Red Hill Minerals declares special dividend

Red Hill Minerals Limited (ASX: $RHI) has announced the declaration of a special dividend of $1.50 per ordinary share, fully franked at 25%. The dividend is sourced from the second $200 million payment received from Mineral Resources Limited for the sale of the Company's 40% interest in the Red Hill Iron Ore Joint Venture.

Executive Chairman's Commentary on Special Dividend

We congratulate Mineral Resources on achieving first ore on ship from the Onslow Iron Project. This milestone has resulted in the payment of the second $200 million and has triggered the commencement of our 0.75% royalty stream. It has enabled our Board to declare the Company's sixth consecutive dividend and provides a great platform for the future.

Summary of Red Hill Minerals' Special Dividend Announcement

Red Hill Minerals (ASX: $RHI) has declared a special dividend of $1.50 per ordinary share, fully franked at 25%, sourced from the second $200 million payment received from Mineral Resources Limited for the sale of the Company's 40% interest in the Red Hill Iron Ore Joint Venture. The declaration marks the Company's sixth consecutive dividend and is a result of the achievement of first ore on ship from the Onslow Iron Project by Mineral Resources. This milestone has also triggered the commencement of Red Hill's 0.75% royalty stream, providing a positive platform for the Company's future.