Business
Final Results for the year en
Final Results for the year en.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n RNS Number : 9927C Red Rock Resources plc 24 November 2009 \n \n\nRed Rock Resources plc\n(\"Red Rock\" or the \"Company\")\n\nFinal Results\n\nfor the year ended 30 June 2009\n\n24 November 2009\n\nChairman's statement\nDear Shareholders\nI am pleased to present to shareholders your Company's annual report for the financial year to 30 June 2009. \nThe collapse in market liquidity and in commodity prices at the beginning of the year put great pressure on the Company, but we treated the difficult period that followed as an opportunity for growth rather than a threat. By the end of the financial year the improvement in our prospects was evident, and the time since has been one of extraordinary progress and activity. \nThe disposal of the Company's iron ore and manganese assets in Western Australia to a separate listed associate company, Jupiter Mines Limited, has been completed, and the final stages in the floating off of our uranium, specialty metal and rare earth assets through our ASX-listed associate Resource Star Limited are being completed. Both companies have excellent prospects.\nA new focus on our major gold and volcanic massive sulphide (\"VMS\") project in the Migori greenstone belt sees us becoming an active explorer in Kenya. \nSummary\nThe Company reports the following developments in the financial year to 30 June 2009:\n\n\nShare price decline from 2p to 0.975p;\n\n\n£1,147,725 new cash before expenses raised from share placings; \n\n\n£1,420,823 increase in net assets;\n\n\n£3m SEDA facility put in place;\n\n\nSale of Mt Alfred and other Western Australian iron ore assets to Jupiter Mines Limited (\"Jupiter\"), and establishment with Pallinghurst Resources of joint control over Jupiter;\n\n\nGrant of Oakover manganese tenements; \n\n\nInvestment in Resource Gold Pty Limited and order for gravity gold plant; and\n\n\nExploration at Mt Alfred.\n\n\nSince the end of the financial year, there have been a number of further developments:\n\n\nShare price rise from 0.975p to 1.5p;\n\n\n£633,000 new cash before expenses raised from share placings; \n\n\nSale at profit of investment in Africa China Mining Corporation;\n\n\nCancellation of order for gravity gold plant;\n\n\nInvestment in 15%, with farm-in to 60%, of Mid Migori Mining Kenyan gold project;\n\n\n...