Proactiveinvestors United Kingdom Red Rock Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Red Rock Resources PLC RSS feed en Mon, 20 May 2019 02:12:01 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190501145821_14059780/ Wed, 01 May 2019 14:58:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190501145821_14059780/ <![CDATA[RNS press release - Jupiter Mines - Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190430133658_14057635/ Tue, 30 Apr 2019 13:36:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190430133658_14057635/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190430070019_14056370/ Tue, 30 Apr 2019 07:00:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190430070019_14056370/ <![CDATA[Media files - Red Rock strengthened by £324k raise as it pushes ahead with Congo exploration ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13103/red-rock-strengthened-by-324k-raise-as-it-pushes-ahead-with-congo-exploration-13103.html Thu, 25 Apr 2019 13:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13103/red-rock-strengthened-by-324k-raise-as-it-pushes-ahead-with-congo-exploration-13103.html <![CDATA[RNS press release - Issue of Equity ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190423182556_14049074/ Tue, 23 Apr 2019 18:25:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190423182556_14049074/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190412161013_14040022/ Fri, 12 Apr 2019 16:10:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190412161013_14040022/ <![CDATA[RNS press release - Replacement: Issue of Shares under Incentive Plan ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190409132134_14034637/ Tue, 09 Apr 2019 13:21:34 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190409132134_14034637/ <![CDATA[RNS press release - Issue of Shares under Share Incentive Plan ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190409101603_14034251/ Tue, 09 Apr 2019 10:16:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190409101603_14034251/ <![CDATA[News - Red Rock Resources takes Jupiter write-down but gets hefty dividend ]]> https://www.proactiveinvestors.co.uk/companies/news/217521/red-rock-resources-takes-jupiter-write-down-but-gets-hefty-dividend-217521.html Red Rock Resources PLC (LON:RRR) posted wider losses in the half year to December.

At the pre-tax level, losses widened to £283,000 from £115,000 a year earlier, while a write-down on its stake in Jupiter Mines meant attributable net losses were £2.1mln against a profit of £4.62mln previously.

READ: Red Rock Resources re-cycles Jupiter Mines dividend into other opportunities

Australia-listed Jupiter is paying dividends, however.

For the year ended February 2019, the payment was 7.5 cents and as manganese prices have been steady, dividend payments are expected to continue.  

Red Rock owns 18.525mln shares in Jupiter (0.95%), which means a dividend receipt of A$1.39mln (£750,000) for the year just ended.

Elsewhere, Red Rock has expanded its exploration acreage in Congo and taken a stake in African Battery Metals PLC (LON:ABM).

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Fri, 29 Mar 2019 11:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217521/red-rock-resources-takes-jupiter-write-down-but-gets-hefty-dividend-217521.html
<![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190329070005_14020415/ Fri, 29 Mar 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190329070005_14020415/ <![CDATA[News - Red Rock Resources notes investee company Jupiter Mines to review its iron ore projects to realise value ]]> https://www.proactiveinvestors.co.uk/companies/news/217253/red-rock-resources-notes-investee-company-jupiter-mines-to-review-its-iron-ore-projects-to-realise-value-217253.html Red Rock Resources PLC (LON:RRR) noted that Jupiter Mines Limited (ASX:JMS), in which it holds a 0.95% stake, has announced an intention to review its iron ore projects in the Yilgarn district of Western Australia with a view to realising value.

The AIM-listed natural resource development company pointed out that, in a statement on its website, Jupiter noted the current strength in the iron ore market and the drive towards higher grade iron ore feed in China.

READ: Red Rock Resources set to receive significant dividend from holding in Jupiter Mines

It also highlighted the potential of available rail and port capacity in the vicinity of the projects.

Jupiter Mines has appointed Hartleys Limited as its corporate adviser for the process. Its iron ore projects consist of the Mount Mason DSO Haematite Project and the Mt Ida Magnetite Project.

Red Rock holds a 0.75% Gross Revenue Iron Ore Royalty (GRR) over Mt Ida, plus a further 0.45% GRR over Mt Ida which transfers in two tranches to Anglo Pacific Group PLC (LON:APF) for a consideration of $8mln upon the reaching of certain development milestones.

