Red Rock Resources Share Discussion Threads

[torp] 02/12/2019 01:17

Noirua BS - "Red Rock will receive . . . approximately £363,447"


Laughable. This BOD spent approx. £850,000 last year just on Admin Expenses.

The dividends which should add value simply pay for the BOD salaries and lavish
lifestyle.

How's the placing coming along buddy? Only 14 working days left before RRR
need to find approx. £1m to pay down the outstanding CLNs, deadline 19th Dec.

You'd better brush up on your boiler room Ramping 101 handbook if you're
hoping to get a placing away. Few will fall for it imho.


DYOR

[noirua] 01/12/2019 17:03

Jupiter dividend 31 October 2019: This dividend is equivalent to A$0.04 per Jupiter share and will be paid on 21 November. Red Rock will receive A$680,996 (approximately US$467,980 or £363,447). Posts kept as short as possible as it is a boring time waiting for Kenya and DRC RNSs.

[torp] 01/12/2019 14:43

lol Noirua

Shame on you fella, trying to mug people into this POS share.


There are now only 14 working days before we reach that 19th Dec deadline.

The £1m of outstanding CLNs are due for repayment then.

What will it be?

1. Decimate the share price with further dilution and misery for shareholders?

2. Pawn off more Jupiter shares to raise the cash?

3. Kick the can down the road for a further year?



Any way you cut it things don't look good. Resource announcements won't
magic £millions of cash of course. Just "jam tomorrow" rhetoric.
Vapourware as history has shown. Projects here go nowhere.

Ivory Coast went nowhere
Greenland previously on sale for 10m now sold off for just £1 - laughable
Shoats Creek oil, project written off, another abject failure
Steelmin, went into Administration last Feb. BOD still haven't RNSd that fact
Kenya, had their license revoked. Now fighting for another one


Nothing will ever change here while the BOD remain in place

The MO here is too well established and few fall for the BS any more imho


Absolutely no point buying before that 19th Dec deadline imho. You risk
the share price declining as a result of dilution or pawning off of the Jupiter shares.

Whatever value exists in assets is always stripped away by the BOD's preposterous
expenditure on Admin/other expenses. Between 2012 and 2017 they raised over £15m
via various dilutions and in the same period frittered over £11m just on Admin and
other expenses. Where is the shareholder value if close to 75% of cash disappears
in salaries and expenses?

Just a nonsense

But each to their own. Be sure to DYOR and ignore the ramping BS here.

.

[noirua] 01/12/2019 13:34

Your choice when to trade with news just around the corner.

[kemche] 01/12/2019 00:49

This is what Torp wrote, I believe:


Torp29 Nov '19 - 11:12 - 9066 of 9070
0 1 1
Deadline for repayment of the £1m outstanding CLNs is almost upon us, 19th Dec.


Noirua here is desperate for people not to know about it hence his continual
posting of the same drivel to push others posts off the page.


Where will RRR get £1m from to pay those CLNs???

Surely it's more dilution for shareholders here or else further selling of the
"family silver" Jupiter shares. Either way the share price here will drop into the
0.3p levels imho.

Or will the so called (cough) high net worth investors who hold those CLNs admit
failure and have them rolled on for yet another year ? That would cost
shareholders here another year of interest at 10%. A complete waste of cash.

All in all it doesn't look good at all.

I will personally be watching for a small manufactured share price rise, update RNSs and
increased ramping as signs for impending dilution.

Each to their own. Always DYOR here.

[noirua] 30/11/2019 15:30

Material Matters: Copper, Iron Ore And Coal
27 November 2019


Credit Suisse assesses the copper price may experience a bounce if there is a trade deal between China and the US, but demand growth may be slower to recover. Fundamentals are showing copper experiencing growing surpluses, an indication of lower prices.

Morgan Stanley observes the spot price for iron ore is creeping back up to US$90/t and robust demand is keeping the market tight. The broker suspects, with momentum still strong and low inventory at steel mills, amid constrained near-term supply growth, the iron ore prices not ready to take a step down yet.

