Last checked at 13 Oct 2023 15:12
Red Rock Resources Plc
("Red Rock" or the "Company")
Update on activities in Central Africa
and comment on share price movement
13 October 2023
Red Rock Resources Plc, the natural resource exploration and development company with interests in gold, copper, cobalt, lithium and other minerals, announces an update to the announcements of 18 August and 20 September in relation to the Company's operations, through its subsidiary African Lithium Resources (Pvt) Ltd ("ALR"), in Zimbabwe, and in relation to its interests in the Democratic Republic of Congo.
The Company also notes the increase in its share price today and is aware of no unpublished price sensitive information.
The CEO of the Company is currently in Zimbabwe to plan operations, together with an entrepreneur with decades of African experience, Mr Sam Mahendran, and his team of consultants including Dr Willem Smuts and Mr Dirk Benade, BSc, who is transferring from the Company's payroll to that of Mr Mahendran. After site visits have been carried out a further report will be made, but the business model as noted in the announcement of 18th August is now focussed on export sales.
Discussions have been carried out with several potential offtake partners and will continue in Dubai on the return leg of the current trip. Any definite agreements which result will be reported in due course.
In the Democratic Republic of Congo, the Company continues to await a settlement of its arbitration claim of $7.5m or more.
CEO Andrew Bell comments: "We are with a professional team in Zimbabwe, who have country and logistics experience and the ability to mine efficiently, and are working out how to maximise the short term value of the Company's assets while lithium remains in such high demand.
In Congo, our position remains exactly as previously reported. We have a judgment for 50.1% of the $5m already paid out, which we would need to enforce against the partner, but are principally interested in our $7.5m claim on the $15m yet to be paid by the buyer, where an arbitration has taken place. We are not in any discussion regarding accepting any lesser amount and expect our rights to be formally recognised. Our case is a significant test of the DRC as an investment destination and we remain confident."
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited
Bob Roberts 0203 8696081 Joint Broker Clear Capital Corporate Broking