logo-loader
viewRed Rock Resources PLC

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

Red Rock is a long-standing shareholder of Jupiter

1549958153_dividends3.jpg
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.”

 

 

Quick facts: Red Rock Resources PLC

Price: 0.425 GBX

AIM:RRR
Market: AIM
Market Cap: £2.87 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Red Rock Resources PLC named herein, including the promotion by the Company of Red Rock Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Red Rock Resources PLC boss hoping to be cash flow positive by year's end

Andrew Bell, chairman of Red Rock Resources PLC (LON:RRR), is hopeful that the mineral exploration and production company will be ”showing appreciable positive cash flows” by the end of 2016. Bell tells Proactive that if everything goes to plan at Shoats Creek, Red Rock will also “be...

on 1/4/16

2 min read