RE: RRR: Andrew Bell, CEO of RRR: I, 2nd HawaiiFive0 post below @14:21, 6.2.246 Feb 2024 15:34
Maidit,
the court case that VUP brought in the Lumbumbashi commercial court was against Gecamines and Glencore jointly. VUP alleged that it had sold assets to Gecamines for $20mil and that the assets were then sold to Glencore. VUP alleged that $5mil had been paid and that $15mil was outstanding. The outstanding $15mil is the same $15mil we are trying to deal with via Arbitration.
VUP sued Gecamines and Glencore jointly because it alleged it was one transaction and that the $15mil was jointly owed by Gecamines and Glencore. At this point RRR became aware of the case and intervened. RRR proved that the assets were JV assets (the JV between RRR and VUP) and that VUP had no authority to sell them and that 51% of the JV assets belonged to RRR. Red Rock was successful in Lumbumbashi, was awarded $2.5mil in damages and $2mil in costs. This result formed the basis of the Arbitration case.
Variously RRR/AB has stated that the JV assets were sold to Glencore for various amounts, sometimes several hundred million and sometimes $400mil.
The amount Glencore paid is not really relevant except that it forms a base for our claim against Glencore. The full claim is for the economic benefit RRR was deprived of by Glencore's tortious interference. When the licences were awarded Gecamines stated that there was 400k+ tonnes copper and 24k+ tonnes of cobalt. The loss to RRR is not whatever Glencore paid but 51% of the economic value of the assets it was deprived of.
Obvs no guarantees but RRR would need to take advice as to quantum but it could be RRR's claim is a few billion USD. What any settlement might be is a different matter.
DYOR
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