- Red Rock Resources said it had formed a new joint venture company for its copper and cobalt assets in the Democratic Republic of Congo.

The joint venture parties had organised a local company, Musonoi Mining, to be owned 50.1% by Red Rock, which said it had made a related £490k share-based payment.

A further $250k payment would be made upon completion of remaining documentation, which was expected early in the New Year.

A report and plan was scheduled to be submitted to local partner La Generale des Carrieres et des Mines by the end of the year.

'We are forming a very positive impression of the potential from the data we are assembling and look forward to providing the market with further detailed information on our targets and intentions, in particular for early mobilisation on to the Musonoi license,' chairman Andrew Bell said.

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