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Red Rock hails payouts and premium of Jupiter Mines investment

Red Rock's stake in Aussie-listed Jupiter Mines was valued at 14% in excess of the AIM-listed company's market value of £3.2mln

Red Rock Resources PLC -

One of Red Rock Resources PLC's (LON:RRR) investments is worth more than the AIM-listed company's entire market value, it noted on Monday.

Red Rock owns an 0.86% stake in Aussie-listed Jupiter Mines, which in turn has a 49.9% holding in Tshipi é Ntle Manganese Mining, operator of the South African mine.

Tshipi é Ntle has announced plans to pay a A$59mln dividend to shareholders, of which Jupiter will be due 49.9% plus roughly A$3mln from marketing operations.

Jupiter, which paid out 90% of earnings last year, said it plans to declare a dividend exceeding its 70% payout policy after publishing interims at the end of October.

Andrew Bell, Red Rock Chairman, comments: “With the business continuing to perform well, and with manganese prices remaining resilient, we expect a strong dividend announcement in October.”

He added: “The continuing significance to us of our holding in Jupiter is demonstrated by the fact that the value of our holding today is 14% in excess of our market value of £3,177,433.”

Quick facts: Red Rock Resources PLC

Price: 0.305 GBX

Market: AIM
Market Cap: £2.13 m

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