Red Rock hopes to end $10m arbitration in the DRC this week
Aim-listed Red Rock Resources has reported that closure is imminent with regard to its arbitration over a $10-million claim being pursued in the Democratic Republic of Congo (DRC) over its interest in the VUP copper/cobalt joint venture.
On January 24, the company reported that its wholly-owned subsidiary in the DRC had obtained an executory judgment for $2.5-million in 2022, being 50.1% of $5-million paid to a local partner by a buyer, and that the result of the arbitration hearings held in Kinshasa to obtain $7.5-million, being 50.1% of the $15-million still to be paid by the buyer, was pending.
A draft of the arbitration award was received by Red Rock and awaited finalisation and release. However, since the Presidential and Parliamentary elections in the DRC on December 31 have been concluded, with Felix Tshisekedi having won a second term in office, this process and the finalisation of payments could be expected to resume.
"We have had our local associate working on this very important arbitration and he was advised last week that the arbitration judgment was now due to be released. We have two other lines of communication that have served as a listening post and potentially a backup to ensure the matter is dealt with speedily.
“Both have now provided the same feedback on timing, and we have had it confirmed that recent delays have been due to the elections and post-election reshuffle,” Red Rock chairperson Andrew Bell said on February 5.
“After 18 months, we believe the other side, like us, will want to receive its portion of the sale consideration without further delay. Because of the materiality of our $7.5-million – indeed $10-million – claim, we shall issue a further update next week.
“Expediting the arbitration is at this point our highest priority. It has been a very long process, and not without incident, but we are hopefully approaching the finishing line," he said.
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