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.
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.