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 principal amount.
Red Rock said that an audience today in Lubumbashi heard its claim for interest and damages of $11,000,000. Judgment is due within eight days.
The company continues to investigate “additional remedies” that may be available to it in the Congo and elsewhere.
Red Rock chairman Andrew Bell added that the company would continue to apply pressure with hearings on 22 December 2021 and 5 January 2022.
“We advance step by step, rapidly, methodically, and on the best advice we can obtain.
“Every local judgement has been in our favour.
“We are glad to have received further vindication of our position in the payment order from the court which we announce today, though as we note below there is a difference between getting a judgment and receiving funds.
“There has been a loss of opportunity for profit here, for which our shareholders deserve to be amply compensated and others deserve to be punished.”
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