Connect with us

Hi, what are you looking for?

Bnreport Business News Report


Red Rock Resources investee Jupiter Mines updates on dividend and iron ore spin off

Red Rock Resources PLC (LON:RRR) has highlighted an update from its investee, Jupiter Mines Ltd (ASX..

Red Rock Resources PLC (LON:RRR) has highlighted an update from its investee, Jupiter Mines Ltd (ASX:JMS), on its planned iron ore spin off and a dividend.

Jupiter said in a statement that it has approved progressing the execution of an initial public offering (IPO) of its Central Yilgarn Iron Ore (CYIP) assets in Western Australia.

READ: Red Rock Resources acquires new Slovak silver-gold project[hhmc]

The company said the IPO will “crystallise value form the CYIP assets” through a three-pronged strategy that includes the development of the Mount Mason DSO Hematite project on a fast track basis, a consolidation platform for growing the existing DSO resource base, and the exploration of creative options to advance the Mount Ida Magnetite project in the mid-term, leveraging upon the existing rail and port infrastructure and the dwindling DSO resources in the Yilgarn.

Jupiter also announced that its operating entity in South Africa, Tshipi é Ntle Manganese Mining Proprietary Limited, has declared a dividend to its shareholders of around 330mln South African Rand, of which Jupiter will receive 156mln Rand (A$12.7mln) alongside 25mln Rand (A$2mln) in marketing profits.

The company added that despite the coronavirus lockdown in South Africa, which resulted in decreased production and depressed manganese prices, Tshipi remained profitable and maintained a “healthy positive cashflow”, and that the dividend payment demonstrated “the strength of Tshipi's world class, low-cost operations throughout the cycle”.

Jupiter also said its board will consider a dividend to its own shareholders in its half year results.

"Higher iron ore prices seem likRead More – Source



You May Also Like


Enlarge/ You wouldn't really want to use Nvidia's ..


Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae.


Enlarge Oliver Morris/Getty Images) In response to an Ars re..


Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

%d bloggers like this: