Proactive Investors - Run By Investors For Investors

Red Rock Resources set to receive significant dividend from holding in Jupiter Mines

Red Rock is a long-standing shareholder of Jupiter
Red Rock Resources set to receive significant dividend from holding in Jupiter Mines
It won't be the first payment Red Rock has received from Jupiter

Red Rock Resources PLC (LON:RRR) is set to receive a substantial dividend payment from Jupiter Mines LTD (ASX:JMS), in which it holds just over 18.5mln shares.

Jupiter holds a 49.9% stake in the producing Tshipi manganese mine and has a growing track record of dividend payments.

WATCH: Red Rock Resources delighted as work towards JORC resource at Musonoi mine advances

The Tshipi operating company has just announced a R1.1bn distribution to shareholders, and Jupiter is expected to pass this on to its own shareholders, as it has done in the past.

Jupiter will receive R521mln from Tshipi net of withholding taxes, with additional income from the associated Tshipi marketing company.

"We are pleased to report that Jupiter continues to perform strongly,” said Red Rock chairman Andrew Bell.

“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.”

 

 

View full RRR profile View Profile

Red Rock Resources PLC Timeline

Related Articles

1548107930_757z468_1547086607_strick.JPG
January 22 2019
The company hopes to establish a nickel development on Cathedrals Belt, an exploration area it majority owns.
1533661405_Alvito2.jpg
August 08 2018
The company recently drilled 18 holes, totaling 2,437.5 metres in eight separate prospect areas at its Alvito Iron Oxide Copper-Gold (IOCG) project
A drill rig
January 16 2019
Sophisticated investors have served up $15 million for the drilling effort.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use