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(Alliance News) - Red Rock Resources PLC on Monday said its investee Jupiter Mines Ltd will receive a dividend from Tshipi e Ntle Manganese Mining (Pty) Ltd.
Tshipi will pay a dividend totalling AUD59 million, roughly GBP32.8 million, to its shareholders, and Jupiter will receive half of the payout, due to its 50% stake in the company.
Jupiter also will receive AUD3 million from marketing operations and, after publishing its interim results in October, will declare its own dividend exceeding its 70% payout policy.
Red Rock Chair Andrew Bell said: "Jupiter has a stated policy of a 70% payout ratio, and achieved a 90% payout last year. With the business continuing to perform well, and with manganese prices remaining resilient, we expect a strong dividend announcement in October."
The London-listed exploration and development company has roughly a 1% stake in Jupiter, and based on the latter's Monday closing price of AUD0.38 in Australia, Red Rock's investment is worth AUD6.5 million.
Shares in Red Rock were 5.3% lower at 0.45 pence each in London on Monday afternoon.