Business
Half Yearly Report
Half Yearly Report.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0731B Red Rock Resources plc 28 March 2013 \n \n\n \nRED ROCK RESOURCES PLC\n \nINTERIM REPORT FOR PERIOD ENDED 31 DECEMBER 2012\n \n\n\n\n\n28 March 2013\n\n\n\n\n \n\n\n\n\nRed Rock Resources plc (\"Red Rock\" or the \"Company\") the mineral exploration and development company focused on iron ore and manganese, and gold, and operating in Greenland, Colombia, and East Africa, announces its unaudited half-yearly results for the six months ended 31 December 2012.\n\n\n\n\n \n\n\n\n\nChairman's statement\n\n\n\n\n \n\n\n\n\nDear Shareholders\n \nWe present the Company's interim report for the six months to 31 December 2012.\n \nThis was a six month period that saw a number of milestones reached in the Company's projects. In Greenland, a drill campaign in our second season as operators led to the early declaration of an iron ore mineral resource and the definition of further exploration targets. In Kenya, where we are also operators at the Migori project, a mineral resource of 29.4 million tons at 1.26 grams per ton, based on a cut-off grade of 0.5 grams per ton, was declared. We also in Kenya submitted a mineral lease application with a preliminary feasibility study for the Macalder tailings near Migori, and we identified some new exploration targets along the Migori belt. Jupiter Mines Ltd (\"Jupiter\"), which our joint venture with Pallinghurst helped relaunch and in which we still hold 60,200,832 shares (2.6 per cent of issued share capital), brought into production the Tshipi Borwa mine in South Africa, a large and long life open pit manganese mine. We received and accepted offers, still under way, for American Gold Mines Ltd, through which we hold a majority shareholding in an operating gold mine in Colombia, and for 51 per cent of NAMA Greenland Ltd, owner of the Greenland licenses we operate, in which we hold a 60 per cent interest. \n \nThis is a record of achievement that, while recognised by many investors, was not reflected in the share price of the Company, and this reflected three factors. The first and most significant was the general malaise in the sector of the market in which we operate; the second was the disappointment of earlier hopes that Colombian gold mining was going to become a growth point for Red Rock; the ...