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Tue, 26 Mar 2019 14:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217253/red-rock-resources-notes-investee-company-jupiter-mines-to-review-its-iron-ore-projects-to-realise-value-217253.html
<![CDATA[RNS press release - Jupiter Mines - strategic review of iron ore ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190326140626_14016460/ Tue, 26 Mar 2019 14:06:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190326140626_14016460/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190311145823_13997733/ Mon, 11 Mar 2019 14:58:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190311145823_13997733/ <![CDATA[Media files - Red Rock Resources eyes up JORC resource after finalising DRC joint venture ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12511/red-rock-resources-eyes-up-jorc-resource-after-finalising-drc-joint-venture-12511.html Thu, 07 Mar 2019 12:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12511/red-rock-resources-eyes-up-jorc-resource-after-finalising-drc-joint-venture-12511.html <![CDATA[News - Red Rock Resources says cobalt/copper joint venture in the Democratic Republic of Congo now fully effective ]]> https://www.proactiveinvestors.co.uk/companies/news/215920/red-rock-resources-says-cobaltcopper-joint-venture-in-the-democratic-republic-of-congo-now-fully-effective-215920.html Red Rock Resources PLC (LON:RRR) has signed the final documents making its cobalt/copper joint venture in the Democratic Republic of Congo fully effective, with the initial focus on the old Musonoi superpit.

The AIM-listed natural resource development company said at a meeting on 2 March between its wholly-owned subsidiary, Red Rock Resources Congo SAU, with representatives of joint venture partners, Vumilia Pendeza SA and Bring Minerals SAU, the "Statutes of VUP Musonoi Mining SA, the joint venture company through which the project will be pursued was signed.

READ: Red Rock Resources completes first phase of work at Musonoi mine

Under the joint venture, Red Rock Resources Congo owns 50.1% of VUP Musonoi Mining.

Andrew Bell, Red Rock’s chairman commented: "With the elections there having passed peacefully, we have again stepped up the pace in Congo and put in place the final documents allowing us to pursue the JV Project.”

He added: “Musonoi, the central part of the old Musonoi superpit, of which Glencore's KOV mine represents the western part, abutting our western boundary, and the same company's T17 mine represents the eastern part, adjoining us to the east, is our immediate focus.

“This exceptionally prospective tenement, of which at this early stage the obvious size and grade comparator appears to be Nzuri Copper's Kalongwe project, currently under offer, has the potential to have a transformative impact on Red Rock."

The company noted that the Musonoi tenement, which lies south of Kolwezi in an area of historically important copper and cobalt mining, was drilled in the 1930s and 1940s, seeking oxide ore with a cut-off grade of 2.5% copper.

Production took place then, down to a maximum depth of 105m, and the pit was partially backfilled after production ceased, it added.

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Wed, 06 Mar 2019 13:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215920/red-rock-resources-says-cobaltcopper-joint-venture-in-the-democratic-republic-of-congo-now-fully-effective-215920.html
<![CDATA[RNS press release - Cobalt/Copper Joint Venture - Congo ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190306120348_13992561/ Wed, 06 Mar 2019 12:03:48 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190306120348_13992561/ <![CDATA[News - Red Rock Resources re-cycles Jupiter Mines dividend into other opportunities ]]> https://www.proactiveinvestors.co.uk/companies/news/215410/red-rock-resources-re-cycles-jupiter-mines-dividend-into-other-opportunities-215410.html Red Rock Resources owns around 1% of Jupiter Mines, a manganese producer with an asset in South Africa.

It also has a stake in Steelmin LTD, a metal smelting complex located in Jajce, Bosnia. This is projected to generate €35mln in revenue and €7mln in earnings once in production.

There’s also a 75% economic interest in the Migori gold project in Kenya, and an early stage gold exploration project in Ivory Coast.

In copper and cobalt the company holds a 50.1% interest in a joint venture in the Democratic Republic of Congo, one of the world’s major copper and cobalt producing jurisdictions.

In oil and gas there is a small 4.64% stake in an onshore oil exploration play in Benin.

Red Rock also holds 1.69mln shares in sister company Regency Mines (LON:RGM), which has exposure to nickel and coal, amongst other commodities.

Most recently the company acquired 100,000 shares in African Battery Metals (LON:ABM) as part of a wider refinancing package.

