{"id":14496,"title":"Red Rock Resources Plc (AIM:RRR) Jupiter Mines Buy-Back","publisher":"Share Talk","author":"sharetalk","published":"2017-09-11T11:38:55+00:00","modified":"2017-09-11T11:44:08+00:00","canonical_url":"https://www.share-talk.com/red-rock-resources-plc-aimrrr-jupiter-mines-buy-back/","markdown_url":"https://www.share-talk.com/red-rock-resources-plc-aimrrr-jupiter-mines-buy-back.md","json_url":"https://www.share-talk.com/red-rock-resources-plc-aimrrr-jupiter-mines-buy-back.json","category":"Mining","categories":["Mining"],"tags":["RRR"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&ssl=1","format":"news","language":"en-GB","content":"Further to the announcement of 31 July 2017, Red Rock announces that Jupiter Mines Ltd (“Jupiter”), an Australian unlisted public company, has announced the details of its planned US$25m distribution to shareholders.\n\nThe full Jupiter announcement may be read on its website [www.jupitermines.com](http://www.jupitermines.com/)\n\n**Highlights:**\n\no Distribution will be by means of an equal access share buyback to return US$25m (approximately AU$31.3m) to shareholders (“Buy-Back”)\n\no Jupiter shareholders will be made an offer to buy back 4% of their Jupiter shares (“Shares”) at a set price of US$0.29 (approximately AU$0.36) per share\n\no Jupiter’s balance sheet will remain strong following the Buy-Back\n\no Should current manganese prices hold, Jupiter may receive a further ZAR250m distribution from Tshipi at the February 2018 year end\n\no Tshipi has a 100 year mine life, is one of the largest manganese producers, and has one of the lowest operating costs\n\no All Jupiter Directors will accept the Buy-Back, as will Red Rock\n\no Red Rock holds approximately 1.2% of Jupiter, expects to continue to hold this percentage post the Buy-Back, and will receive in late October- early November an estimated US$300,000 from its share of the Buy-Back\n\n**Red Rock Chairman Andrew Bell states:**\n\n“Having received a US$655,784.80 distribution in March, this brings our distributions from Jupiter profits in calendar 2017 to nearly a million dollars.\n\nWe now expect our gold royalty receipts to start becoming significant starting with the November payment, and with the Steelmin ferrosilicon plant expected to come on stream around year-end in a strong price environment for ferrosilicon, can reasonably anticipate Steelmin to start contributing to our profits in calendar 2018.\n\nThe repositioning of Red Rock as a cashflow-generative miner, developer and processor continues to advance.\n\nWe expect to report further in due course on progress in the capital value realisation strategies being developed by the shareholders at Tshipi.”\n\n*This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014*"}