27th Jun 2022 18:14
Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Announces new cobalt joint-venture in the Democratic Republic of Congo, with Societe d'Investissement Minier Akon et Sodimico SA, known as Simaks. Red Rock has acquired 58% of the Kimono cobalt-copper project in Haut Katanga province of the DRC, paying an initial amount of USD50,000. It will pay a further USD25,000 per quarter until USD400,000 is paid.
Simaks itself is a joint venture between La Societe de Developpement Industriel et Minier du Congo, which is a DRC parastatal mining company, and US private equity firm White Waterfall, a fund controlled by American-Sengalese businessman and musician Aliaune Thiam, better known as Akon. SODIMICO owns the 17 square kilometres of mining license PE102, which contains the Kimono project.
"Our thorough technical and legal due diligence on this project included the search for and collation of historic information, as well as sampling and mapping on site. We are delighted to have been able to arrive at acceptable terms for entry into this exciting and historically very high grade cobalt project," RRR Chair Andrew Bell comments.
Current stock price: 0.38 pence
12-month change: down 53%
By Elizabeth Winter; [email protected]
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