16th Jun 2023 15:42
(Alliance News) - Red Rock Resources PLC on Friday said it has been granted its first licence in the Ivory Coast.
The London-based Africa and Australia-focused natural resources development company said the licence was granted to its subsidiary LacGold Resources SARLU for an initial four-year term.
Red Rock said it will begin a baseline study and prospecting activity at the licence area.
The firm noted that the licence covers 344.5 square kilometres and is in the Djekanou department.
The application is one of four applications south of the country's capital, totalling 1,405km square. It has made a further three applications in the north of the country, covering 1,123km square.
Overall, the company's permits and applications cover 2,491km square in the country, with each application located in a zone where gold mines are in operation.
Chair Andrew Bell said: "The process of licence grant in Cote d'Ivoire is methodical and not usually rapid. Our first two grants have been in the final stage for some weeks, and we are glad to see that the Conseil des Ministres has approved the decree of grant for Djekanou at its meeting on 15th June 2023."
Red Rock shares fell 7.5% to 0.23 pence each in London on Friday afternoon.
By Harvey Dorset, Alliance News reporter
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