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Red Rock Resources looks forward to output increases from Tshipi

Tshipi has already proved its worth as an income generator

Red Rock Resources PLC -

The chairman of Red Rock Resources PLC (LON:RRR) has responded positively to proposed production expansion plans at the Tshipi manganese mine in South Africa.

Tshipi is 49%-owned by Jupiter Mines Ltd (ASX:JMS), a company in which Red Rock holds just over 17mln shares, or 0,87%.

The potential 50% increase represents, said Bell, "one of a number of encouraging developments at Jupiter, which continues its drive to improved efficiencies and stringent cost control.”

Jupiter has already proved its worth as an investment for Red Rock, Bell continued.

“Jupiter has over the last 18 months exceeded its benchmark 70% dividend payout ratio, and the significant strengthening in the manganese price over the last two months testifies to the resilience of underlying demand. The company expects a continued growth over time in the level of contributions received from its holding in Jupiter."

Red Rock was paid A$680,996 as an interim dividend By Jupiter in November 2019. The current six-month yield is 13.8%.

 

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Price: 0.305 GBX

AIM:RRR
Market: AIM
Market Cap: £2.13 m
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