Red Rock Resources (LON:RRR) Dividend Announcement by Jupiter Mines

Red Rock Chairman Andrew Bell comments: “Based on Red Rock’s shareholding in Jupiter, we will receive A$463,122.85, or approximately US$329,140 at today’s exchange rate, as a Final Dividend in May 2019. This follows a US$658,545.69 interim payment in October 2018.

Red Rock Resources Plc, the natural resource development company with interests in gold and steel feed materials, announces, further to the announcement of 12 February 2019, that Jupiter Mines Limited (“Jupiter”, ASX:JMS), an Australian public company in which Red Rock holds 18,524,914 shares (0.95%), has released an update which reads as follows:

JUPITER DELIVERS 24% YIELD IN FIRST YEAR OF LISTING

Jupiter Mines Limited is pleased to announce a final unfranked dividend of 0.025 per share.

The dividend record date is 7 May 2019 (following release of Jupiter’s Preliminary Final Report) and will be paid on 21 May 2019. Please refer to the Notification of Dividend/Distribution released to ASX for full details.

 

 

“Jupiter continues to deliver healthy returns”, said Jupiter CEO Priyank Thapliyal. “The yield on distributions by Jupiter since FY2017 are unprecedented in the mining industry, with the dividend yield for FY2019 being approximately 24%. Over the last three years, A$300 million has been paid out to shareholders, equating to approximately 50% of Jupiter’s market capitalisation. This is very compelling considering Tshipi’s 100 year mine life”.

Since listing, Jupiter has far exceeded its stated 70% payout dividend policy. Given the quality of its Tshipi manganese asset, as demonstrated below, Jupiter aims to be a high dividend paying company throughout the cycle:

• One of the largest exporters globally

• One of the lowest cost mines

• Abundant resource for a 100 year life of mine

• 5mtpa load out infrastructure capacity

• Well established product”

1Dividend yield for the financial year to 28 February 2019, based on closing price of $0.31 on 18 February 2019.

237% FOB, Port Elizabeth

 

Jupiter has also released today through the ASX and on its website a new Investor Presentation which shows the strong performance and prospects of the business.”

A copy of the Jupiter announcements may be found on the Jupiter website, www.jupitermines.com and on the ASX website www.asx.com.au/asx/shre-price-research/company/JMS

Notes:

Jupiter owns 49.9% of Tshipi é Ntle Manganese Mining (Pty) Ltd, the owner of the Tshipi Borwa manganese mine, referred to herein as Tshipi. The closing price of Jupiter on the Australian Stock Exchange on 19 February 2019 was AUD 0.31 per share.

 


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