Red Rock Resources
PLC
("Red Rock" or the
"Company")
DRC Arbitration Process
Continues
5
February 2024
Red Rock Resources Plc, (AIM:RRR)
("Red Rock" or "the Company"), is a natural resource development
company with interests in gold, base metals, battery metals, and
hydrocarbons principally in Africa and Australia.
This release is an update in relation
to the Company's arbitration in the Democratic Republic of Congo
("DRC") with respect to the US$10m claim the Company is pursuing in
country for its interest in the VUP copper-cobalt joint
venture.
On 24 January 2024 Red Rock noted
that:
(1) The Company's 100% owned subsidiary in the DRC had, obtained
in 2022, an executory judgment for $2.5m (being 50.1% of $5m paid
to local partner by a buyer), and the result of the Arbitration
hearings held in Kinshasa in 2022 in order to obtain $7.5m (being
50.1% of the $15m still to be paid by the buyer) was
pending;
(2) A
draft of the arbitration award had been received by the Company and
awaited finalisation and release;
(3) Now that the Presidential and Parliamentary elections in the
DRC on 31 December have been concluded, with Felix Tshisekedi winning a second term in office,
this process and finalisation of payments for this
matter could be expected to resume;
and further stated that:
(4) An
update would be provided as soon as possible.
Our local representative in the DRC
has now received a call from Kinshasa advising him to stand by and
be ready for this matter to be concluded.
Chairman Andrew Bell
comments:
"We have had our local associate working on this very
important arbitration, and he was advised last week that the
arbitration judgment was now due to be released. We have two other
lines of communication that have served as a listening post and
potentially a back up to ensure the matter is dealt with speedily.
Both have now provided the same feedback on timing, and we have had
it confirmed that recent delays have been due to the elections and
post-election reshuffle.
Our country manager has been invited to a meeting in Kinshasa
on Tuesday and we are hopeful that matters will now progress to a
satisfactory conclusion. After 18 months, we believe the other
side, like us, will want to receive its portion of the sale
consideration without further delay.
Because of the materiality of our $7.5m - indeed $10m - claim,
we shall issue a further update next week. Expediting the
arbitration is at this point our highest priority. It has been a
very long process, and not without incident, but we are hopefully
approaching the finishing line."
There is no certainty that matters will be concluded as we
hope and any actual developments will be notified in accordance
with the AIM Rules at the appropriate time.
For
further information, please contact:
Andrew Bell 0207 747
9990
Chairman Red Rock Resources
Plc
Bob
Roberts 0203
8696081
Broker Clear Capital
Corporate Broking
