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.
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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.