining (Pty) Ltd,
the owner of the Tshipi Borwa manganese mine, referred to herein as
Tshipi. The closing price of Jupiter on the Australian Stock
Exchange on 11 February 2019 was AUD 0.295 per share.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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