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Red Rock Resources Share Chat (RRR)



Share Price: 0.75Bid: 0.00Ask: 0.00Change: 0.00 (0.00%)No Movement on Red Rock
Spread: 0.00Spread as %: 0.00%Open: 0.75High: 0.00Low: 0.00Yesterday’s Close: 0.75


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MrMagic
Posts: 10,293
Observation
Opinion:No Opinion
Price:0.75
RE: Kenyan gold asset...
Wed 13:27
Whilst that link provides a plethora of legal mumbo jumbo, it nevertheless highlights the same core issues, namely that for over 20 years Migori/RRR failed to undertake and/or complete the exploration programme and that as a result of not getting to the point of mining the local population didn't get the employment opportunities that were expected. The article cites these issues:

"(i) Consents not sought from the community
(ii) Length of time the Applicant had taken with exploration activities
(iii) Failure to conclude exploration and proceed to actual mining
(iv) Oppression of the community as a result thereof
(v) Denial of employment opportunities which would have led to the community’s development."

This was iterated again in this part:

"the Member of Parliament in the said area raised the community’s concerns in Parliament and an investigation on 1st applicant’s activities was carried out pursuant to which a report was prepared wherein the Parliamentary Hansard Report of 14th August, 2012 recommended a review of Applicant’s SPL renewal. This review was as result of Applicant’s exploration operations having taken more than 20 years without any sign of completion."

Whether the various parties have been given appropriate opportunities to present cases, appeal etc seems somewhat of a complete side show to the fundamental issue that for over 20 years, the exploration programme wasn't completed. Are you denying that this was the case? If not, what's the point of further legal appeals?
 
KnowledgeBank
Posts: 19
Research
Opinion:Strong Buy
Price:0.75
RE: Kenyan gold asset...
Wed 11:30
MrMagic, could I kindly request you to direct your focus on the legal framework submitted at the Supreme Court and not on uncorroborated media coverage.

The actual submissions by the plaintiffs and defendants can be accessed on the website below:

http://kenyalaw.org/caselaw/cases/view/131508/

It's also good to know that the Daily Nation is part-owned by one of the ministers involved, so hardly an impartial source of information.

I hope that helps.

.
Ice993
Posts: 81
Off Topic
Opinion:No Opinion
Price:0.75
Conference call
Wed 11:26
Thought that was Brilliant when the Migori director piped up and started asking questions. . ha ha
MrMagic
Posts: 10,293
Observation
Opinion:No Opinion
Price:0.75
RE: Kenyan gold asset...
Wed 10:16
The Ngira mining appears to be a separate issue to the more fundamental one of MidMigori/RRR not completing the exploration program in 26 years !. There are a lot of news articles around the net covering the license revocations such as this one:

http://www.nation.co.ke/business/Row-over-permits-robs-Migori-gold-of-its-glitter/996-3829916-5t3ec6z/

"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"

I remember vividly the public conference call that AB held on which a Migori director dialed in and basically said "what's going on?" and that nothing was happening, which cast some doubt on the entire partnership there. This of course was the conference call where the taped recording was unavailable for technical reasons !
KnowledgeBank
Posts: 19
Research
Opinion:Strong Buy
Price:0.75
Kenyan gold asset...
Tue 19:49
Zumore, under ‘Civil Application 165 of 2015’, Red Rock have demonstrated a clear case of procedural impropriety on the part of the Ministry of Mines (Kenya Government) after they illegally issued a licence (covering Mid Migori’s prospecting acreage) to Ngira Exploration and Mining (an outfit owned by three government ministers).

The 9-year clause (for owning a licence before conversion into a mining licence) is merely a cover for the land grab. The Supreme Court has recognised this and has adjourned for a further hearing in June 2017.

In the meantime, and as Andrew Bell mentioned at the UK Investor show last month, the Kenyan Government now wants to settle.

Thus, the question we should all be asking is; how much will Red Rock walk away with?

And with the successful Colombian arbitration experience still fresh in his mind, hard-nosed Bell is not about to flinch...

Here is Red Rock’s submission (by David Brownbill QC) to the Supreme Court – it’s pretty solid.

.
“The applicants (Mid Migori Gold – Red Rock) reiterated that the aforesaid decision to revoke the Special Licences is tainted with procedural impropriety to the extent the Respondents (Ministry of Mines’ Senior Clerk and Permanent Secretary) have failed to adhere to the required legal requirements with regard to revocation of exclusive prospecting licences.”

