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Red Rock Resources takes Jupiter write-down but gets hefty dividend

Red Rock owns 18.525mln shares in Jupiter Mines (0.95%)

Jupiter is a manganese mine

Red Rock Resources PLC (LON:RRR) posted wider losses in the half year to December.

At the pre-tax level, losses widened to £283,000 from £115,000 a year earlier, while a write-down on its stake in Jupiter Mines meant attributable net losses were £2.1mln against a profit of £4.62mln previously.

READ: Red Rock Resources re-cycles Jupiter Mines dividend into other opportunities

Australia-listed Jupiter is paying dividends, however.

For the year ended February 2019, the payment was 7.5 cents and as manganese prices have been steady, dividend payments are expected to continue.  

Red Rock owns 18.525mln shares in Jupiter (0.95%), which means a dividend receipt of A$1.39mln (£750,000) for the year just ended.

Elsewhere, Red Rock has expanded its exploration acreage in Congo and taken a stake in African Battery Metals PLC (LON:ABM).

Quick facts: Red Rock Resources PLC

Price: 0.305 GBX

Market: AIM
Market Cap: £2.13 m

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