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16 Nov 2017 07:00
Red Rock Resources plc
("Red Rock " or the "Company")
Jupiter Mines Update
16 November 2017
Further to the announcement of 28 September 2017 and 31 July 2017, Red Rock notes that Jupiter Mines Ltd ("Jupiter"), an Australian unlisted public company, has released an update, the full text of which may be read on its website at www.jupitermines.com
Highlights:
o The recent $25m buy-back offer has closed, with final acceptances at approximately 96.76%
o The Tshipi manganese mine is on track to exceed its 3mt target for the 2018 financial year ending 28 February 2018, having shipped 1.88mt in the first seven months
o Provided Manganese prices remain at current levels, Jupiter will distribute U$25 million to its shareholders in April 2018
o Dual-track sale/IPO process has been terminated at Tshipi level
o As 49.9% Tshipi shareholder Jupiter will pursue strategic options at Jupiter level
o Options include relisting on the ASX, sale, or growth by mergers and acquisitions
o Mr. Priyank Thapliyal will be leaving Pallinghurst to work on these strategic initiatives as Jupiter's full-time CEO and Director
Andrew Bell, Chairman, comments: "The Tshipi manganese business goes from strength to strength, and the levels of profit distribution being achieved show the value of this asset to Red Rock, which with 1.2% of Jupiter receives about £250,000 from each six-monthly $25m distribution. Jupiter now has the opportunity to follow a path that will maximise the value of the business to its own shareholders, and we welcome that."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited
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