Red Rock Resources plc Jupiter Mines: Update (5009M)
July 31 2017 - 2:00AM
UK Regulatory
TIDMRRR
RNS Number : 5009M
Red Rock Resources plc
31 July 2017
Red Rock Resources plc
("Red Rock " or the "Company")
Jupiter Mines: Update
31 July 2017
Further to the announcement of 5th June 2017, Red Rock announces
that Jupiter Mines Ltd ("Jupiter"), an Australian unlisted public
company, has held its Annual General Meeting for the year ended 28
February 2017 in Sydney, NSW, and has posted a copy of the
presentation given at the meeting on its website,
www.jupitermines.com.
Highlights:
o 2.2m tons of manganese ore exported from Tshipi Mine in the
year to February 2017
o Based on 4 months' operations and 6 months' sales in the
current year Tshipi on target to achieve 3m+ tons of exports
o Tshipi one of the largest global and largest South African
exporters of manganese ore
o Tshipi currently 3rd largest manganese mine in the world with
400mt+ resource - low costs and 100+ year life of mine
o Focus on cost optimization continues - manganese ore prices
remain well above Tshipi business cost levels
o 700m Rand - Projected cash in hand at end-August 2017 - half
year free cash flow of 211m Rand
o Jupiter plans US$25m distribution to shareholders in September
2017 subject to market conditions
o Red Rock holds approximately 1.2% of Jupiter - Company to
receive estimated US$300,000 from planned distribution
o Process of addressing strategic options Including disposal or
IPO ongoing
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
Glossary
MT: million tons
Resource: ore that is potentially valuable, and for which
reasonable prospects exist for eventual economic extraction
This information is provided by RNS
The company news service from the London Stock Exchange
END
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