22:25 Fri 02 Aug 2019
Red Rock Resources - Jupiter Mines - Update
("Red Rock " or the "Company")
Jupiter Mines - Update
Jupiter owns 49.9% of the Tshipi Borwa open pit manganese mine in
Highlights
· Sales in current financial year are in line with business plan, with 0.84mt of ore sold in Q1 (3.51mt sold in FY 2019)
· Manganese price remains firm with cash costs
· Chinese steel production up 6.5% in 2018, with domestic Mn production continuing to fall, and new regulations for rebar requiring more silico-manganese
· Tshipi now biggest single Mn mine in
· With
· EV market may start to impact demand: BASF expects 70% Mn content in its EV battery cathodes by 2021
· Jupiter price up 71% since end 2018 to
· First half dividend payout so far this financial year
The Investor Presentation, with an analysis of the manganese market and Jupiter's place within it, can be found at www.jupitermines.com
At the closing price of Jupiter shares on the
We expect organic growth and consolidation of its interests to drive the business over the next four or five years, with EV materials potentially providing a significant source of incremental demand at the end of that period.
The significance to us of our holding in Jupiter is demonstrated by the fact that the value of our holding today is 34% in excess of our market value of
For further information, please contact:
Scott Kaintz 0207 747 9990 Director
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD
Jason Robertson 0207 374 2212 Broker
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