Red Rock Resources plc Update

RNS Number : 6246K

Red Rock Resources plc

01 November 2024

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Update

 

1 November 2024

 

Red Rock Resources Plc, the natural resource exploration and development company with interests in gold, base metals, battery metals, and hydrocarbons principally in Africa and Australia, announces, further to announcements and RNS Reach announcements on 7^th, 14^th, 18^th and 23^rd October 2024, a further update in relation to its activities in the Democratic Republic of Congo ("DRC").

 

Since Monday 21^st October a series of important meetings have taken place with institutions of the Presidency, and we expect to visit various locations on a return visit next week.

 

The meetings were focussed primarily on new business opportunities, but the unresolved matters surrounding the Court Judgment in our favour for $2.5m and our pending Arbitration award were necessarily raised.

 

A framework agreement has been signed with our local associate, Koto DRC SARL, under which we would participate with them on an equal basis on a new project (the "JV"). This agreement is conditional upon, and its operational terms depend upon, the JV being allocated a suitable asset or assets upon terms agreeable to the partners.  

 

Red Rock CEO Andrew Bell comments "We continue to prepare for the final award of the arbitration. In parallel, and never ceasing to emphasise that it is essential we demonstrate the ability to obtain justice and repatriate funds in this existing matter, we have through the relationships established in the country found ourselves in a position to move forward in a close co-operation which is expected to lead to a new project opportunity.

 

These are continuing discussions, and given their sensitivity and potential impact on the Company we will continue to update frequently, erring always however on what we judge to be the side of caution."    

 

For further information, please contact:

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396           NOMAD Beaumont Cornish Limited

Bob Roberts 0203 8696081                                                        Broker Clear Capital Corporate Broking

 

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