Red Rock Resources receives £537,000 from Jupiter share buy-back

Following a share buy-back by an Australian miner, AIM-listed explorer Red Rock Resources has received £537,131 ($655,874).

In the share buy-back by Jupiter Mine, Red Rock tendered 6% of the 27.32m shares it held in Jupiter, which equates to about 1.2% of its issued share capital.

Red Rock received £537,131 and now holds 25.68m shares in Jupiter, after Jupiter started a buy-back programme in January.

In total, 134.19m Jupiter shares were bought back, its shareholders received $53.67m, and Jupiter’s share capital now stands at 2.14bn.

Red Rock chairman Andrew Bell said that this first distribution repays most of the cost of developing Jupiter's principal asset, the Tshipi manganese mine in South Africa.

“This very long life mine has established itself as one of the world's most important and competitive producers. With Jupiter's other assets, it has the potential to continue to drive Jupiter's value and having played a role in the development of Jupiter now for over 10 years, we look forward to the next stages in its growth."

Shares in Red Rock Resources were up 6.64% to 0.720p at 1414 GMT.