Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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A clearer story quoted verbatim:
" In 2009, DRC sized control of the KOLWEZI project from First Quantum citing code violations promoting First Quantum to launch IOC ARBITRATION against the state mining co, GECAMINES
in 2010. The project was SOLD to Dan Gertler, a mining entrepreneur who SOLD IT TO ENRC."
---
CHECKED KOLWEZI MINE, DRC
It is now owned 72% by ZIJIN.
Comment:
RRR won 2 cases in Congo already relating to the $20m.
RRR never violated any code etc.
Like First Quamtum, RRR per Andrew Bell today, Fri, 29 Apr 2022 said "FIT FOR $250 MILLION" relating to LITIGATION outside the CONGO relating to this INTERNATIONAL CO.
Typo: obtained, not obtain.
"First Quantum launches legal action over KOLWEZI project."-Mining Technology, 15 Sep 2010.
"Expropriation of its legal title to the Kolwezi, DRC project."
--
Note: From another article, "ENRC paid $175 million [£113 Million] for mining assets in DRC including a major stake in the KOLWEZI, DRC mine. First Quantum will launch its own legal action probably in the British Virgin Islands to seek DAMAGES OF $2.5 BILLION, estimate value of lost asset and money developing the Kowezi mine."
First Quantum wrote the FCA as ENRC was a big listed co in London. First Quantum did not win their case in DRC and so they launched INTERNATIONAL ARBITRATION IN WASHINGTON AND PARIS AND private litigation.
[2] "ENRC REACHES A $1.25 BILLION AGREEMENT WITH FIRST QUANTUM TO ACQUIRE KOLWEZI MINE AND SETTLE ALL LEGAL MATTERS."- 12 Jan 2012
Comment:
So, from 15 Sep 2010 to 12 Jan 2012 was not long before settlement.
First Quantum's case in Congo said the taking back of the mine etc was upheld.
I gather this was NOT against ENRC.
However, since ENRC obtain the Kolwezi mine, First Quantum sued ENRC.
ENRC was a FT100 co in London.
In the case of RRR, they won 2 cases already in the DRC.
The international co that Andrew Bell mentioned in his interview today, Fri, 29 Apr 2022 is an listed co on a stock exchange with a mkt cap of $12.8 BILLION in local money just as ENRC was listed as a public co.
Interesting. Kindly check if interested.
Wanted to find out if there were similar cases as RRR's MUSONOI, DRC litigation. DYOR.
LoL
Just read the Annual Report of this International co dated 28 Apr 2022.
This co is listed and hence it has to produce announcements to the Stock Exchange.
Its largest shareholder is a state owned co.
A/c to this said Annual Report issued yesterday, they LIST MUSONOI, DRC
as a "HIGH GRADE COPPER COBALT" deposit and they said they have obtained ALL GOVT APPROVALS -PERMITTING etc.
This international co which A.Bell mentioned today in his interview with Proactive,
is RANKED worldwide for its cobalt production and as far as I can see, they are ALL in the DRC.
Fitch has upgraded this co to BBB+.
Very interesting.
News, Fri, 29 Apr 2022.
specinvestor99 said yesterday about potential $$ from litigation.
Correction RRR gets 51%
MUSONOI, DRC COPPER [RRR 50.1%]
This INTERNATIONAL RESOURCE CO per African Intelligence, dated 22 Jan 2021 - "it has obtained a loan of $350 Million to develop MUSONOI MINE in DRC."
Part of the title is: "...GETS GREEN LIGHT FOR MUSONOI."
Africa Intelligence is a subscription site so just managed to see the part about $350 Million loan to develop the Musonoi copper cobalt mine in the DRC.
The mkt cap of this co is $12.86 Billion in local money.
Comment:
From what I know, there is NO WAY this international resource co CAN DEVELOP the Musonoi copper cobalt mine [construction started in 2020] IF there is INTERNATIONAL LITIGATION PENDING or lodge already by RRR. Why? No one can start developing a mine they DONT LEGALLY OWN given RRR had legal agreement for the Musonoi JV at 50.1% [operator].
Dont know if A.Bell has flown out to Congo relating to the $5m and $15m [Congo Courts] which was paid to the state co or he is already there.
Going to be exciting if he comes back with the MONEY [50.1% of $20m] and
if he can get EQUAL LICENCES/SPLIT PROPERTIES as possible settlement or will A.Bell go for international litigation OUTSIDE CONGO as he said today in the interview with Katie Pilbeam, Proactive Investors.
Have to wait for his update.
News, Fri, 29 Apr 2022.
Andrew Bell said "Fit for $250 Million."
[ref: DRC Musonoi copper/cobalt]
A.Bell: "OUTSIDE THE CONGO."
