Red Rock Resources plc has been awarded an additional $2 million in damages with costs in its legal action over its copper-cobalt joint venture in the Democratic Republic of Congo. ENFORCEMENT On 14 January, the Commercial Court of Lubumbashi issued an executory judgment ordering Vumilia Pendeza SA (VUP) to pay the sum. This follows the earlier judgment […]
Legal
Red Rock obtains $2.5m payment order for Katanga partner
Red Rock Resources plc said it had obtained a $2.5 million payment order instructing its joint venture partner in the copper-cobalt licences in Katanga, the Democratic Republic of Congo. VINDICATION The company, with 50.1%, ownership, obtained the order from the Commercial Court in Lubumbashi instructing Vumilia Pendeza SA (VUP) to pay it $2,505,000 as a […]
Capricorn withdraws legal action ahead of $1bn refund
Capricorn Energy plc has withdrawn all global enforcement proceedings against the Indian government ahead of a US$1.06bn tax refund. COLLABORATION The move signifies the final stage of undertakings by the company and its subsidiary Cairn Energy Holdings Ltd with the Indian authorities. “This concludes all the necessary steps required of the company under the rules […]
Red Rock takes action over DRC assets
Red Rock Resources plc said it had served a precautionary attachment on its local partner, VUP SA, relating to copper-cobalt projects in the Democratic Republic of Congo. DETERRENT In March 2019 Red Rock, through its local subsidiary, signed a joint venture agreement with Congolese VUP (Vumilia Pendeza SA) over certain assets in Katanga. The partners […]
Ascent secures non-recourse funding for Slovenia claim
Ascent Resources plc announced it had signed a binding damages-based agreement for its arbitration claim against the Republic of Slovenia. ARBITRATION Ascent said that the agreement was with Enyo Law LLP who filed the notice of dispute and represented the company in the pre-arbitration negotiations. The agreement will start arbitration proceedings against Slovenia under the […]
Cairn uses new scheme for $1.06bn tax refund from India
Cairn Energy plc said it would start filing documents under a new scheme for the refund of US$1.06bn taxes from the Indian government. LEGISLATION The company added it had entered into undertakings with the government to participate in the scheme introduced by recent Indian legislation, the Taxation Laws (Amendment) Bill 2021. This allows the refund […]