Inflection points Continuing cash flow from Jupiter Mines half-yearly dividends Government of Kenya to rule on right to operate at Migori Restructuring of African Battery Metals could unlock value Ongoing activities in the DRC, following recent elections Chairman Andrew Bell upbeat about Red Rock’s positioning

"It is a great relief and an important development that the Presidency of the DRC is going to pass relatively seamlessly to a candidate of the opposition, and a sign of the growing political maturity of the country and its neighbours,” says Red Rock chairman Andrew Bell.

“We have suffered no disruption in our work and currently expect none. We are now quite positive on the prospects for our main Congolese licenses, and so will have to decide where to focus our efforts and whether to seek joint venture partners to progress some of them.

“In Kenya, bringing this matter to a conclusion and regaining our 1.2 mln ounce gold resource there, with all its exploration and expansion potential, is our most immediate priority.

Blue sky 

Red Rock posted higher losses in the half year to December with a write-down on its stake in Jupiter Mines leadig to attributable net losses of £2.1mln (£4.62mln profit).

Australia-listed Jupiter is paying dividends, however.

For the year ended February 2019 the payment was 7.5c and as manganese prices have been steady dividend payments are expected to continue. 

Red Rock owns 18.525mln shares in Jupiter (0.95%), which means a dividend receipt of A$1.39mln (£750,000) for the year just ended.

 

 

 

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Wed, 27 Feb 2019 11:21:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215410/red-rock-resources-re-cycles-jupiter-mines-dividend-into-other-opportunities-215410.html
<![CDATA[RNS press release - Dividend Announcement by Jupiter Mines ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190219150217_13974571/ Tue, 19 Feb 2019 15:02:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190219150217_13974571/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190213140514_13968370/ Wed, 13 Feb 2019 14:05:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190213140514_13968370/ <![CDATA[News - Red Rock Resources set to receive significant dividend from holding in Jupiter Mines ]]> https://www.proactiveinvestors.co.uk/companies/news/214425/red-rock-resources-set-to-receive-significant-dividend-from-holding-in-jupiter-mines-214425.html Red Rock Resources PLC (LON:RRR) is set to receive a substantial dividend payment from Jupiter Mines LTD (ASX:JMS), in which it holds just over 18.5mln shares.

Jupiter holds a 49.9% stake in the producing Tshipi manganese mine and has a growing track record of dividend payments.

WATCH: Red Rock Resources delighted as work towards JORC resource at Musonoi mine advances

The Tshipi operating company has just announced a R1.1bn distribution to shareholders, and Jupiter is expected to pass this on to its own shareholders, as it has done in the past.

Jupiter will receive R521mln from Tshipi net of withholding taxes, with additional income from the associated Tshipi marketing company.

"We are pleased to report that Jupiter continues to perform strongly,” said Red Rock chairman Andrew Bell.

“While this is not the formal announcement of a dividend by Jupiter, Jupiter on relisting in 2018 declared a dividend policy that would mean the distribution of most sums received from Tshipi.”

 

 

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Tue, 12 Feb 2019 07:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214425/red-rock-resources-set-to-receive-significant-dividend-from-holding-in-jupiter-mines-214425.html
<![CDATA[RNS press release - Announcement by Jupiter Mines ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190212070005_13965624/ Tue, 12 Feb 2019 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190212070005_13965624/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190207164240_13962387/ Thu, 07 Feb 2019 16:42:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190207164240_13962387/ <![CDATA[Media files - Red Rock Resources delighted as work towards JORC resource at Musonoi mine advances ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12125/red-rock-resources-delighted-as-work-towards-jorc-resource-at-musonoi-mine-advances-12125.html Wed, 06 Feb 2019 09:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12125/red-rock-resources-delighted-as-work-towards-jorc-resource-at-musonoi-mine-advances-12125.html <![CDATA[News - Red Rock Resources completes first phase of work at Musonoi mine ]]> https://www.proactiveinvestors.co.uk/companies/news/214006/red-rock-resources-completes-first-phase-of-work-at-musonoi-mine-214006.html Red Rock Resources PLC (LON:RRR) has completed the first phase of work at its Musonoi mine in the Democratic Republic of the Congo.

The natural resource development firm said it had digitised data from 83 old drill holes, 9 cross sections, and an open pit shell at the site.

