Red Rock Resources pauses planning work in Congo for elections

Writer, Stock Market Wire
Wednesday, January 30, 2019 - 08:10

Red Rock Resources said it had paused its planning work in the Democratic Republic of Congo due to political turbulence.

The company had hoped to submit a report by the end of 2018 related to a copper and cobalt joint venture project there.

However, the country's Internet services had been suspended by officials following elections to 'avoid rumor and chaos'.

'Having received advice not to visit until after the results because of the high possibility of civil disorder, and given the lack of communications, the company was able to make little further progress over the last month,' Red Rock said.

It added that it would now prepare for activities scheduled to start after the rainy season ends in March.

'It is a great relief and an important development that the presidency of the DRC is going to pass relatively seamlessly to a candidate of the opposition, and a sign of the growing political maturity of the country and its neighbours,' chairman Andrew Bell said.

'We have suffered no disruption in our work and currently expect none.'

'We are now quite positive on the prospects for our main Congolese licenses, and so will have to decide where to focus our efforts and whether to seek joint venture partners to progress some of them.'

In Kenya, meanwhile, Red Rock said it continued to 'vigorously pursue' remaining legal steps for a full restoration of rights over its gold licences.

At 8:10am: (LON:RRR) Red Rock Resources PLC share price was 0p at 0.58p


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