[torp] 30/11/2019 01:34

The only notable thing about AGMs here is that at every one the BOD tables
a resolution to request authority to issue shed loads more shares in the coming
year. They will do it again this AGM I have no doubt.

Meanwhile, tick tock, the 19th Dec deadline approaches.

[greenpastures2] 29/11/2019 19:59

I took your advice Torp and sold my last lot two days ago. I went to two agms. At the first one it was not every thing needed to come good. At the second one after the Bosnia debacle it seemed to me that we needed action in DRC and Kenya to be happening soon but here we are getting close to the next agm again.

[torp] 29/11/2019 11:12

Deadline for repayment of the £1m outstanding CLNs is almost upon us, 19th Dec.


Noirua here is desperate for people not to know about it hence his continual
posting of the same drivel to push others posts off the page.


Where will RRR get £1m from to pay those CLNs???

Surely it's more dilution for shareholders here or else further selling of the
"family silver" Jupiter shares. Either way the share price here will drop into the
0.3p levels imho.

Or will the so called (cough) high net worth investors who hold those CLNs admit
failure and have them rolled on for yet another year ? That would cost
shareholders here another year of interest at 10%. A complete waste of cash.

All in all it doesn't look good at all.

I will personally be watching for a small manufactured share price rise, update RNSs and
increased ramping as signs for impending dilution.

Each to their own. Always DYOR here.

.

[kemche] 29/11/2019 10:46

Fundraising O'clock soon..............

[noirua] 29/11/2019 09:20

ELECTRIC VEHICLES - BATTERY METALS
@RRR_RedRock actively exporing the Musonoi Copper/Cobalt Project in the DRC

[noirua] 29/11/2019 09:20

How the green economy will benefit copper miners
28 November 2019



Billionaire founder of Ivanhoe Mines, Robert Friedland, sees the global effort to reduce carbon emissions as a lucrative opportunity for the mining sector.

Friedland says the manufacture of solar panels and wind turbines will increase the demand for copper by 56% by 2030.

This comes at a time when copper production is beginning to decline, due to ageing South American mines – which are currently the largest, and the launch of very few copper projects.

For this reason, Friedland believes his new DRC copper project is a very attractive investment. It’s a joint venture with the Chinese mining groups, Zijing Mining and the CITIC Metal Africa.

Friedland is predicting the next golden age for copper miners, thanks to environmental concerns around climate change. He says cobalt, platinum, palladium, and nickel producers are also likely to see a boom.

[atino] 28/11/2019 21:19

Fair point about management & admin expenses Torp😤...but RRR has not been trading “insolventR21; 🙇 (...that makes that you talk in that way, about liquidations! 🤨🧐💭💭8173;)



HOW DARE 😠 THAT POSTER say that about our BELOVED 🥰 Planet Rock 😍 (...cut his bloody manhood off ! 😡)

[noirua] 28/11/2019 18:25

Confirmatory drill results are likely to be announced very soon for Musonoi. A JORC resource would be a big ask but you never know.
As cobalt was not mined in the 1930s and 1940s it will all be in the ground where it has been backfilled and should be plus or minus 20% of that for Area 5 held by Glencore's subsidiary. Copper was mined and that's probably the reason for the 8 month hold up.

[clunes100] 28/11/2019 15:01

I suspect the CLN will be rolled over for another year as it represents a 10% return which is backed by cashable and other assets, so repayment of £1m is not a current issue. In addition, if one of the big projects moves forward then 0.8p will hopefully be ancient history.

What we need is solid news on one of the projects and like buses hopefully two projects will progress at once or ideally one after another with a brief break to digest the first.

[torp] 28/11/2019 13:14

Deadline for repayment of the £1m outstanding CLNs is due this 19th Dec in 4 weeks time. Where will the company magic £1m from?

Beware the resident rampers attempting to peddle "jam tomorrow" rhetoric imho.

