2nd Aug 2019 15:44
(Alliance News) - Natural resources development company Red Rock Resources PLC said sales in Jupiter Mines Ltd so far in its current financial year is in line with expectations.
Red Rock, which has a nominal stake in Australian company Jupiter Mines, said it sold 0.8 metric tonnes of ore in the first quarter. In the financial year ended March 31, 3.5 tonnes of ore was sold, it said.
Manganese prices remained firm, Red Rock said, at USD2.13 per dry metric tonne in the first quarter.
Tshipi Borwa, an open pit mine in South Africa that Jupiter owns 50% of, is now the biggest manganese mine in the country, Red Rock said.
Chair Andrew Bell said: "Jupiter continues to demonstrate the stability, consistency, and simplicity of the first-rate business it is. With a stated policy of a 70% payout ratio, it achieved 90% payout last year, and is on course to provide a continuing strong earnings and dividend stream this year."
Shares in Red Rock were up 4.8% at 0.50 pence each in London on Friday afternoon.
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