Red Rock set for first divi in 2010

31st Mar 2010 17:04

Mining exploration and mineral investment company Red Rock Resources had a better second half in 2009, helped by an improvement in market conditions for which the chairman generously said the company claimed no credit.The company moved into the black, with a pre-tax profit for the six months to 31 December of £3.22m, versus a loss of £1.96m the year before, when the company took a £1.48m hit on the write down of 'available for sale' investments.The company banked £0.63m from the sale of investments in 2009 and £3.63m from the sale of manganese assets to Jupiter Mines. The profit has wiped out the company's accumulated deficit and so, provided there are no setbacks between now and the company's financial year end on 30 June, the company should be in a position to pay its first dividend in 2010.