Red Rock and Anglo Pacific have big Ida
Mining firm Red Rock Resources and commodities investor Anglo Pacific have cemented their royalty revenue agreement over the Mount Ida iron ore project in Australia.
Mining firm Red Rock Resources and commodities investor Anglo Pacific have cemented their royalty revenue agreement over the Mount Ida iron ore project in Australia.
The deal will see Anglo Pacific acquire 0.75% of royalties from the project in which Red Rock holds a 1.5% interest.
It's set to cost Anglo $14m but paid in three tranches. It's the first tranche which has been settled today.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The investment firm will hand Red Rock US$3,899,999.81 in cash and allot it 416,161 in new shares worth US$2,139,730 on the basis of last night's closing price.
Anglo Pacific fell 1.9% on the announcement as investors mulled the share dilution while Red Rock gained 1.15%.
BS
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
A junior ISA could turn your child’s pocket money into thousands of pounds
Persuading your child to put their pocket money in a junior ISA might be difficult, but the pennies could quickly grow into pounds – and teach them a valuable lesson about money
By Katie Williams Published
-
Cost of Christmas dinner jumps 6.5% as grocery price inflation rises again
The average Christmas dinner for four now costs £32.57 as grocery price inflation increases - but what does it mean for interest rates?
By Chris Newlands Published