Red Rock Resources plc has raised $1.24 million after selling a substantial part of its remaining holding in manganese producer Jupiter Mines Ltd.
CHANGES
The company said it retained 5,870,693 shares in Jupiter which focuses on the Tshipi mine in South Africa.
“We manage our investments actively and having formed the view that prospects in the near term for Jupiter had deteriorated, were able to reduce our holdings in amounts and at prices that did not appear to affect the price in the market,” said Red Rock chairman Andrew Bell.
“Jupiter has been an exceptionally well managed company, achieving over recent years an extraordinary near-30% annual return on assets, but the recent consolidation of shareholdings into fewer hands and the likelihood of management changes combined with a dull outlook for manganese prices convinced us that the time had come to accelerate the disposal of our stake.”
Red Rock relationship with Jupiter began in 2005 and was at one time the company’s largest shareholder.