Red Hill Minerals announced a special dividend of $1.50 per fully franked ordinary share, following the receipt of a $200 million payment from Mineral Resources (ASX:MIN)for its 40% stake in the Red Hill iron ore joint venture.

The special dividend is payable on July 19 to shareholders on record as of July 10.

The dividend underscores Red Hill's strong financial performance driven by the joint venture proceeds.

Executive Chairman Joshua Pitt said the special dividend marked the company's sixth consecutive dividend.