21st Jan 2021 14:50
Red Rock Resources PLC - gold explorer in Kenya and Australia, copper-cobalt in DRC - Notes Jupiter Mines Ltd demerger and initial public offering of Central Yilgarn iron ore assets via newly created firm Juno Minerals Ltd. The project consists of the Mt Ida magnetite deposit and Mt Mason DSO haematite deposit.
Red Rock has a stake in Jupiter Mines currently valued at AUD4.2 million, or GBP2.4 million. Also has 1.3% gross revenue royalty over Mt Idea. Anglo-Pacific Group PLC is required to buy 0.5% of this royalty interest from Red Rock once Jupiter Mines hits key Mt Ida milestones.
Red Rock Chair Andrew Bell: "As a Jupiter shareholder, as well as a royalty holder on the Mt Ida asset, Red Rock welcomes this announcement, which comes at a time when iron ore prices have established a higher trading level than for some years and strong demand seems likely to be sustained. Based on the valuation and performance of its comparators in the Australian market, Juno appears to have good prospects upon listing."
Current stock price: 1.10 pence
Year-to-date change: up 5.0%
By Anna Farley; [email protected]
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