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LONDON - Red Rock Resources Plc (AIM:RRR) has reached a milestone in implementing its joint venture with Koto DRC SARL in the Democratic Republic of Congo, according to a press release statement issued Thursday.
The company announced the execution of a "Memorandum d’Entente" between the Ministry of Rural Development, Koto DRC SARL, and Red Rock. Under this agreement, the Ministry has committed to fund the purchase and commissioning of three factories for social housing production, with each facility capable of producing at least 3,000 units annually.
This development advances the framework agreement initially signed in November 2024, which aimed to create conditions for Red Rock to be granted copper-cobalt mines while contributing to government social housing initiatives under the Public-Private Partnership Act of 2014.
Red Rock expects to visit short-listed mining licenses in the coming days as part of the next phase of the joint venture implementation.
The company noted that progress on the Koto joint venture has been achieved without additional funding or commitments from Red Rock. The social housing program’s initial financial costs will be secured from external sources.
According to the company, the Ministry of Rural Development ultimately aims to build 142 factories across the DRC for housing unit production, with Koto assisting in the assembly and commissioning process.
Red Rock Resources has interests in gold, base metals, battery metals, and hydrocarbons primarily in Africa and Australia. The company had previously been cautious about further investment in the DRC while awaiting judgment on a financial claim related to the sale of its VUP joint venture assets.
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