RRR DRC: RNS, 14.2.24 @Reach stated: "UPDATE this week or next wk."15 Feb 2024 15:30
State of play: RRR DRC
Mining Weekly reported on 5.2.24 RRR RNS: " DRAFT AWARD IN THE HANDS OF RRR" and finalisation awaited [para phrased].
JUDGE, DRC COMMERCIAL COURT:
The Judge is NOT there to pass judgment. DRAFT AWARD SENT TO RRR and as norm, to the other party.
Usually, the draft is to ask IF there is ANY MORE LEGAL OBJECTIONS etc within x days. IF NO MORE OBJECTIONS [legal], the award will be STAMPED and both parties get a copy ie called SEALED COURT ORDER.
Obviously, Kinshasa being the capital of DRC is the location of the DRC commercial court. RRR's local associate called to Kinshasha on Tues, last wk. Yesterday's RRR RNS stated: OTHER PARTNER RETURNING TO KINSHASA.
From my understanding, RRR has a 50.1% share in the JV with VUP. So, normally RRR would be the operator by convention. However, RRR is not on the ground in DRC permanently, so has to rely on VUP, the local DRC partner.
Partner of RRR, VUP has to also AGREE to the award.
SO DELAY OR PASS & STAMPED, THE AWARD?
If there is some other sticking point, then a further DRAFT. WHO IS PAYING OUT? Gecamines, the state miner or KAMOTO, the owner now of Musoni ? If it is Kamoto, they cant say they wont pay given there is a court award and they did say they will pay on a court award. Gecamines also cant say they will not pay and if they dont pay to the partnership of RRR & VUP, then , as RRR said it will go to the international arbitration court and get added on ?
A COURT CASE HAS A DEFINITIVE OUTCOME, IE A JUDGMENT AND A SEALED AWARD.
So, what is so difficult to understand given court cases are heard everyday? DYOR. NIA. Just for discussion.
RRR AGM tomorrow - so can ask who is the defendant- that is PUBLIC INFOR surely? Posters dont know as different people give different answers.