“It was further contended that the 2nd Respondent (Permanent Secretary) has, contrary to the Applicants’ legitimate expectations, neither renewed the Special Licences nor conducted the expeditious consideration of the 1st Applicant’s application for a mining lease contrary to his public duty and that this unexplained and unjustifiable inaction has impeded the optimum exercise of the Applicants’ exploration activities and can only be construed as a ‘mala fides’ attempt to the create an impression that the Applicants are not being diligent in the conduct of their obligations.”

.
http://kenyalaw.org/caselaw/cases/view/131508/

.
Watch from 12:00 onwards – Bell indicates that the Kenyan Government wants to settle with Red Rock.

https://www.youtube.com/watch?v=2OpaPCiz1TM

.
Zumore, watch this space….

.
robins
Posts: 1,216
Off Topic
Opinion:No Opinion
Price:0.75
Re: Revocation of Kenyan licence
Tue 16:56
Zumore bit complicated for me but if there is currently no chance of getting our licence then surely the company has a legal obligation to tell us so? But I know AB can stretch the truth a little. 95% down so shafted anyway.
zumore
Posts: 3,737
Off Topic
Opinion:No Opinion
Price:0.75
View Thread (2)
Revocation of Kenyan mining licence
Tue 14:43
I notice a twitter poster (initials J.W) the other day gave an interesting link to an old 2012 article http://www.nation.co.ke/news/Revoke-mining-firm-licence-House-says/1056-1648042-9ckq4jz/index.html which showed way back in 2012 the Kenyan goverment wanted to revoke the Mid Migori company's Kenyan mining licences.

When they were eventually revoked in 2015 former Kenyan mining secretary (Najib Balala) did an interview in May 2015 http://www.businessdailyafrica.com/Balala-explains-why-Migori-gold-miner-s-permit-was-revoked/-/539546/2731766/-/642b31/-/index.html to explain why the licences had been taken away. Najib Balala said:

"Mr Balala said on Wednesday the firm had held the exploration licence for 28 years, contrary to the maximum nine years allowed before converting into a mining lease.

He said the ministry contacted the firm to raise the issue , which prompted a meeting on April 2 with mining technocrats.

“When we did our evaluation we found that we could not convert their licence to mining one,” said Mr Balala."
...................................

It pretty much boggles my mind that Red Rock Resources didn't discover this massive flaw with the licences ^^ when they did their due dilligence before investing. Obviously the Red Rock Resources due dilligence wasn't thorough enough and consequently many millions was needlessly squandered on this long lost asset.
KnowledgeBank
Posts: 19
Research
Opinion:Strong Buy
Price:0.725
View Thread (2)
Manganese price surges...
Tue 06:45
MANGANESE ORE PRICES SURGE

Published by Rena Gu, Janie Davies, Fleur Ritzema, and Chris Kavanagh of MetalBulletin

May 22, 2017

13:41 GMT

London, Singapore, New York

Strength remained in the global manganese ore and alloy markets last week, with ore prices gaining almost 5% week-on-week.

Material of 37% manganese content was trading at $4.59 per dmtu fob Port Elizabeth, the equivalent of $5.16 on a cif Tianjin basis, the Metal Bulletin index showed on Friday May 19. This was up from $4.38 a week earlier.

The 44% index also surged to $5.76 per dmtu cif Tianjin from $5.49 previously.

Offers from South African miners and traders in China rose last week, and with port prices for 44% material far higher than those of seaborne material, some say further gains are likely.

"Sentiment is hot right now. Steel mill purchase prices are expected to be higher, and port prices are above $7 (for 44%)," one miner told Metal Bulletin.

Metal Bulletin does not currently publish a spot yuan-based fot index, but fot numbers suggest business taking place at around $7-7.50 fot when converted to a dollar-basis.

"Could the next seaborne be at $7?" the producer source asked.

.
https://www.metalbulletin.com/Article/3719063/Stainless-and-special-steels/GLOBAL-MANGANESE-WRAP-Manganese-ore-prices-surge-alloys-supported-globally.html?ArticleId=3719063

.
Remember the words of Howard Stanley Marks?

"All intelligent investing is value investing; acquiring an asset for less than its value means seeing what everyone else sees and thinking what no one else thinks."

You can take this to the bank: The value of Red Rock’s investment in Jupiter Mines – when it’s eventually disclosed – will defy imagination.

.
Helpful
Posts: 4,475
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.725
RE: Tshipi
Mon 18:33
Just their own page. Gives some background.
Clive205
Posts: 1,631
Observation
Opinion:Strong Buy
Price:0.725
RE: Tshipi
Mon 18:27
OK. Thanks.

Are we looking for anything in particular?




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