[ref: litigation claims outside the Congo. $20m litigation done in the Congo Courts]
See my notes today, Fri, 29 Apr 2022 at 18:18.
£1 = US$1.26
So, $250 million = £198.4 Million vs £4.2 Million RRR Mkt Cap @0.35p.
=47x.
--------------WHAT A TERRIFIC ASSET OF SITU IN GROUND VALUE OF US$125 BILLION
per RRR Consultant Geo's based on 83 drill holes and assays +750 pages of reports+historical data.----Very few co's on the AIM etc have such Value in Ground of US$125 Billion.-----
MUSONOI - International co started CONSTRUCTION in 2020 and they list it as theirs.
Checked their website today but I think I had better not give out the name?
But one can check via MUSONOI COPPER COBALT, DRC to see who owns it ie INTERNATIONAL CO.
News, Fri, 29 Apr 2022.
Part 2
ANDREW BELL INTERVIEW TODAY, 29.4.22 [RNS INTERIM RESULTS ALSO TODAY]:
ELEPHANT OIL IPO
1 shareholder to be removed.
High calibre board.
WEST AFRICA
Looking good. People coming in. [Note sure if A.B is talking about Zimbabwe lithium 2 licences?]
KENYA
Find a partner. [Ref: Migori?] [Gold JORC 723,000 oz]
AUSTRALIA IPO
Assays taking time in Oz.
IPO not strong. AB mentioned options.
So listen if interested.
FUNDING
Katie Pilbeam, Proactive Investors asked about funding.
A.Bell:
"Always something we can sell."
"Money back from the Congo."
---------" O F F E R FOR OUR A SSETS - LIQUIDITY EVENT."-----LITIGATION"-------
------------BY WHOM RE: AB OFFER FOR OUR ASSETS-LIQUIDITY EVENT? --------
News, Fri, 29 Apr 2022.
SP 0.39p
MKT CAP £5M.
INTERIMS 29.4.22
Took a quick look at Interims RNS today - some £13 Million in Exploration/assets out of total of some £17m -kindly check as I had no time to copy so from recall.
Andrew Bell, CEO Interview with Katie Pilbeam, Proactive Investors today, Fri, 29 Apr 2022.
[Post Interim Result RNS also today.]
ANDREW BELL:
"Progress-litigation DRC [50.1% owned]
$20m JV sold back to state co, SOLD to INTERNATIONAL CO.
Pre-arranged, pre-packed.
[1]$5million, $15m -hung on by state co. AB to fly out as state co needs to know who to pay?
Sat down.
[2] LICENCES OF EQUAL REASONABLE-BACK, SPLIT PROPERTIES.
[My comment: AB wants equal licences to Musonoi, DRC or split properties?]
[3] $250 MILLION-ADDRESS OUTSIDE OF CONGO.
[My Comment: RRR has won 2 litigation cases in the Congo as above relating to the $20m [$5 +$15m issues?. The $250 Million will relate to litigation OUTSIDE the Congo Courts, perhaps international arbitration given it is an international co involved [?] or private litigation funded by lawyers - groups as norm. AB did not give details.
---
MUSONOI COPPER AND COBALT, DRC.
It is in the KOLWEZI mining district. Kamoa-Kakuala is also on the way to KOLWEZI airport.
BHP is in early talks with Robert Friedland's Ivanhoe to buy Western Foreland, adj to Kamoa-Kakula , a Tier 1 producing mine.
MUSONOI IN SITU VALUE OF THE CO'S RESOURCE IN THE GROUND IS US$ 1 2 5 BILLION.!!
This is from the RRR current website and this value was from their Consultant Geo's based on 83 drill holes assays, 750 pages of reports, historical data etc. Typical grades 3-5% cu copper and 0.5-1% cobalt. Link: https://www.rrrplc.com/projects-and-investment/copper-cobalt/vup-copper-cobalt-jv/
----------SO $250M OUT OF VALUE IN GROUND OF $125 BILLION IS TINY--------------
-----$250M VS RRR MKT CAP £5M @0.39p today, 29.4.22
INTERNATIONAL CO
I checked today and they list MUSONOI as theirs.
Miningdata said 25% Gecamines [state co] and 75% international co.
Maybe, this international co has 100%? Dont know.
MUSONOI - construction to start the mine began in 2020.
RRR AGM
It appears that A.Bell was voted in by a "LANDSLIDE" by the big holders of RRR.
Well, AB is the man to talk to the big cheese in the DRC - CAN HE GET EQUAL TO MUSONOI LICENCES OR split properties? Got to wait for next RNS/news/interview.
Thanks to trojan for the link.
