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