LONDON (Alliance News) - Red Rock Resources PLC on Monday said it will received funds as part of a capital return by Australian mining firm Jupiter Mines Ltd.
Jupiter Mines has announced Tshipi e Ntle Manganese Mining Pty Ltd, in which Jupiter holds a 49.9% stake, is to return ZAR1.00 billion to its shareholders for the financial year to the end of February 2017. At current rates, this translates to USD69.9 million, meaning Jupiter will receive about USD35 million.
Jupiter has decided it will return USD55.0 million to its shareholders once these funds are received.
Red Rock owns a 1.2% stake in Jupiter and will get a USD658,350 payout from the distribution, which will be payable by Jupiter in March 2017.
Red Rock noted Jupiter expects it will make further distributions to shareholders if the manganese price remains strong.
Shares in Red Rock were up 4.4% to 0.41 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Red Rock Resources (RRR)