|
Red Rock Resources PLC on Monday reported a widened loss for the year ended June 30, but expects cash generation ‘over the next few months’. The London-based mining company, which is focused on Africa and Australia, reported a pretax loss of £4.4 million for the 12 months, against the previous year’s loss of £3.0 million. Red Rock incurred £1.3 million in administrative expenses for the year, edging down 0.9% but essentially unchanged from the year before. It reported no revenue, unchanged from financial 2024. Finance costs, meanwhile, increased to £1.5 million from £640,000. Red Rock noted that during the year, the price of gold rose 40% to $3,264.03 per troy ounce from $2,324.98 per troy ounce. The price of copper, meanwhile, increased 6.0% to $10,040 per tonne from $9,476.5 per tonne, and cobalt displayed a 26% rise to $33,335 per tonne. Furthermore, Red Rock has ‘devoted considerable time to achieving its objectives’ in the Democratic Republic of the Congo, relating to legal proceedings against its former joint venture partner. It expects confirmation that the Cour de Cassation, or Supreme Court, has issued judgments in its favour confirming Red Rock’s right to 50.1% of the $20 million proceeds from the sale of a key licence in 2019, and recognising the verdict of a lower court which awarded $2 million in costs and damages. ‘Although the company was pressing for immediate release, the processes of the Cour de Cassation proved relatively impervious to hurry,’ Red Rock said. However, it believes that it has developed a network of relationships which ‘enhances its ability to do future business at scale within the DRC’. Looking ahead, Red Rock expects ‘to generate cash from sales of assets and from court and arbitration awards over the next few months’. It added that it is prioritising sales of gold and other minerals in the short term, and is focused on generating ‘a steady stream of income’ through developing its operations in Burkina Faso and the DRC. Shares in Red Rock Resources were 8.9% lower at 0.024 pence on Monday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