The share price here will drop into the 0.3p levels imho once a confetti placing is announced or if they sell down more of the "family silver" Jupiter shares.

Either way no point buying until that 19th Dec deadline has passed and they've announced how they intend to pay the £1m or whether they will kick the can down the road for a 3rd year

DYOR

[noirua] 28/11/2019 12:14

-

Red Rock Resources CEO Andrew Bell on doing battery metal business in the DRC (RRR)
27 November 2019


However, the third and most advanced prospect is Musonoi. Covering part of the ‘Musonoi Super Deposit’, this licence sits in a district called the Kolwezi Klippe that boasts 80 years of mining history and supplies a considerable portion of the globe’s annual cobalt requirements.

According to Red Rock, typical grades in the area range from 3-5pc copper and 0.5-1pc cobalt. Perhaps most notably, the region contains Glencore’s Katanga project, which remains the world’s largest cobalt mine despite being due to enter care and maintenance – something that Bell expects to increase cobalt prices.

This year has seen the VUP JV begin work to build on this potential, creating 3D models and identifying and assessing the old drill core from previous exploration activity. This work is the first stage of validating the results of historical drilling, something that will allow the JV to bring the existing non-compliant resource to the modern ‘JORC’ standard. More updates are expected over the coming quarters.

Musonoi was drilled in the 1930s and 1940s with a cut-off grade of 2.5pc copper.
Production took place down to a maximum depth of 105m, and the pit was partially backfilled after production ceased.
However, Red Rock believes that high-grade ore, alongside additional orebodies, could remain in place. Its consultant geologists have provisionally identified deposit potential of up to 400,000ts of contained copper and more than 25,000ts of cobalt at Musonoi based on a review of historical work and reports.

This year has seen the VUP JV begin work to build on this potential, creating 3D models and identifying and assessing the old drill core from previous exploration activity.
This work is the first stage of validating the results of historical drilling, something that will allow the JV to bring the existing non-compliant resource to the modern ‘JORC’ standard. More updates are expected over the coming quarters.

[seagullsslimjim] 28/11/2019 11:52

When's the dividend payable?

[torp] 28/11/2019 10:31

The preposterous amounts frittered away just on Admin Expenses through the years.


2012 - Admin £2,275,786
2013 - Admin £4,751,948
2014 - Admin £1,563,808
2015 - Admin £1,334,404
2016 - Admin £758,351
2017 - Admin £644,688
2018 - Admin £849,518


Bearing in mind this share generates no significant income except from the Jupiter dividends. Small wonder they constantly have to dilute shareholders.

It remains for me nothing but a lifestyle venture for the personal enrichment of the BOD at the expense of naïve investors.

DYOR

[torp] 28/11/2019 10:27

Atino flannel - "When the Kenyan government terminated AIM-listed Red Rock Resources’ mining licences for its Kenya-based Migori gold project in 2015, it would have been easy to just throw in the towel and move on to other opportunities on the continent."

What would have been easier would have been to actually spend money to do the bloody work to develop the license instead of just sitting on it for 26 years and annoying the locals in the process. Instead this BOD just continued to expend £millions of company cash on Admin and other Expenses thus destroying any value in the share and creating the need for endless dilution.

As reported in the news article here:





"the Mining ministry and the county government which complain that 26 years that the firms have held on to the land is a long time and the land needs to be used for development projects that benefit locals."

"Among the grounds for the revocation was that Mid Migori has held the areas for over 26 years without concluding the exploration programme. "

"Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.”"

"The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter."



DYOR

[atino] 28/11/2019 09:15

Okay...so I’ve yarned Torp 🧶...and “information” wheel spinning again for you again 🧵 💭💭💭 and I’ve got:



🙇 Red Rock Resources’ resilience pays off in Kenya | Nov 27, 2019

When the Kenyan government terminated AIM-listed Red Rock Resources’ mining licences for its Kenya-based Migori gold project in 2015, it would have been easy to just throw in the towel and move on to other opportunities on the continent.

