Red Rock Resources sets sights on battery metal revolution

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Red Rock Resources sets sights on battery metal revolution

 

What it owns

Manganese – 0.87% stake in Jupiter Mines that owns nearly 50% of the Tshipi Borwa open pit manganese mine in South Africa.

Cooper/cobalt -Three licences in DRC

Gold – Migori  (Kenya 100%), El Limon (Colombia royalty), Ivory Coast (100%)

Oil & Gas – Elephant Oil (Benin 4.84%)

Listed – Stakes in Power Metal Resources (LON:POW) and Regency Mines

How it’s doing

Jupiter reduced its dividend payout in the half-year to August to A$0.04 per share noting the slide in the price of manganese.

The miner though said it remains committed to distributing almost all cash received from Tshipi, achieving a payout ratio of over 90% with this dividend.

“The work on cost optimisation initiatives continue, which is especially pertinent in this low manganese price environment,” said the Aussie-listed miner.

Red Rock will receive A$681,000 (approximately US$468,000 or £363,000) from the interim payout.

Losses for the year to June were £1.72mln (£78,000 profit).

What the boss says: Andrew Bell  

Kenya, the Congo and exploration at Luanshimba are the focus for 2020.

“From so low a market capitalisation, it will be difficult to disappoint, and the opportunity for progress is considerable.”

Watch the interview

Inflexion points

  • Further dividends from Jupiter
  • Power Metal Resources has started exploration programme
  • Some progress on other projects in Kenya and DRC

Proactiveinvestors.co.uk

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