News, Fri, 29 Apr 2022.
I recall former prolific poster on this thread HELPFUL saying he had invested big in Elephant oil. So instead of my dodgy guesses instead he can probably give you a better idea how the IPOs going.
On relflection the 20 million shares doesn't mean they are costing $1 each share.
Todays RNS also revealed that Red Rock had acquired a further 35,555 shares in an Elephant oil corp pre-listing placement. Each placement share cost $2.25 which means Red Rock took $80,000 in pre-listing placement shares. Red Rock previously held around 362,000 Elephant shares now they hold near 400,000.
With Matt Lofgran being in charge of Elephant oil corp i have an hard time believing they will be successful in raising $20 million for the IPO. So that additional $80,000 in Elephant oil may not be a masterstroke by AB.
https://tickerlog.com/news/3818217_elephant-oil-files-for-20m-ipo-to-fund-oil-exploration-in-benin-namibia/
If you scroll down to the end of March in this link https://www.whalestream.com/market-data/ipo-calendar you'll see they are trying to raise $20 million with 20 million shares, so it looks like it's costing $1 a share. AB paid $2.25.
In the above link if "withdrawn" appears next to the name it will mean IPOs been withdrawn. Luckily Elephant oil corp doesn't yet say that. Probably bookmark just in case.
I think all the silverware has been sold.
Note 10 is interesting. The company has it looks like permission to issue up to 10bn shares.
Plenty of scope to lure in new investors at the expense of current holders.
Feels like this is heading in one direction only.
I don't post on the other forum but i want to help the poster Jlondon if he/she is reading this.
In numerous posts yesterday you kept saying if RRR still held 25 million POW shares that would mean 25 million shares × 1.7p = £4.25 million.
1 million shares = £17,000. 25 million shares = £425,000.
I would hate to think you are investing in RRR because you've made a mistake in your calculations.
should be £490k, not $
Great to see Greenland still appearing under costs!
Shareholders were told for FY 2018 that the Greenland assets had been sold for £1 and there was a £183k liability outstanding. Since then a grand total of $490k has been spunked on Greenland under project development costs. Obviously no mention of Greenland in any of the annual reports since 2018 from the transparent, trustworthy management.
As you were.
Since then
Very amusing January2. :)
Though it's really pityful RRR had only £182,000 in cash and equivalents at the end of December when during that same period they had made £1,808,000 from sales of investments.
Last year Power metals released this holdings RNS https://www.lse.co.uk/rns/POW/holdings-in-company-h4ogrpikbwytut2.html. RNS said Red Rock's shareholding in POW had gone under 3%. So because no mention of POW in todays RNS i suspect Red Rock's shares in POW have all quietly been sold. A month or so ago RRR released an RNS and buried at the bottom of that RNS it said Red Rock no longer had a material interest in Jupiter.
So with no more shares to sell + a money hungry chairman, it doesn't look wonderful here.
Zamora,
It's in the report. You are talking about spending circa 1.2 million.
Well roughly half 647k was spent on Admin, wink wink. Wages, paperclips, food banks , flights etc.
The other half 600k was spent on holes and looking at data, then writing a story book.
My guess is that they want to do this all again for another year. However they may need to raise some more cash. Especially as with inflation, this is likely to cost a lot more in the next 12 months. Paperclips have gone up 20%. Lunches could go up by the same amount, especially if they go to 3 courses and have a sweet this year !
ATB.
Where is AB going to get the money from to continue operations and litigation? Well he could make a start by all the board being paid in shares or postponing any more salary payments from today. But of course us long term holders know he won't.
Todays RNS says during the six months to the end of Dec 2021 proceeds from sale of investments was £1,808,000.
However RNS says at the end of Dec 2021 Red Rock had just £182,000 in cash and equivalents.
Where did all the money go?
Here is the RNS from 29 Sept 2021 when they announced they had sold £1,239 million in Jupiter shares:
https://www.lse.co.uk/rns/RRR/investments-update-f25w6gr3w4dkksg.html
January2
That's what it is every year with the occasional fund raise thrown in from time to time to mix things up a little.
TDT
Well as was said in the opening - " really nothing new to report, since the last updates" -
Maybe they should have added, that they had been relaxing and enjoying some well earned R&R. Plus been busy with some long lunches and evening meals. Or Family Time of year so not done much work !
These I just my thoughts on reading the rns.
ATB
Most small companies, any small company be it a mineral exploration company, a pharmaceutical , a tech , airline, or head transplant company are launched to attract money because the people running them do not want to put their hands in their own pockets. Most fail. Bang goes the money the investors put in. If there is a chance they will be successful, the company is bought by a a bigger company for a price far below the IPO. That’s how it works.