Proactiveinvestors United Kingdom Red Rock Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Red Rock Resources PLC RSS feed en Fri, 19 Jul 2019 09:36:18 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Red Rock Resources excited about potential of its battery metal assets ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/14120/red-rock-resources-excited-about-potential-of-its-battery-metal-assets-14120.html Wed, 17 Jul 2019 13:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/14120/red-rock-resources-excited-about-potential-of-its-battery-metal-assets-14120.html <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190712164056_14147438/ Fri, 12 Jul 2019 16:40:56 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190712164056_14147438/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190712163549_14147428/ Fri, 12 Jul 2019 16:35:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190712163549_14147428/ <![CDATA[News - Red Rock Resources makes progress at key assets in DRC and Kenya ]]> https://www.proactiveinvestors.co.uk/companies/news/222940/red-rock-resources-makes-progress-at-key-assets-in-drc-and-kenya-222940.html Red Rock Resources PLC (LON:RRR) has made recent progress with key assets in the Democratic Republic of Congo and Kenya.

In an update on its interests in Africa, the group said is planning a low-cost programme of geophysics and pitting at its Congo Galaxy joint venture to define mineralisation potential and decide drill targets.

At the end of 2018, initial results from exploration at the Luanshimba license at Congo Galaxy identified a 2km by 500m copper-cobalt anomaly and a 1.4km by 300m copper-cobalt anomaly.

WATCH: Red Rock Resources excited about potential of its battery metal assets

The company has also carried out work to assess the old drill core from previous exploration activity at its Musonoi joint venture asset, which is adjacent to Glencore's Katanga Mining assets.

The work was the first part of a process of validating the results from historic drilling in order to announce a JORC Resource.

Red Rock said these works are expected to continue in the coming quarter.

In Kenya, the group has settled legal proceedings for the restoration of its rights over gold assets and continues to engage with authorities and key stakeholders to finalise the matter.

"Against the backdrop of continuing development of the battery metal story, and a stronger gold price, we continue to strengthen our licences and assets with a particular focus on our interests in the DRC and Kenya,” said chairman Andrew Bell.

“Apart from our exploration activity, we expect support for our valuation in the next phase from our work on corporate issues such as the Kenyan licence restoration and co-operative ventures, as we look to establish Red Rock as a key sector player with a prominent African footprint."   

 

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Thu, 27 Jun 2019 10:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222940/red-rock-resources-makes-progress-at-key-assets-in-drc-and-kenya-222940.html
<![CDATA[RNS press release - Update on Central and Eastern African Investments ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190627095440_14126919/ Thu, 27 Jun 2019 09:54:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190627095440_14126919/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190603070004_14095045/ Mon, 03 Jun 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190603070004_14095045/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190529182754_14091457/ Wed, 29 May 2019 18:27:54 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190529182754_14091457/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190528142636_14089498/ Tue, 28 May 2019 14:26:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190528142636_14089498/ <![CDATA[News - Red Rock set for ‘healthy’ dividend payment from Jupiter Mines later this year ]]> https://www.proactiveinvestors.co.uk/companies/news/220851/red-rock-set-for-healthy-dividend-payment-from-jupiter-mines-later-this-year-220851.html Red Rock Resources PLC (LON:RRR) has got some good news from Australian explorer Jupiter Mines Limited (ASX:JMS) which is set to receive a big dividend payment from its investment in the Tshipi manganese mine in South Africa.

AIM-listed Red Rock holds a 0.95% stake in Jupiter, which in turn owns 49.9% of the Tshipi mine as part of a joint venture with OM Holdings Limited (ASX:OMH) and Ntsimbintle Holdings.

READ: Red Rock Resources takes Jupiter write-down but gets hefty dividend

In an stock exchange announcement, Jupiter revealed that production at Tshipi is on track to deliver its 3mln tonnes sales target. As a result, the Tshipi board plans to return A$116mln to its shareholders at the end of June, of which Jupiter stands to receive around A$58mln

The Australian firm said it would, therefore, be making a “healthy distribution” to its shareholders in November when it is due to release its half-year results.

It added the payment would be “in line with double-digit yields and exceeding the company’s pay-out policy”.

Red Rock chief executive Andrew Bell said: “Having recently received a final dividend for Jupiter's year ended 28 February of US$319,554.77, we are pleased to see the continuing strong cash generation at Jupiter and the board's discipline in maintaining the high dividend yield policy,” 

“With its open pit production and hundred-year mine life at what is now South Africa's biggest mine, Jupiter continues to be one of the leading low-cost producers globally,” Bell added.

Red Rock shares were down 1% to 0.52p on Thursday morning.

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Thu, 23 May 2019 10:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220851/red-rock-set-for-healthy-dividend-payment-from-jupiter-mines-later-this-year-220851.html
<![CDATA[RNS press release - Jupiter Mines update ]]> https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190523090122_14085030/ Thu, 23 May 2019 09:01:22 +0100 https://www.proactiveinvestors.co.uk/companies/rns/851/LSE20190523090122_14085030/ <![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/