Precise RNS on 7th October 20243 Apr 2025 11:28
Interesting looking back
Comment: Red Rock CEO Andrew Bell states: "Our confidence in the gold price has meant that our strategy has been to secure and not to let go of good gold ground. We now have a diverse portfolio of gold interests with the potential - subject to all the usual caveats - to go into mined production. We have had to wait for the result of our arbitration in the DRC but are now told we are about to receive an invitation to a concluding meeting. We are also invited to the DRC for meetings with Governmental parties on another matter and have been approached by a European private sector party about partnership in their project in the DRC which at first glance looks highly prospective.
On the basis that we receive and repatriate the arbitration award, we do not exclude the possibility of looking at projects presented to us as a result of our enhanced profile in the DRC. Any such opportunities would have to undergo substantial due diligence before consideration. It is worth noting that in the event of a successful resolution in the DRC, which we anticipate, our position there will be a strong one and this appears to be gaining some recognition.
We have pursued a resolution through multiple channels, and it is only recently that a new and direct channel opened at the highest levels has given new impetus to this long-drawn out process, where decisions may have been taken in principle but they have not been carried through. A settlement will have several important effects, including a more rapid advance of activity on other fronts, where we have been held back by a lack of the expected capital, as well as dealing with accumulated liabilities
We continue to move towards gold production in Burkina Faso. The consultants with which we have been working have to pass through time-consuming regulatory hurdles in India in order to bring Indian staff to site, and so to bypass this uncertainty we have entered into an agreement with an experienced South African-Congolese mine management team operating mines in the DRC for a carefully costed 'quick start' operation which will then be replicated in Cote d'Ivoire and we hope will lead to first gold sales in both jurisdictions before the end of 2024.
Positive developments are occurring elsewhere in our operations.
We will continue to update the market."
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