On Wednesday 28th November, Red Rock Resources (LON:RRR) released details of a proposal to sell part of its stake in NAMA Greenland for cash proceeds ranging from £6.5-£10million, leaving a residual stake between 14% and 30% and a gross revenue royalty of 2% (shared pro rata). That proposal puts a value on the project of around £13million, plus the royalty element. In other words 130% of the market cap at the time of the announcement, attributable to just the one project.
On 19th October Red Rock Resources (LON: RRR) announced their Final Results for the year to June 2012 and Chairman Andrew Bell provided his review of what has been, by any definition, a challenging period for the company and the small cap exploration markets as whole.
In this exclusive MiningMaven podcast interview with Andrew Bell, we focus on the progress the company has made to date and discuss what has been achieved, whilst looking forward to what the year ahead holds in store for the Company and investors.
Red Rock Resources (LON: RRR) has been best known to date for the identification, assessment and disposal of its Iron Ore and Manganese interests into Jupiter Mines (ASX: JMS), the ASX listed vehicle in which Red Rock still retains a significant shareholding.
For those with shorter memories, Jupiter Mines’ was taken over in 2009 by Red Rock and their JV partners at the time, Pallinghurst Resources as a vehicle for listing Red Rock’s Iron Ore & Manganese assets.