Red Rock Resources plc Jupiter Mines update (9776Z)
23 May 2019 - 6:01PM
UK Regulatory
TIDMRRR
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
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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