However, that is just not the Red Rock way. Fast track four years and chairman ANDREW BELL tells GERARD PETER that he is confident that Migori will be a significant contributor to the company’s diverse portfolio.

Red Rock was established in September 2004 to pursue mineral exploration and development opportunities. Initially, these opportunities were located in Australia and were focussed on iron ore, manganese and later uranium.

Today, the company manages a diverse portfolio of mining investments around the world. Over time, the company acquired more assets in central and eastern Africa, notably uranium properties in Malawi and gold in Côte d'Ivoire and Kenya.

Prior to May 2015, Red Rock’s interests in Migori was through its 75% direct interest in its Kenyan associate Mid Migori Mining (MMM), which controlled a gold resource in the country via Special Prospecting Licenses 122 and 202.

The licences covered an area of 310 km² and is located in the south western part of Kenya, approximately 290 km west of the capital Nairobi. The project tenements lie within the Migori and Narok counties, extending approximately 63 km from Lake Victoria in the west and parallel to the Kenya/Tanzania border which lies 10 km to the south.

The resource totals 1.2 Moz within the JORC Indicated and Inferred categories over five areas within the Mikei Shear zone. The 7 km long Mikei shear has upside potential between known zones and Bell believes that there is significant expansion potential for both gold and base metals.

In 2014, Red Rock commissioned a preliminary technical and economic assessment constituting the first stage of a feasibility study. The outcome of the study was positive and projected production of approximately 80 000 oz of gold over a nine year life of mine.

Read more about mining in East Africa

Life of mine revenue from gold sales is estimated at US$95 million and the capital cost is $3 million recoverable within the first...

Progress at Migori ground to a halt in May 2015 when the government decided to terminate MMM’s licenses. “Post the release of our JORC resource in 2014, there was some political trouble in Kenya,” explains Bell.

“Our case was more of a localised issue, but at the time we also had a mining minister who didn’t understand the market. While the process to take our licence away had already begun, the company had already invested more than $10 million.

"We took exception to that and Red Rock was granted leave to institute judicial review proceedings.”

The matter was eventually settled in October last year after the government and Red Rock agreed that the case be withdrawn with no order as to costs and that the company is at liberty to apply for licenses and that previous decisions will not be prejudicial to such applications.

In September this year, Bell announced the positive news that it received approvals from the Kenyan Mining Rights Board for the granting of new licences for the Migori asset in Kenya and that it is now awaiting official approval.

While Bell has every right to be bitter about the government’s actions in 2015, he believes that the resolution reached is testament that Kenya’s judicial system is fair.

“When we lost these licences, our share price suffered enormously and it was suggested to us that there were various ‘African’ ways to get them restored and maybe that would have been superficially attractive to our shareholders,” adds Bell.

However, Red Rock decided to pursue the matter through the courts and even though it took a long time and the company haemorrhaged large amounts of money, Bell is confident that it can now get back the money that it has lost over the past few years.

“Once the licences are approved, we will then get back what we thought we had in 2014, which was a platform for a 1.2 Moz JORC-compliant resource that will allow us to both operate and explore further potential at the same time,” he explains.

Another major challenge that Red Rock/MMM faces is to ensure investors remain confident about the Migori project. However, Bell explains that it is all about managing realistic expectations.

He continues: “When I first got into mining, I recognised that there is a clear mismatch between investors’ expectations and the timeframe in which they expect results and the timeframe in which you can actually achieve results in the mining sector.

“In Africa, it can take as long as anywhere to get started and of course there are always challenges around infrastructure development.

“As such, we knew we had a long-term project. So when the legal issues happened, we still believed in our long-term approach and vision, just in a different way.

"We are entering the last stage of what has been a lengthy process and we look forward to the confirmation of the granting of these licences, and to renewing progress towards our aim, which is to have a producing gold mine, he concludes.

[torp] 27/11/2019 23:23

Desperate stuff Atino. Spin us another yarn.

When's the confetti placing coming??

tick tock