Source - RNS
RNS Number : 1369H
Red Rock Resources plc
05 June 2017
 

Red Rock Resources plc

 

("Red Rock")

 

Jupiter Mines: Update

 

5 June 2017

 

Further to the announcements of 13th March and 14th March 2017, Red Rock announces that Jupiter Mines Ltd, an Australian unlisted public company, has released the following statement:

 

            "JUPITER TO DISTRIBUTE US$25 MILLION FOR HALF YEAR 2018

 

The Tshipi mine remains on track to produce 3mtpa for the 2018 financial year end.

Should the existing manganese prices continue, Tshipi will distribute a further ZAR500

million to its shareholders in September whilst retaining its healthy debt free balance

sheet. This repayment will result in a total return to Tshipi shareholders of ZAR1.5 billion of their original ZAR2.0 billion capital investment. Jupiter Mines Limited ("Jupiter" or "Company") has also recorded an operating profit of approximately US$10 million from its marketing business.

 

As a result Jupiter plans to distribute US$25 million to its shareholders in September. This will be via an off-market equal access share buy-back ("Buy-Back"). The cash for this will come from the profits generated by Tshipi and Jupiter's manganese marketing business.

 

The exact terms of the Buy-Back will be announced in due course but may be for approx. 2.5% of the issued capital of the Company.

 

The strategic process is progressing as per plan and is generating strong industry interest.

 

Should there be any material developments, an update will be announced in due course, along with the necessary shareholder approvals needed."

 

 

Red Rock holds approximately 1.2% of the issued share capital of Jupiter, so that it will receive approximately US$300,000 as part of the planned distribution.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

For further information, please contact:

 

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396         NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                                Broker Dowgate Capital Stockbrokers Ltd


This information is provided by RNS
The company news service from the London Stock Exchange
 
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