Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Red Rock plans PLUS float for royalty arm
Andrew Bell, the head of AIM-quoted mining minnow Red Rock Resources, is in excited mood these days.
The company is contemplating a PLUS-quoted flotation for a company created to receive 1.5 per cent production royalties from future manganese production from Mount Ida in Western Australia by Aussie-listed Jupiter Mines, valued at around £220 million and chaired by mining tycoon Brian Gilbertson, former head of sector giant BHP Billiton.
Red Rock has a reduced 5.23 per cent holding in Jupiter after selling its 40 per cent stake in South Africa’s Tshipi manganese project to Gilbertson’s company. Bell cites a resource target of 1.1 to 1.3 billion tonnes of manganese, now worth some $2,800 a tonne gross on world markets, at Mount Ida, with annual production hoped to rise from five million to 15 million tonnes.
Meanwhile, Red Rock sees increasing gold production at strikingly high grades from its Limon, Aurora and other projects in Colombia and is expanding its target areas there to boost output to 100,000 oz a year. It intends to use the proceeds from loans to its local partner and consulting fees to fund much of this expansion.
Red Rock, now 2.28p and which has been out of favour and cash-strapped for much of its five-year AIM stint, also enthuses about gold prospects in Kenya, where it can use cash flow from elsewhere to earn 60 per cent of projects estimated four years ago to hold 1.1 million oz of gold, not to mention a 75,000-oz gold resource in tailings from earlier mining at a low grade of 1.6 grammes of gold per tonne of ore. Bell says the company expects to increase estimated potential resources there to several million oz of gold.
Last but not least, the company has 26 per cent of another Aussie-listed venture, Resources Star, with an estimated four million lb of uranium and significant rare earth prospects in Malawi, including dysprosium, used in batteries for electric cars.
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