viewRed Rock Resources PLC

Red Rock Resources finalises sales terms for El Limón


Gold miner Red Rock Resources (LON:RRR) has agreed to sell its El Limón gold assets in Colombia to Colombia Milling (CML).

The sale price of US$5mln includes US$100,000 already received and up to US$3mln of future royalty payments.

The sale has been in the works for nigh on a year and chairman Andrew Bell said today’s news was a good outcome to a long process.

“Our key objective, as any buyer was likely to want to back-end some payments given the investment required to upgrade the assets, was to find a technically competent buyer, specialised in this type of mining and in this region, and with a record of success. Though a seller, we also looked for the same qualities of character and skill we would look for in a partner, since we would remain to some degree co-venturers,” Bell said.

CML is represented by James Randall Martin, an experienced mining executive who was the chief executive of Colombia Goldfields Ltd and was the founder and chairman of Nicaraguan gold producer Hemco.

“Mr Martin and the purchasing group at CML combine geological and engineering skills with a historic knowledge of El Limon, as well of as the regional potential for sourcing additional ore for the plant,” Bell said.

Quick facts: Red Rock Resources PLC

Price: 0.85 GBX

Market: AIM
Market Cap: £5.92 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Red Rock Resources PLC named herein, including the promotion by the Company of Red Rock Resources PLC in any Content on the Site, the Company...


Red Rock Resources raises £1m to 'put rocket fuel into the engine'

  Red Rock Resources PLC's (LON:RRR) Andrew Bell talks to Proactive London about their £1m placing which will be used for their projects in Kenya, now that they have regained their license. Other projects in the Congo and Australia will also benefit from this placing and as Bell says,...

2 days, 6 hours ago

2 min read