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Red Rock Resources PLC expects Kenya to be a key focus in 2022

Listings are also being planned for listings of Elephant Oil and New Ballarat Gold

Red Rock Resources PLC (AIM:RRR) said its Kenyan asset will be a key focus in 2002 as there is the potential to build a large gold resource there and comparable to the better-known mines in nearby Tanzania.

In February 2021, Red Rock published a new estimated JORC mineral resource of 723,000 oz of gold at 1.49g/t and a new environmental study is already being carried out for the next phases of exploration planned for 2022 the company said in a statement.

Listings are also being planned for listings of Elephant Oil and New Ballarat Gold, with possible sales and joint ventures of other assets also under consideration.

In the year to 30 June 2021, the reported group loss for the year was £1.7mln after a reported profit of £5.2mln in the previous year.  

Dividend income received during the year dropped from £0.42mln to £0.13mln, reflecting a lower payout and ongoing reductions in the stake in Jupiter Mines.

Payroll and related costs increased reflecting the additional activity in Australia, Kenya, London and Congo.

Marketable investments at the year-end were £1.58mln plus a holding in Elephant Oil, which is expected to list in the New Year and that at a pre-IPO value of around £174,000.

Read More: Red Rock Resources PLC expects Kenya to be a key focus in 2022

2021-12-29 07:26:00

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