Red Rock Resources (AIM:RRR) said it now expects to receive the initial payment of $7.16m for its first DRC low-cost housing factory in early October, though it cautioned the payment will only be confirmed once received given a history of delay.
The natural resource exploration and development company, focused on gold, base and battery metals and hydrocarbons in Africa and Australia, said tightened public contract procedures had contributed to the slower timeline.
The payment follows the signing in July of a contract between Red Rock's Koto DRC SARL joint venture and the DRC Ministry of Rural Development for Lot 1 of a wall-panel manufacturing factory in Kinshasa province, valued at $7.16m, with a further contractual obligation to pay $21.48m for the first three factories.
The DRC's Minister for Rural Development has announced plans for up to 40 factory locations under the wider national programme, each capable of producing four to five houses a day once complete.
Red Rock and its partner are separately evaluating offers of copper-cobalt mining areas from three government agencies and one private partner, covering three identified areas with more being assessed, expected to sit under the same public-private partnership structure used for the housing JV.
Judgment in litigation between Red Rock and VUP remains pending, and the company said it does not regard the repeated delay in publication as satisfactory.
"This week events have picked up momentum, and the environment for copper continues to improve," said chairman Andrew Bell, adding that the DRC has moved from one of the least favoured jurisdictions to one in high demand, with US and Chinese interest strong.
Bell said the company hopes for a meaningful update on Kenyan licence renewal this quarter, while its Australian interests remain on hold pending a partner to advance them further.