19th Jan 2022 14:53
Red Rock Resources PLC - London-based gold-focused exploration company with projects in Africa and Colombia - Announces it won a judgment for USD2.0 million in damages from local joint venture partner Vumilia Pendeza SA, in order from Lubumbashi Commerical Court in Democratic Republic of Congo on Friday. It was the result of a claim of USD11.0 million in damages by Red Rock against VUP. This is in addition to the USD2.5 million payment order obtained against VUP in the court announced on January 6, which at that time was still eligible for appeal. Red Rock says the payment order represents 50.1% of the payment already made to VUP by a third party.
Red Rock Chair Andrew Bell comments: "These awards in our favour of USD4,505,000 plus costs are steps in a process, and do not put this money into our account, nor do they represent the totality of our potential claims. We now begin to move to the enforcement and extra-judicial phases of proceedings."
Drilling results from another project in Luanshimba in DRC will be announced in the next days.
Current stock price: 0.65 pence, up 4% on Wednesday
12-month change: down 42%
By Elizabeth Winter; [email protected]
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