Red Rock Resources plc Jupiter Mines Update (6447W)
16 November 2017 - 6:00PM
UK Regulatory
TIDMRRR
RNS Number : 6447W
Red Rock Resources plc
16 November 2017
Red Rock Resources plc
("Red Rock " or the "Company")
Jupiter Mines Update
16 November 2017
Further to the announcement of 28 September 2017 and 31 July
2017, Red Rock notes that Jupiter Mines Ltd ("Jupiter"), an
Australian unlisted public company, has released an update, the
full text of which may be read on its website at
www.jupitermines.com
Highlights:
o The recent $25m buy-back offer has closed, with final acceptances at approximately 96.76%
o The Tshipi manganese mine is on track to exceed its 3mt target
for the 2018 financial year ending 28 February 2018, having shipped
1.88mt in the first seven months
o Provided Manganese prices remain at current levels, Jupiter
will distribute U$25 million to its shareholders in April 2018
o Dual-track sale/IPO process has been terminated at Tshipi level
o As 49.9% Tshipi shareholder Jupiter will pursue strategic options at Jupiter level
o Options include relisting on the ASX, sale, or growth by mergers and acquisitions
o Mr. Priyank Thapliyal will be leaving Pallinghurst to work on
these strategic initiatives as Jupiter's full-time CEO and
Director
Andrew Bell, Chairman, comments: "The Tshipi manganese business
goes from strength to strength, and the levels of profit
distribution being achieved show the value of this asset to Red
Rock, which with 1.2% of Jupiter receives about GBP250,000 from
each six-monthly $25m distribution. Jupiter now has the opportunity
to follow a path that will maximise the value of the business to
its own shareholders, and we welcome that."
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
Jason Robertson 0207 374 2212 Broker First Equity Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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