Red Rock Resources PLC (AIM:RRR) was awarded more compensation for its VUP project in the Democratic Republic of Congo.
On 14 January 2022, the Commercial Court of Lubumbashi issued an executory judgment ordering VUP SA, the company's partner in the joint venture, to pay US$2mln in damages and costs.
This follows an earlier judgment for US$2.505mln, representing 50.1% of the payment already made by a third party to VUP SA, said Red Rock.
"These awards in our favour of $4,505,000 plus costs are steps in a process, and do not put this money into our account, nor do they represent the totality of our potential claims," Andrew Bell, Red Rock's chairman, said.
“We now begin to move to the enforcement and extra-judicial phases of proceedings.
“The company expects to announce drilling results from another project in the DRC, Luanshimba, within the next days.”