Proactive Investors - Run By Investors For Investors

Red Rock Resources notes investee company Jupiter Mines to review its iron ore projects to realise value

Jupiter Mines noted the current strength in the iron ore market and the drive towards higher grade iron ore feed in China as well as the potential of available rail and port capacity in the vicinity of the projects
Iron ore
Red Rock holds a 0.95% stake in Jupiter Mines and has Gross Revenue Iron Ore Royalty over its Mt Ida project

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.

View full RRR profile View Profile

Red Rock Resources PLC Timeline

Related Articles

Toral
April 30 2019
A recent scoping study put a net present value (NPV) on the Castilla y León project of US$110mln
Past drilling at Seko target at Dandoko project where follow-up drilling is taking place this field season
March 25 2019
A $5 million ongoing drilling program has been delivering results since November.
A map of the Wa project in far northwest Ghana along the border with Burkina Faso
March 06 2019
The JV partners also plan to make an investment decision on the Ghanaian project this year.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use