Red Rock Resources plc Jupiter Mines Buy-Back (3835Q)
11 September 2017 - 9:09PM
UK Regulatory
TIDMRRR
RNS Number : 3835Q
Red Rock Resources plc
11 September 2017
Red Rock Resources plc
("Red Rock " or the "Company")
Jupiter Mines Buy-Back
11 September 2017
Further to the announcement of 31 July 2017, Red Rock announces
that Jupiter Mines Ltd ("Jupiter"), an Australian unlisted public
company, has announced the details of its planned US$25m
distribution to shareholders.
The full Jupiter announcement may be read on its website
www.jupitermines.com.
Highlights:
o Distribution will be by means of an equal access share buyback
to return US$25m (approximately AU$31.3m) to shareholders
("Buy-Back")
o
o Jupiter shareholders will be made an offer to buy back 4% of
their Jupiter shares ("Shares") at a set price of US$0.29
(approximately AU$0.36) per share
o Jupiter's balance sheet will remain strong following the
Buy-Back
o Should current manganese prices hold, Jupiter may receive a
further ZAR250m distribution from Tshipi at the February 2018 year
end
o Tshipi has a 100 year mine life, is one of the largest
manganese producers, and has one of the lowest operating costs
o All Jupiter Directors will accept the Buy-Back, as will Red
Rock
o Red Rock holds approximately 1.2% of Jupiter, expects to
continue to hold this percentage post the Buy-Back, and will
receive in late October- early November an estimated US$300,000
from its share of the Buy-Back
Red Rock Chairman Andrew Bell states: "Having received a
US$655,784.80 distribution in March, this brings our distributions
from Jupiter profits in calendar 2017 to nearly a million
dollars.
We now expect our gold royalty receipts to start becoming
significant starting with the November payment, and with the
Steelmin ferrosilicon plant expected to come on stream around
year-end in a strong price environment for ferrosilicon, can
reasonably anticipate Steelmin to start contributing to our profits
in calendar 2018.
The repositioning of Red Rock as a cashflow-generative miner,
developer and processor continues to advance.
We expect to report further in due course on progress in the
capital value realisation strategies being developed by the
shareholders at Tshipi."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014
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
Neil Badger 0129 351 7744 Broker Dowgate Capital Stockbrokers
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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