Metals & Minerals News

Red Rock-Power Metal set up Australia gold JV

Posted on Author editorial Comments Off on Red Rock-Power Metal set up Australia gold JV

Red Rock Resources plc and Power Metal Resources plc have started the incorporation of a new holding company for their joint venture in the Victoria gold fields, Australia.

Interest: the partners” holdings will be the same as those in RRAL (Pixabay)

IPO

The companies’ current joint company, Red Rock Australasia Pty Ltd (RRAL), will be held in New Ballarat Gold Corporation plc (NBGC).

RRAL will become a wholly owned Australian subsidiary of NBGC.

Red Rock and Power Metal’s shares in NBGC will be in the same proportions as their holdings in RRAL with Red Rock owning 50.1% and Power Metal 49.9%.

Red Rock chairman Andrew Bell also announced that he will step down as chairman of Power Metal to focus on Red Rock and the new IPO.

 

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