READ: Red Rock Resources lends a hand to African Battery Metals

Red Rock added that it had also recreated a remodelled historic orebody at 2.5% and 1% copper cut-offs and was seeking old core to resample.

The information and calculations from the data would now be handed over to external consultants to assess, who would then advise on any further work required to calculate a JORC-compliant resource.

Andrew Bell, chairman of Red Rock, said the 3-D models of the orebody supported “some assumptions” on which the company had invested in the project, and that the next stage of interpretive work was “still more important, because it will give us grade and tonnage information we can share with the investing public”.

In mid-afternoon trading Tuesday, Red Rock shares were steady at 0.62p.

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Tue, 05 Feb 2019 13:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214006/red-rock-resources-completes-first-phase-of-work-at-musonoi-mine-214006.html
<![CDATA[RNS press release - Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190205132315_13959024/ Tue, 05 Feb 2019 13:23:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190205132315_13959024/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204164021_13957670/ Mon, 04 Feb 2019 16:40:21 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204164021_13957670/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204163523_13957661/ Mon, 04 Feb 2019 16:35:23 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204163523_13957661/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204140559_13957463/ Mon, 04 Feb 2019 14:05:59 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204140559_13957463/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204140046_13957460/ Mon, 04 Feb 2019 14:00:46 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190204140046_13957460/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190201172938_13956130/ Fri, 01 Feb 2019 17:29:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190201172938_13956130/ <![CDATA[News - Andrew Bell says stepping away from frontline role at Regency part of planned transition to becoming chairman of African Battery Metals ]]> https://www.proactiveinvestors.co.uk/companies/news/213608/andrew-bell-says-stepping-away-from-frontline-role-at-regency-part-of-planned-transition-to-becoming-chairman-of-african-battery-metals-213608.html Serial entrepreneur Andrew Bell has stepped away from a frontline management role at one of the companies he founded, Regency Mines PLC (LON:RGM).

Regency revealed that after Bell had duly been re-elected as a director at its AGM last week, he had elected to relinquish the role of chairman and chief executive, but to remain as a director.

READ: Regency Mines making "great progress" with all its operations

Bell cites an increasing regulatory burden as one reason for the change, arguing that effective dealing in Regency shares was all but precluded to him, due to the nature of rules on close periods and transactions by insiders.

He also notes that overall he has put more money into Regency in the form of equity investments than he has taken out as salary. Bell currently holds just over 4% of Regency.

Aside from Bell, the only other executive director at Regency is chief financial officer and chief operating officer Scott Kainz, who also serves on the board of Regency’s sister company Red Rock Resources PLC (LON:RRR). Red Rock was also founded by Bell, who remains as chairman there.

It was thus no coincidence that the next working day after Bell stepped back from Regency, Red Rock announced that it would be taking a major equity position in African Battery Metals PLC (LON:ABM), a company with a West African exploration portfolio currently suspended from its AIM-listing pending a financial restructuring.

Restructuring at Red Rock

Bell, it turns out, is set to be a key player in that restructuring. He has notified investors that he’ll put up £50,000 personally, alongside a £100,000 cash investment from Red Rock, as part of a wider £1mln fundraising.

If the transaction is approved, Red Rock will end up with 25mln shares in African Battery Metals, or just under 7%.

It’s worth noting too that another major Regency shareholder, Paul Johnson, whom seasoned investors will recall as the man who built Metal Tiger PLC (LON:MTR) into the company it is today, is also participating in the African Battery Metals refinancing.

Bell himself is enthusiastic about these changes. It’s proposed that he will go onto the board of African Battery Metals as chairman, a role for which, it has to be said, he has plenty of experience.

Red Rock shares are more than 10% higher than they were three years ago when consolidation was pushed through, but with the gold price rising and mining markets still attempting to stutter to life, there’s room for plenty more upside.

And, if African Battery Metals stake can be turned to good account, there could be a strong boost to net asset value ahead. Bell will have the management of that process in hand in his role as chairman.

At Regency though, he looks likely to take more of a back seat from now on, as a major group of shareholders consolidate control.

There remains a small cross-holding between Regency and Red Rock, and although this was significant in the past in terms of control, Bell now says its importance has diminished to the point where it’s not really meaningful.

