Red Rock Resources PLC on Friday said several important meetings have taken place regarding its activities in the Democratic Republic of Congo.
Red Rock shares were up 33% to 0.047 pence each on Friday morning in London. The stock remains down 67% over the past 12 months, however.
The resources development company focused on gold, base metals, battery metals, and hydrocarbons projects in Africa and Australia said that since October 21, important meetings with Congo’s institutions of the presidency have taken place, primary focused on new business opportunities, and unresolved matters regarding a court judgment in the company’s favour of $2.5 million.
Red Rock Resources said a framework deal had been signed with its local associate Koto DRC SARL under which it would participate with them on an equal basis on a new project.
Red Rock Chief Executive Officer Andrew Bell said: ‘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.’
Earlier in October, Red Rock said it submitted and remitted payment for samples to be tested by SGS in Yamoussoukro, the capital of Ivory Coast. It expects results as soon as payment is received.
Red Rock also last month said it anticipated the most important near-term developments to be gold production in Burkina Faso, the release of arbitration results in Congo and further updates on New Ballarat Gold Corp.
In September, Red Rock said it signed an agreement with Guardian Metals PLC under which it will manage the process of licence application in Ivory Coast, and assist in the development and management of exploration programmes.
Red Rock will be paid up to £10,000 plus small additional amounts for its services.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
