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(Alliance News) - Red Rock Resources PLC has received USD2.5 million from Vumilia Pendeza SA, its local partner in a copper-cobalt joint venture, after a commercial court order in Lubumbashi on Thursday.
A further claim from the gold-focused exploration company for interest and damages of USD11.0 million against Vumilia was heard, and Red Rock expects the judgment within eight days.
The company notes that the payment order of USD2.5 million is subject to Vumilia's ability to pay, and is still eligible for appeal.
Red Rock says it will continue to investigate 'additional remedies that may be available' to it in the Congo and elsewhere.
Red Rock chair Andrew Bell said: "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."
The exploration company also announced the acquisition of two prospective projects in the major gold-producing areas Boromo and Banfora Greenstone Belts of Burkina Faso on Thursday. Preliminary investigations show evidence of high-grade gold.
The assets were held by Faso Greenstone Resources SARLU, a subsidiary of Faso Minerals Limited. A preliminary payment of GBP54,000 has been made to vendors.
Regarding the prospects, Bell commented: "Given the wealth of targets, we have chosen to focus on the areas of the country offering most long-term security, down in the south-west and away from the Mali and Niger borders. The experience of other exploration companies in the country shows that where good geology exists in these underexplored greenstones, and supporting information is available, and then good exploration is undertaken, the chances of success are relatively good."
In addition, results from the exploration company's Galaxy drilling project are being analysed, and results will be announced shortly, the company said.
Shares in Red Rock Resources closed 6.9% lower at 0.56 pence on Thursday in London.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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