So, it’ll be interesting to watch how this all unfolds. The next major event will be the African Battery Metals general meeting on 15 February.

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Wed, 30 Jan 2019 10:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213608/andrew-bell-says-stepping-away-from-frontline-role-at-regency-part-of-planned-transition-to-becoming-chairman-of-african-battery-metals-213608.html
<![CDATA[News - Red Rock Resources lends a hand to African Battery Metals ]]> https://www.proactiveinvestors.co.uk/companies/news/213596/red-rock-resources-lends-a-hand-to-african-battery-metals-213596.html Red Rock Resources PLC (LON:RRR) said that it had participated in a refinancing of African Battery Metals PLC (LON:ABM)

In an update on the position of its licences in Kenya and the Democratic Republic of Congo, the natural resources development firm said that if the refinancing deal was approved by ABM’s shareholders, it would receive 20mln shares in the company at a total cost of £100,000 while also receiving 5mln fee shares for its services in connection with the refinancing proposals, giving it a 6.89% holding in the capital of ABM.

READ: Red Rock Resources reports promising results from sampling at Luanshimba project

RRR’s chairman Andrew Bell would also join the board of ABM as chairman.

On its own activities, the company said following advice not to visit the country after the recent presidential elections due to a “high possibility of civil disorder” and the lack of communications with a suspension of the internet and SMS messaging, it had made “little further progress“ over the last month but would prepare for activities scheduled after the rainy season ends in March.

In Kenya, RRR said it was continuing to pursue the remaining steps for the full restoration of rights over its gold licenses in the country following the resolution of a dispute in October.

Andrew Bell said: "It is a great relief and an important development that the Presidency of the DRC is going to pass relatively seamlessly to a candidate of the opposition, and a sign of the growing political maturity of the country and its neighbours. We have suffered no disruption in our work and currently expect none. We are now quite positive on the prospects for our main Congolese licenses, and so will have to decide where to focus our efforts and whether to seek joint venture partners to progress some of them.”

He added that the company’s involvement with ABM would give the company “exposure at a reasonable cost to ABM's interesting portfolio of assets”.

The Kenyan gold resource, which totals 1.2mln ounces, would be the firms “most immediate priority” going forward, Bell said.

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Wed, 30 Jan 2019 08:55:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213596/red-rock-resources-lends-a-hand-to-african-battery-metals-213596.html
<![CDATA[RNS press release - Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190130070004_13951076/ Wed, 30 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190130070004_13951076/ <![CDATA[RNS press release - Convertible Loan Notes ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190102131808_13921231/ Wed, 02 Jan 2019 13:18:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190102131808_13921231/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181227160701_13917033/ Thu, 27 Dec 2018 16:07:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181227160701_13917033/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181221182427_13914091/ Fri, 21 Dec 2018 18:24:27 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181221182427_13914091/ <![CDATA[RNS press release - Replacement: exploration results at Luanshimba ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181221103308_13913157/ Fri, 21 Dec 2018 10:33:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181221103308_13913157/ <![CDATA[News - Red Rock Resources reports promising results from sampling at Luanshimba project ]]> https://www.proactiveinvestors.co.uk/companies/news/211635/red-rock-resources-reports-promising-results-from-sampling-at-luanshimba-project-211635.html Red Rock Resources PLC (LON:RRR) said initial exploration at the Luanshimba project in the Democratic Republic of Congo has shown promising results that suggest the presence of copper and cobalt mineralisation at depth.

Soil sampling at license PR13513 has identified two strong anomalous areas that are open-ended.

READ: Red Rock Resources expects sizeable final dividend payment from Jupiter Mines

This included anomalous metal assays with peak values of 519parts per million (ppm) copper and 425ppm cobalt corroborate, exceeding values that were indicated using the XFR analyser. These results are considered indicative of likely copper-cobalt mineralisation at depth.

In the southern part of the licence, there was a 2km long anomaly up to 500m wide follows carbonaceous shale and silicified dolomite into the nose of a disrupted anticline underlain by known upper roan silicified dolomite and carbonaceous shale adjacent oxidised sandstone.

The group said the results confirmed favourable geological configuration and its consultants Minex Consulting SARL have recommended a ground geophysical survey and pitting or trenching over selected areas. That will be possibly followed up with reverse circulation drilling. 

