Red Rock Resources has announced a new cobalt joint venture in the Democratic Republic of Congo with the acquisition of a 58% holding in the Kimono cobalt-copper project (KCCP) in Haut Katanga province.
Simaks, a joint venture between Whitewater and state-mining group SODIMICO, is the vendor.
RRR paid $50,000 for 58% of KCCP with further payments of US$25,000 per quarter up to a total of $400,000.
Andrew Bell, Red Rock chairman, said: "Our thorough technical and legal due diligence on this project included the search for and collation of historic information, as well as sampling and mapping on site.
“We are delighted to have been able to arrive at acceptable terms for entry into this exciting and historically very high-grade cobalt project.”