Rome Resources Plc has reached a settlement with Mozambique over a mining concession from 2011, gaining a 30% interest in new exploration licenses. This agreement enhances future potential in graphite mining, although immediate cash was not awarded. The company continues to emphasize exploration activities in the DRC.
Rome Resources Plc has finalized a settlement with the Mozambique government concerning the expropriation of a mining concession dating back to 2011. The settlement grants Rome a 30% carried interest in five new research and exploration licenses across an area of approximately 59,733 hectares. Although immediate cash compensation is not included, this agreement holds future value through the potential development of graphite mining in these licenses.
The company plans to capitalize on these resources through possible liquidity events, though there is uncertainty regarding the actual monetization. Rome is also committed to advancing its exploration efforts in the Democratic Republic of Congo (DRC), particularly at the Bisie North site.
Previously named Pathfinder Minerals, Rome Resources Plc is dedicated to the exploration of tin and base metals, primarily in the DRC. The company focuses on graphite and heavy mineral sands, reflected in their recent agreement for exploration licenses in Mozambique.
In terms of stock performance, Rome Resources has reported a year-to-date decline of 41.18%. The average trading volume for the stock is approximately 13,193,805 shares, and the current market capitalization stands at £12.14 million. Despite the challenges, the technical sentiment consensus rating currently reflects a “Buy.”
Rome Resources has secured a settlement with the Mozambique government, which includes a 30% carried interest in new exploration licenses. While immediate cash benefits are not forthcoming, the company aims for future growth in graphite mining. Rome remains focused on DRC reclamation efforts, pushing forward its exploration activities. Despite recent stock performance setbacks, the outlook reflects a growing interest. The overview points to the strategic direction of Rome Resources as it continues to navigate challenges in the mining sector, emphasizing its dual focus on Mozambique and DRC assets.
Original Source: www.tipranks.com
