StockMarketWire.com - Red Rock Resources noted that investee company Jupiter Mines had achieved manganese sales in the current financial year in line with its business plan.

Red Rock owns about 1% of Jupiter Mines, which owns 49.9% of the Tshipi Borwa open pit manganese mine in South Africa.

At its annual general meeting, Jupiter Mines said 0.84m tonnes of ore had been sold in the first quarter.

Last financial year, 3.51m tonnes were sold.

Manganese price remained firm with cash costs $2.13 per dry metric tonne unit in the first quarter, and sale price for 37% ore of $5.32 per dry metric tonne.

'Jupiter continues to demonstrate the stability, consistency, and simplicity of the first-rate business it is,' Red Rock chairman Andrew Bell said.

'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.'

'We expect organic growth and consolidation of its interests to drive the business over the next four or five years, with EV materials potentially providing a significant source of incremental demand at the end of that period.' 'The significance to us of our holding in Jupiter is demonstrated by the fact that the value of our holding today is 34% in excess of our market value of £3,177,433.'


At 2:18pm: [LON:RRR] Red Rock Resources PLC share price was +0.03p at 0.5p



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