5th Oct 2015 09:46
LONDON (Alliance News) - Red Rock Resources PLC on Monday said it has completed the first phase of its cost review and has implemented changes which will cut its net monthly overheads in half.
Red Rock said it has eliminated costs and responsibilities associated with its Colombian assets and said its only active exploration project at present is in Ivory Coast. It will carry out early-stage exploration work in the country using local resources.
"We have been well served by our project teams and finance staff, but the market has changed," said Andrew Bell, the company's chairman.
"We have worked over the last three years on restructuring the balance sheet and cutting costs and on disposals of mature or non-core assets. We are now discussing potential transactions that will bring in earnings, and expect further opportunities of this kind to be available," Bell added.
Shares in Red Rock were down 5.0% to 0.019 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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