5th Aug 2022 15:29
Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Following review of current projects, the company says the arbitration process in the Democratic Republic of Congo is ongoing, with the outcome unknown.
Activity will be reduced in Kenya for the pre-election period, but the company signs a new contract for reverse circulation drilling at the Bilbale project in Burkina Faso.
In addition, Red Rock will continue to expect the listing of Elephant Oil in the near term, as well as that of an Australian joint venture gold firm.
In terms of strategy, the company will look to strengthen its battery metal presence with lithium as well as cobalt and copper.
"We now continue to assert our claim to over 50% of the total USD20 million principal paid or to be paid, plus damages. The arbitral award, when and if made, and we hope it may be soon, will not now reflect a consensus arising from the negotiation of the parties, but the decision of the arbitrators. As we await it, we must consider a range of possible outcomes, and uncertainties of timing, but continue to press for a just solution which includes a resolution of the earlier court proceedings," says Chair Andrew Bell.
Current stock price: 0.51 pence
12-month change: down 26%
By Dayo Laniyan; [email protected]
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