LONDON (ShareCast) - (Sharecast News) - Natural resource investment and development company Red Rock Resources updated the market on the legal proceedings it and its local partner instituted in May 2015 against the Ministry of Mining in Kenya.
The AIM-traded firm said a consent had been signed on behalf of the Attorney-General and the company, and was being filed with the court.

Under the terms of the consent, the parties agreed that the case be marked as withdrawn with no order as to costs, that the applicants were at liberty to apply for licenses under section 225(6) of the Mining Act 2016, and that previous decisions would not be prejudicial to such applications.

The company's board said it welcomed the settlement, and had caused the appropriate applications to be made.

"We spent many millions exploring these licenses and producing an initial 1.2m oz mineral resource under the JORC code at the beginning of the decade," said Red Rock chairman Andrew Bell.

"Our activity on the ground in gold exploration was second to none in its commitment, speed, and extent, and went so far as applying for a mining license on one area."

Bell said it was a "disappointment", and the firm believed an "injustice" that external factors then created obstacles in the way of following up that progress.

"This settlement we hope will open the way to renewed progress towards our aim, which is to have a producing gold mine.

"Our desire, and that of the authorities and local communities, is to see work towards this recommence without delay.

"We shall make further announcements as the applications progress."

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