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Red Rock Resources supported by dividends from Jupiter Mines

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

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

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.”

Quick facts: Red Rock Resources PLC

Price: 0.305 GBX

AIM:RRR
Market: AIM
Market Cap: £2.13 m
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