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How is addressing factual information ramping?
And if you are going to post at least make an effort to get it right. The price is nowhere near the all time low. If you haven't noticed the market is off because of the COVID nonsense.
DYOR
SP hitting lows as helpful fails ramping.
Wife not speaking to you again?
Why not address some factual information? Things are going well for RRR. Glencore has shown that Musonoi is worth more that the market cap, Migori is back on track, RRAL will be listed soon, Luanshimba update any day and so on...
DYOR
"one should never make assumptions"
That's a bit galling coming from you Helpful. You've been assuming for several years now that Bell was going to pull Red Rock (and Regency) out of the zhitter and stop using it as his own personal piggy bank but so far its been nothing but same old same old.
If something looks like a turd and smells like a turd it usually means its more than likely going to be a turd but don't let that put you off Helpful you just keep on polishing.
TDT
Duke,
one should never make assumptions. 1. I have a copy of the actual royalty agreement and had RRR double check what it said because of a throw away comment by Greg Durack and 2. I have read the Juno Minerals Pty Ltd listing document several times. Mostly to go back and double check what it said.
1. The royalty is on the Mt Ida tenements. 2. My point was that GD and Juno intend to bring Mt Mason into production to fund the development of Mt Ida. 3. So Mt Mason is critical to royalties due on Mt Ida. 4. Everyone thinks Mt Mason is Hematite and Mt Ida is Magnetite, which is not wholly true. 5. Again, everyone thinks that the royalty is on the Magnetite but that is not what the royalty agreement states. 6. The royalty is on iron ore on the Mt Ida tenements. 7. GD in two interviews, one RNS and the IPO document has confirmed that the hematite extends from Mt Mason into the Mt Ida Tenements. 8. They refer to this as a transitional zone. 9. GD has indicated that there is exploration work to be done on ore hematite on the Mt Ida tenements. They didn't do the work last time around. 10. If they do make a decision to mine and start mining hematite on the Mt Ida tenements that triggers the lump sum payments from Anglo Pacific and a royalty stream from Juno.
My current view on Juno is that Priyank being given the boot is poor decision making and I expect them to put the assets back on care & maintenance for a while and so stop spending money. Only my view.
Complete enough for you.
DYOR
Duke.
The main interest from RRR's point of view in JMS was the iron ore assets; Mt Mason and Mt Ida. If those had stayed in JMS they would not be developed.
RRR has a very valuable royalty on Mt Ida and wants it put into production sooner rather than later. The assets were spun out into Juno Minerals Pty Ltd and now stand a chance of being developed. The key is getting Mt Mason into production, the cashflow from that will fund bringing Mt Ida into production. The Juno Minerals listing document gives chapter and verse.
JMS shares were assets held for sale, same with POW. RRR is not and should not be an investment holding company. It is a mining exploration company and those assets should be sold to fund exploration activity as and when needed. Three main sets of activity going on at the moment: Luanshimba, Migori and Victoria/NBGC/RRAL. Both JMS and POW will be sold in due course to fund the exploration on the first two and once NBGC is listed it will be funded without recourse to RRR. NBGC listing will put something like £10mil/£15mil on the RRR balance sheet.
DYOR
Because a prolonged court case is just what Red Rock need right now isn’t it? I can almost predict the updates from Bell as we go along, lawyers been paid, money will be in in the bank by the end of the month etc........heard this before? You bet!
And guess what, nothing will ever come of it, same as ever. Quit the bulli**** helpful, your agenda is too plain to not see, the share price tells us what everyone else sees about this dog.
If VUP fails then the situation ante prevails.
If VUP fails then Glencore still wants the asset and it doesn't expunge RRR's case for tortious interference.
My view is that a deal will be done where everyone is happy except VUP.
In DRC suing Gecamines is a big no-no.
DYOR
I am sorry Zumore but your reading and comprehension skills are lacking.
You simply don't understand what you are commenting on. This has nothing to do with VUP being dishonest except obliquely. The matter is now in front of the court. It is down to what evidence is presented by each party and the court's decision. Red Rock's position is evidenced by the orders granted to date.
The court had issued an order preventing Gecamines and Kamoto (Glencore) paying the monies to VUP.
VUP will have to prove to the court it owned the assets, had the power to dispose of them, did do so legally and that it is owed $15mil by Gecamines and Kamoto.
VUP's case is against Gecamines and Glencore not RRR.
After it has done all that, VUP will then have to show that RRR is not due 51%. That $5mil has already been paid does not stop us recovering the $10.2mil against the $15mil.
DYOR
Helpful says:
"In DRC, VUP is suing Gecamines and Kamoto (Glencore) for $15mil being the unpaid part of the $20mil is says it surrendered Musonoi and the other two licences for. RRR is neither a defendant nor the plaintiff but it is an interested party"
.......
Helpful all this money you confidently talk about coming to RRR is on the assumption that you think the untrustworthy VUP will be successful.
They may LOSE.
So if VUP lose this case your hopes of Red Rock getting millions from Glencore will be gone.
Lastly the $5 million VUP say they received may be long gone.
