Executive Summary
Red Rock Resources (LON:RRR) is a gold exploration and production company that also has interests in uranium. It has operations in Kenya and Colombia. Its projects include the Migori Gold Belt in Kenya where indicative gold reserves equate to 1.2m ounces, and El Limon and La Aurora in Colombia. It also has operations in Australia and Tasmania, and it has a number of affiliates in several countries worldwide. In the period ending 30 June 2009, Red Rock Resources earned revenue of £64,869 and it made an operating loss of £752,596.
Company History
Listed AIM 2005.
Initial iron and manganese investments sold off by Red Rock to Jupiter Mines Ltd as part of joint takeover by Red Rock-Pallinghurst consortium.
Uranium and rare earth interests sold into associate company Resource Star.
Current Events
Acquisition of initial Colombian interests; airborne geophysics programmes in Kenya; proposed acquisition of giant Tshipi manganese deposit (producing 2011/12) by associate Jupiter Mines; Inferred Uranium Resource declared by associate Resource Star.
Business Model
Products/Services
Segments/Customers
Production/Operations
Gold interests:
- Kenya: Migori Gold Belt, 63 km long, 1.2m oz Indicated Gold Resource, 310 sq km
(farm-in to 60%, 15% held), plus option over 320 sq km, 20 km N of N. Mara
- Colombia: Producing gold mine (El Limón), and mine ready to produce (La Aurora) in
Antioquia, high grade, with plant ($2m loan at 5%, management fees of $250k+ per qtr, profit share, and option to buy in to 51%).
Investments:
Current market value more than 100% backed by 23.2% stake in Jupiter Mines Ltd (ASX:JMS) and 26.3% in Resource Star Ltd (ASX:RSL); other investments also held.
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Financials
Profit & Loss
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Net profit: 6m to 31 Dec 09: £2,316,680 |
Balance sheet
NAV as at 31 Dec 09: £9,531,890
Cashflow
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SWOT Analysis
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