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Fri, 21 Dec 2018 07:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211635/red-rock-resources-reports-promising-results-from-sampling-at-luanshimba-project-211635.html
<![CDATA[RNS press release - Exploration results at Luanshimba ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181220155505_13912033/ Thu, 20 Dec 2018 15:55:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181220155505_13912033/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181219132709_13909971/ Wed, 19 Dec 2018 13:27:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181219132709_13909971/ <![CDATA[News - Red Rock Resources expects sizeable final dividend payment from Jupiter Mines ]]> https://www.proactiveinvestors.co.uk/companies/news/211474/red-rock-resources-expects-sizeable-final-dividend-payment-from-jupiter-mines-211474.html Red Rock Resources PLC (LON:RRR) has noted the latest update from Jupiter Mines, which owns 49.9% of the Tshipi manganese mine in South Africa.

As long as the manganese price stays robust, Tshipi intends to pay R1bn (£55mln) in a final dividend of which Jupiter intends to distribute close to all of its share.

READ: Red Rock Resources swings to full-year profit as it eyes increased gold income in new year

ASX-listed Jupiter's attributable cash was A$96mln at the end of the quarter.

Red Rock has a 0.95% stake in Jupiter and received an interim dividend payment of 0.5c per share earlier in the year.

Andrew Bell, Red Rock’s chairman, said: "Jupiter continues to generate strong cash flow and solid results and its distribution policy makes it a valuable high yielding asset for Red Rock.

“The CIF manganese price achieved remained strong at $6.43 DMTU during the quarter."

Red Rock has also completed the purchase of 50.1% of a joint venture looking for cobalt and copper in the DRC.

The junior paid £490,000 in shares with a further £250,000 due early in the New Year.

“We are forming a very positive impression of the potential from the data we are assembling,” said Bell.

In early morning trading, Red Rock shares were 4% higher at 0.65p.

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Wed, 19 Dec 2018 08:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211474/red-rock-resources-expects-sizeable-final-dividend-payment-from-jupiter-mines-211474.html
<![CDATA[RNS press release - Cobalt/Copper Joint Venture - Congo ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181219070002_13908793/ Wed, 19 Dec 2018 07:00:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181219070002_13908793/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181211145203_13899687/ Tue, 11 Dec 2018 14:52:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181211145203_13899687/ <![CDATA[News - Red Rock Resources swings to full year profit as it eyes increased gold income in new year ]]> https://www.proactiveinvestors.co.uk/companies/news/209856/red-rock-resources-swings-to-full-year-profit-as-it-eyes-increased-gold-income-in-new-year-209856.html Red Rock Resources PLC (LON:RRR) has reported a pre-tax profit for the full year as it set its sights on increased gold incomes in the new financial year.

The natural resources development firm reported a pre-tax profit from continuing operations of £78,120 compared to a £1.1mln loss the year before, while it ended the period with cash and cash equivalents totalling around £2.3mln, up from £909,094 last year.

READ: Red Rock Resources proceeding to completion for cobalt and copper assets joint venture in the Democratic Republic of Congo

Into the current financial year, Red Rock said it had settled a judicial review case in Kenya to protect its interest in the Migori gold asset, which contains a gold resource of around 1.2mln ounces.

The firm added that it had increased its beneficial interest in the Kenya licenses to 100%, and following its restoration following the court case it was expecting to form co-operation with other parties in order to help drive the asset toward production.

Red Rock also said on Thursday that it was proceeding with the completion of a joint venture for the development of cobalt and copper assets in the Democratic Republic of Congo (DRC).

Under the arrangement, the company will acquire 50.1% on completion of the joint venture with Bring Minerals SAU, its counterparty, and local partner Vumilia Pendeza SA.

Looking ahead, the group said it was expecting a continued strong performance from Jupiter Mines Ltd (ASX:JMS), in which it holds a 0.95% stake, while also “increasing gold income stream from royalties” to supplement the Jupiter earnings.

Andrew Bell, chairman and chief executive of Red Rock, added that the company would “renew and refresh” its marketing, public relations, and social media as part of a process of shareholder engagement.

Bell also said that as the firm’s revenues and profitability increased it would look toward obtaining a “stable revenue that will permit either share buybacks or a sustainable dividend”.

