Red Rock Resources plc aims to finalise its $10 million arbitration award either this week or next in the Democratic Republic of Congo.
PROGRESS
The company said it expected an initial $2.5 million from its local partner with $7.5m pending.
The figures represent 50.1% of what was received by its partner from the buyer and what is still to be paid by the buyer.
Red Rock received a draft of the arbitration award and is awaiting finalisation and release following the now ended presidential and parliamentary elections.
“We are in constant communication with our country representative, our lawyer, and our local partner and expect senior management to be in the DRC this week or next with a view to finalisation,” added the company.
“We have made considerable progress but we consider that co-ordination of the final steps requires our presence in Kinshasa,” said chairman Andrew Bell.
“What should have been the simplest of matters, obtaining our share of the sales proceeds of an asset bought and paid for in 2018, has taken far too long but I am confident that we will prevail and receive the monies owed.”
In its other Africa projects, a Red Rock team is in Kenya to renew the company’s two licences on which it has 723,000 oz gold and a tailings project.
Renewal will allow the company’s next phase of exploration which aims to increase the resource to more than one million ounces.
Canadian consultants Watts, Griffis and McOuat have been commissioned to produce a short report on seven Ivory Coast gold licences granted or under application, for distribution at the PDAC Conference in Toronto this week.
A sale, farm-in or joint venture are under consideration for some or all the licences.