Business
Jupiter Mines: update
Jupiter Mines: update.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1369H Red Rock Resources plc 05 June 2017 \n\nRed Rock Resources plc\n \n(\"Red Rock\")\n \nJupiter Mines: Update\n \n5 June 2017\n \nFurther 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:\n \n \"JUPITER TO DISTRIBUTE US$25 MILLION FOR HALF YEAR 2018\n \nThe Tshipi mine remains on track to produce 3mtpa for the 2018 financial year end.\nShould the existing manganese prices continue, Tshipi will distribute a further ZAR500\nmillion to its shareholders in September whilst retaining its healthy debt free balance\nsheet. 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.\n \nAs 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.\n \nThe 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.\n \nThe strategic process is progressing as per plan and is generating strong industry interest.\n \nShould there be any material developments, an update will be announced in due course, along with the necessary shareholder approvals needed.\"\n \n \nRed 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. \n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \nFor further information, please contact: \n \nAndrew Bell 0207 747 9990 &n...