Jupiter Mines (ASX:JMS), one of Red Rock Resources’ (LON:RRR) portfolio of investments, has rejected an offer for one of its assets.
Jupiter, in which Red Rock has a 4.4 per cent shareholding, said approach at the end of last month for the unspecified asset was “non-binding” and “highly conditional”.
Jupiter’s chief financial officer Matt Finkelstein said: “With construction at the Tshipi manganese mine in progress and production scheduled by year end, the company has engaged with various parties regarding preliminary marketing and offtake proposals.”
He says discussions are at an early stage and described them as “uncertain and incomplete”. An announcement will be made should any potential deal come to fruition, Finkelstein added.
Red Rock holds a 0.75 per cent royalty interest in the Mt Ida iron ore project being developed by Jupiter. Red Rock cashed in half of its royalty by selling it to Anglo Pacific in May for US$14 mln.
It is now focused on gold and base metal exploration in Kenya, gold production in Colombia and early stage iron ore exploration in Greenland.