Shares in Red Rock Resources PLC (AIM:RRR) were down as much as 21% after the company issued an update on its long-running arbitration case in the Democratic Republic of Congo, where it is seeking to assert its ownership rights over a disputed copper and cobalt asset near Kolwezi.
Red Rock has been pursuing both arbitration and a Supreme Court ruling in Kinshasa to confirm its 50.1% stake in a joint venture that was sold to a third party without its consent. The company is claiming $2.5 million from the initial sale proceeds, plus damages, and is contesting the remaining $15 million from the transaction.
The Supreme Court is expected to deliver a ruling shortly, which the company hopes will bring clarity to its claim. Management said delays in the process were administrative in nature and reiterated confidence in a favourable outcome.
In Burkina Faso, Red Rock is preparing to launch a gold exploration programme and has received interest in a second licence.
The stock fell 0.005p to 0.030p.