logo-loader
Red Rock Resources PLC

Red Rock Resources says cobalt/copper joint venture in the Democratic Republic of Congo now fully effective

Andrew Bell, Red Rock’s chairman commented: "With the elections there having passed peacefully, we have again stepped up the pace in Congo and put in place the final documents allowing us to pursue the JV Project”

DRC
Under the joint venture agreement, Red Rock Resources Congo owns 50.1% of VUP Musonoi Mining

Red Rock Resources PLC (LON:RRR) has signed the final documents making its cobalt/copper joint venture in the Democratic Republic of Congo fully effective, with the initial focus on the old Musonoi superpit.

The AIM-listed natural resource development company said at a meeting on 2 March between its wholly-owned subsidiary, Red Rock Resources Congo SAU, with representatives of joint venture partners, Vumilia Pendeza SA and Bring Minerals SAU, the "Statutes of VUP Musonoi Mining SA, the joint venture company through which the project will be pursued was signed.

READ: Red Rock Resources completes first phase of work at Musonoi mine

Under the joint venture, Red Rock Resources Congo owns 50.1% of VUP Musonoi Mining.

Andrew Bell, Red Rock’s chairman commented: "With the elections there having passed peacefully, we have again stepped up the pace in Congo and put in place the final documents allowing us to pursue the JV Project.”

He added: “Musonoi, the central part of the old Musonoi superpit, of which Glencore's KOV mine represents the western part, abutting our western boundary, and the same company's T17 mine represents the eastern part, adjoining us to the east, is our immediate focus.

“This exceptionally prospective tenement, of which at this early stage the obvious size and grade comparator appears to be Nzuri Copper's Kalongwe project, currently under offer, has the potential to have a transformative impact on Red Rock."

The company noted that the Musonoi tenement, which lies south of Kolwezi in an area of historically important copper and cobalt mining, was drilled in the 1930s and 1940s, seeking oxide ore with a cut-off grade of 2.5% copper.

Production took place then, down to a maximum depth of 105m, and the pit was partially backfilled after production ceased, it added.

Quick facts: Red Rock Resources PLC

Price: £0.00

Market: AIM
Market Cap: £3.18 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Red Rock Resources PLC named herein, including the promotion by the Company of Red Rock Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Red Rock Resources PLC boss hoping to be cash flow positive by year's end

Andrew Bell, chairman of Red Rock Resources PLC (LON:RRR), is hopeful that the mineral exploration and production company will be ”showing appreciable positive cash flows” by the end of 2016. Bell tells Proactive that if everything goes to plan at Shoats Creek, Red Rock will also “be...

on 1/4/16

2 min read