Red Rock Resources is listed on London’s AIM market (AIM: RRR). The principal activities of Red Rock are gold exploration in Kenya, gold production in Colombia and iron ore exploration in Greenland. The Company’s iron ore interests are also held through its strategic holding in Jupiter Mines Limited (ASX:JMS).
In pursuit of its goals, Red Rock Resources plc has created a strategy revolving around the following:
- investing in projects and opportunities, the value of whose assets can be enhanced through exploration, development and corporate transactions; and
- creating a disciplined framework for value creation through a diversity of projects, an actively managed project pipeline and clearly identified likely exit point.
Red Rock Resources plc was established in September 2004 to pursue mineral exploration opportunities.
Initially these opportunities were located in Australia, in particular the Northern Territory and Western Australia, and were focussed on iron ore, manganese and later uranium. Over time the Company acquired more assets in central and eastern Africa, notably uranium properties in Malawi, gold in Kenya and Colombia, and most recently an iron ore asset in Greenland.
Red Rock's Initial Public Offering on the London Stock Exchange's AIM market was in July 2005. RRR has a history of maximising the value of its assets through exploration, team building and strategic alliances. In May 2006 Red Rock granted options over two of its iron ore tenements in Western Australia to Jupiter Mines Limited (ASX: JMS) and in 2009 with the Pallinghurst group it acquired control. Jupiter Mines, now managed by Pallinghurst, has since embarked on the process of building a "steel feed" platform.
In July 2007 RRR sold its uranium interests to Resource Star Ltd (ASX: RSL) which recruited a specialist team, relisted in early 2010, and with Red Rock's active involvement continues to build a presence in uranium and rare earths.
In 2009 Red Rock invested directly and indirectly in Mid Migori Mining Company Limited, the holders of a 68km Special Prospecting Licence on the Migori gold belt in south-west Kenya. In 2012, JORC resource estimates were completed at 0.5 g/t Au cut-off: 29.4 Mt @ 1.26 g/t Au with contained metal content of 1.193 MOz Au. A Mining Lease Application was submitted to the Kenyan government and is waiting for approval post-2013 election.
The last few years have seen a rapid growth of staff and resources, as well as the procurement of a major iron ore exploration project in north-west Greenland. Field reconnaissance and exploration drilling took place in the summers of 2011 and 2012 respectively, with the result of a JORC Inferred Mineral Resource Estimate of 67 million tons (mt) magnetite at 31.4% Fe declared for the project last December. The majority of Red Rock’s stake in the project is currently under offer.