26th Jun 2015 15:05
LONDON (Alliance News) - Red Rock Resources PLC Friday said Jupiter Mines Ltd, in which it holds a small stake, doubled manganese production in the last financial year.
Red Rock holds a 1.2% stake in Jupiter Mines, which reported manganese production of 2.0 million tonnes in the last financial year ended February 28, from its Tshipi joint venture in South Africa in which Jupiter holds a 49.9% stake.
"The key figures in the Jupiter results are the operational profit figures from the joint ventures. These are once again excellent, and despite low manganese prices have reached over AUD18 million as production and exports more than doubled," said Red Rock Chairman Andrew Bell.
Jupiter received AUD18.4 million for its share of profit from the joint venture, significantly up from AUD8.8 million a year earlier. However its net asset value fell to AUD19.6 per share from AUD21.0 after it booked a AUD48.2 million impairment against its iron ore assets.
The audited net asset value of Jupiter attributable to Red Rock's percentage holding of 1.2% is AUD5.4 million.
Red Rock shares were up 5.0% to 0.0630 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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