Red Rock Resources supported by dividends from Jupiter Mines

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Red Rock Resources supported by dividends from Jupiter Mines

A write-off of its stake in ferrosilicon producer Steelmin and Botswana diamond explorer Amulet sent Red Rock Resources PLC (LON:RRR)  into the red in the year to June.

Red Rock also decided not to write back any of the £5.28mln impairment of its Kenya gold assets as new licences have yet to be issued in spite of a settlement with the country’s ministry.

The company fared better with its investment in manganese producer Jupiter Mines, where dividends received rose to £750,000 from £250,000.

Since the year-end, Red Rock has received a further £368,000 from Jupiter.

On the exploration front, at Luanshimba in the DRC Red Rock has identified significant anomalies, while at the Musonoi copper-cobalt licence further access to data or further drilling is required to bring it up to JORC standard.

Losses for the year to June were £1.72mln (£78,000 profit).

Andrew Bell, chief executive and chairman, said Kenya, the Congo and exploration at Luanshimba are the focus for 2020.

“From so low a market capitalisation, it will be difficult to disappoint, and the opportunity for progress is considerable.”

Proactiveinvestors.co.uk

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