Rome Resources Plc has settled with the Mozambique government over a 2011 mining concession expropriation. The agreement grants Rome a 30% carried interest in five new exploration licenses totaling 59,733 hectares, primarily for graphite mining. While immediate cash is not provided, the settlement aims for future value. The company continues to explore opportunities in the DRC.
Rome Resources Plc has successfully reached a settlement with the government of Mozambique concerning the expropriation of a mining concession that occurred in 2011. Under the terms of the agreement, Rome will acquire a 30% carried interest in five new exploration licenses spanning approximately 59,733 hectares in Mozambique. While this settlement does not provide immediate monetary compensation, it presents opportunities for future profitability in graphite mining.
The company plans to extract value from these licenses through forthcoming liquidity events, although it acknowledges the uncertainties associated with monetization. Rome Resources remains committed to advancing exploration activities in the Democratic Republic of Congo, particularly focusing on the Bisie North site.
Previously known as Pathfinder Minerals, Rome Resources Plc is dedicated to exploring tin and base metals, primarily in the Democratic Republic of Congo. The company’s activities revolve around the mining sector with a specific emphasis on graphite and heavy mineral sands, highlighted by their recent settlement regarding new exploration licenses in Mozambique.
In conclusion, Rome Resources Plc has successfully negotiated a settlement to regain rights to new exploration licenses in Mozambique, despite the lack of immediate financial compensation. This agreement potentially opens avenues for future revenue through graphite mining. Additionally, the company remains steadfast in its exploration efforts in the Democratic Republic of Congo, aiming to enhance its portfolio in the mining industry.
Original Source: www.tipranks.com
