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08/07/2011

Red Rock Resources Chairman says fundamentals in no way justify the drop in share price

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: RRR
Latest Price: 1.93p  (-17.52% Descending)
52-week High: 9.25p
52-week Low: 1.75p
Market Cap: 17.06M
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Red Rock Resources
www.rrrplc.com

Red Rock Resources plc is a minerals company focussed on the discovery and development of gold, iron ore and other minerals. The principal operational focus of the Company is gold and base metal exploration in Kenya, gold production in Colombia and early stage iron ore exploration in Greenland. The Company’s iron ore interests are also held through its strategic holding in Jupiter Mines Limited (ASX:JMS) and its royalty interest in an iron ore project. Red Rock adds value to its projects through various strategies and realises value through strategies which can include production, sale, joint venture, retention of royalty and spin offs.

Full Red Rock Resources profile here
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Red Rock Resources set for US$14 mln windfall

6th Feb 2012, 7:47 am by Jamie Ashcroft Red Rock will be due US$14 million from the deal

 

Red Rock Resources (LON:RRR) is set for a US$14 million boost after it agreed to sell half of its 1.5 per cent production royalty over the Mt Ida iron ore prospect.

Mt Ida is a 530 million tonne iron ore project in Western Australia. 

Jupiter Mines is developing the mine and it is currently completing a feasibility study for a 10 million tonne a year mining operation. The pivotal study is due by the end of this year.

Red Rock will receive US$14 million in three instalments from Anglo Pacific Group (LON:APF, TSE:APY).

First US$6 million will be paid for 0.3 per cent of Mt Ida’s production, a further US$4 million will buy an additional 0.225 per cent and a final US$4 million will buy the remaining 0.225 per cent.

Subsequently Anglo Pacific will own 1.5 per cent of the mine’s gross revenue iron ore royalty.

The payments will be made in either cash or shares.

 

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