In late-afternoon trading Friday, Red Rock shares were steady around 0.62p.

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Fri, 23 Nov 2018 15:23:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209856/red-rock-resources-swings-to-full-year-profit-as-it-eyes-increased-gold-income-in-new-year-209856.html
<![CDATA[RNS press release - Annual Financial Report 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181123143411_13878949/ Fri, 23 Nov 2018 14:34:11 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181123143411_13878949/ <![CDATA[Media files - Red Rock Resources Plc pulls trigger on DRC copper/cobalt joint venture ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11286/red-rock-resources-plc-pulls-trigger-on-drc-coppercobalt-joint-venture-11286.html Thu, 22 Nov 2018 12:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11286/red-rock-resources-plc-pulls-trigger-on-drc-coppercobalt-joint-venture-11286.html <![CDATA[News - Red Rock Resources proceeding to completion for cobalt and copper assets joint venture in the Democratic Republic of Congo ]]> https://www.proactiveinvestors.co.uk/companies/news/209771/red-rock-resources-proceeding-to-completion-for-cobalt-and-copper-assets-joint-venture-in-the-democratic-republic-of-congo-209771.html Red Rock Resources PLC (LON:RRR) shares rose on Thursday after it said it is proceeding to completion of a joint venture (JV) for the development of cobalt and copper assets in the Democratic Republic of Congo (DRC).

The AIM-listed natural resource development company, with interests in gold, manganese and oil production will acquire 50.1% on completion of the joint venture with Bring Minerals SAU, its counterparty, and local partner Vumilia Pendeza SA.

Red Rock said it has made an initial cash payment of US$250,000 under the JV agreement, with further payments due of another US$250,000 in cash, and of £490,000 payable in Red Rock shares at 0.7p each with attached 1-for-1 three-year warrants to subscribe for new shares at 1p.

It added that further payments will be made in accordance with its announcement of 30 August 2018, being US$200,000 upon the earliest of (a) confirmation of economic mineralisation to the satisfaction of the parties (b) definition of a compliant Resource at Indicated or above status or of a Reserve (c) decision to mine and US$1m as a post-completion obligation if and when commercial production begins.

READ: Red Rock Resources amends terms for DRC tailings venture

Andrew Bell, Red Rock’s chairman, comments: "After due diligence, and following substitution, and the provision of alternatives in compensation for assets shown to be unavailable, we consider, following discussion with Gécamines experts and with our consultant geologist, that the assets now forming the Project justify proceeding with the transaction.”   

He added: “The fact they do not include tailings means that some extra preparatory work will be required, and this is reflected in the postponement of part of the cash consideration.

“A detailed geological report by our consultant geologists Minex Consulting SA is being prepared, which will form the basis for a review, and further announcements will be made as work progresses."

Three copper-cobalt permits in Katanga

The JV partnership comprises three copper-cobalt permits in the heart of the Katanga segment of the Central African Copperbelt in the DRC.

These are the Musonoi PE4962 equivalent to 1.683km2 just 3km west of Kolwezi; the Kamukongo block PE663 some 5.268km2 in area and about 20km southeast of Kolwezi, and the 3.503km2 Kasombo South permit (PE2360) just west of Lubumbashi.

The project now encompasses important and highly prospective hard rock interests, and not the tailings which were the original objective in the conditional agreement outlined back in September 2017.

The hard rock assets are expected to be higher grade (circa 3.5%+ copper and 0.5%+ cobalt) and to provide for much greater development and exploration upside potential than tailings projects.

In afternoon trading, Red Rock shares were 4.2% higher at 0.62p.

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Thu, 22 Nov 2018 12:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209771/red-rock-resources-proceeding-to-completion-for-cobalt-and-copper-assets-joint-venture-in-the-democratic-republic-of-congo-209771.html
<![CDATA[RNS press release - Cobalt/Copper Joint Venture - Congo ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181122115935_13877333/ Thu, 22 Nov 2018 11:59:35 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181122115935_13877333/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181107163428_13859038/ Wed, 07 Nov 2018 16:34:28 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181107163428_13859038/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181105130439_13855310/ Mon, 05 Nov 2018 13:04:39 +0000 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20181105130439_13855310/