Helpful says:
"In DRC, VUP is suing Gecamines and Kamoto (Glencore) for $15mil being the unpaid part of the $20mil is says it surrendered Musonoi and the other two licences for. RRR is neither a defendant nor the plaintiff but it is an interested party"
.......
Helpful all this money you confidently talk about coming to RRR is on the assumption that you think the untrustworthy VUP will be successful.
They may LOSE.
So if VUP lose this case your hopes of Red Rock getting millions from Glencore will be gone.
Lastly the $5 million VUP say they received may be long gone.
Lastly VUP may have received $5 million long ago and
I am very hopeful.
Lots news incoming.
Helpful, thank you for the clarity regarding DRC. As a long-term holder, I would love to see shareholders rewarded through this with a large jump in share price hopefully.
Another one that just makes stuff up!
https://www.londonstockexchange.com/news-article/RRR/drc-projects-update/15213115
It has indirectly come to the attention of the Company that its local partner VUP on 20 October 2021 served a Procès-Verbal de Saisie-Attribution de Créances (similar to a garnishee order in our system)(the "Order") on parties including Kamoto Copper Company SA, a subsidiary of Glencore PLC, claiming a principal sum of $15,000,000 in respect of a purported surrender by VUP of the JV Assets and some others, for $20,000,000 compensation, to La Générale des Carrières et Mines ("Gécamines"), a state-owned company in the Democratic Republic of Congo, under the terms of a purported Amicable Termination Transaction Protocol ("Protocol"). The Protocol was stated to have been signed on 4 December 2019, notarized on 29 September 2021, and come into enforceable form on 5 October 2021, and to have been entered into in the framework of discussions by Gécamines with a third party.
"notarized on 29 September 2021, and come into enforceable form on 5 October 2021"
ie., it didn't exist before 29/09/2021.
AB's share sale was on 11/08/2021
https://www.londonstockexchange.com/news-article/RRR/director-pdmr-shareholding/15096372
So he sold 6 weeks before it was possible to know the agreement existed because it didn't exist before that date and it only came to public attention because of the court action post 20/10/2021
"It has indirectly come to the attention of the Company that its local partner VUP on 20 October 2021 served a Procès-Verbal de Saisie-Attribution de Créances"
So are you stating that he traded on 11/08/2021 on the basis of something that he couldn't have known existed before 20/10/2021 at the earliest?
You people don't understand anything about what you prattle on about.
DYOR
Andrew Bell sold his shares a couple of months ago. Just before the Congo news broke. Just like he did just before the Iron Ore venture went sour. If this Congo business will be so good in the long term, why has he sold?
http://www.dentonsmininglaw.com/use-of-dispute-financing-in-the-mining-sector/
https://www.investegate.co.uk/prairie-mining-ltd/rns/prairie-secures-a-18m-litigation-funding/202006300730014965R/
https://www.rpc.co.uk/press-and-media/uk-litigation-funder-war-chests-hit-record-high-of-2bn-up-46-percent-in-a-year/
I see our friend Zumore has been making stuff up again. If he is so clued up, ask him what was the order granted in the VUP v Gecamines/Glencore hearing this week in DRC?
What he didn't know that there was a hearing?
A few things that need to be recognised here:
In DRC, VUP is suing Gecamines and Kamoto (Glencore) for $15mil being the unpaid part of the $20mil is says it surrendered Musonoi and the other two licences for.
RRR is neither a defendant nor the plaintiff but it is an interested party. As an interested party it has been recognised by the Court. The Court has granted the DRC version of a Garnishee Order (https://www.checkmyfile.com/jargon/garnishee-order.htm#:~:text=A%20Garnishee%20Order%20is%20a,to%20following%20a%20court%20order.)
This means that the $15mil is frozen and cannot be paid to VUP by Gecamine/Glencore, even if they wanted to.
Separately, RRR has secured an order freezing Kamoto's bank accounts in the DRC and secured a lien on its assets.
The Court has accepted RRR's standing and issued protective orders. VUP will now have to prove several things to the court, including that it could dispose of the assets in the manner that it said it did. It will be difficult for them to do that, since they do not have the authority to do so. By prove, I mean produce the relevant documents.
As to RRR's cash position there are two completely separate matters: 1. The $20mil in the DRC and 2. Tortious Interference in the UK. The first relates only to the $20mil and RRR's position will be that if the transaction is recognised 50% belongs to RRR. That does not expunge RRR's claim for tortious interference. The claim would be for the loss to RRR. The loss would be based on what revenue the asset would generate over its life: the starting point would be here https://www.proactiveinvestors.com.au/companies/news/209771/red-rock-resources-proceeding-to-completion-for-cobalt-and-copper-assets-joint-venture-in-the-democratic-republic-of-congo
Having established the legal position in the UK ie., taken advice from Counsel. RRR then needs to get advice on quantum. AB quite clearly says that we were given Musonoi on the basis that there was at least 375,000 tonnes of copper there and about 24,000 tonnes of cobalt. RRR would need to do a DCF and then make adjustments. However you calculate it, it is a big number.
You need to note that a claim is not the same as a settlement or compensation. All of this is standard in these types of cases.
So far so good. We should know more by back end of next week.
DYOR