RE: Buy14 Feb 2025 18:51
Today Helpful says:
"VUP jointly sued Glencore and Gecamines for the $15m, stating that Glencore guaranteed the $15m: in the court documents"
.............
You keep repeating this but it was later established at the June/July 2022 arbitration that GECAMINES (the DRC state mining company) would be the company to pay the $15 million. So not GLENCORE.
It's not complicated why VUP also went after the Glencore subsidiary because Gecamines hadn't paid them the agreed $15 million, so VUP decided to go after the company that Gecamines sold the licenses on to.
Again it was later established at arbitration that Gecamines would pay the $15 million. Whether they will or not is still to be determined.
Anybody who buys into Red Rock on this Glencore angle is absolute mugs because time and time again we've been told that the company who said would pay the $15 million is DRC state owned company "Gecamines".
This is an extract from a 2022 Red Rock RNS that made "Helpful" latch onto this Glencore angle. To repeat it was later established that company "Gecamines" were the company who said they would pay out the $15 million. Whether they will or not is still to be determined.
Extract from RRR Jan 2022 RNS:
"It recently came 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"