Australia's Red River slumps on royalty dispute appeal dismissal

Red River Resources

23/11/2021 01:08

** Shares of Red River Resources Ltd  RVR.AX  fall as much
as 14% to A$0.185, mark their biggest intraday pct loss since
January 2020
    ** Gold explorer says its appeal related to unit's
obligation to pay royalties to Thalanga Copper Mines Pty Ltd
(TCM) has been dismissed  urn:newsml:reuters.com:*:nASX4tbtCj
    ** The payment of royalties from its Thalanga operations in
northern Queensland was a liability it inherited when it
acquired the project in 2014 - RVR
    ** Co says the judgement sum is about A$20 mln ($14.45 mln),
which is payable within 28 days of the judgement being entered
    ** Adds that ore milled at Thalanga for Q2 FY2022 has been
below usual due to increased ground control requirements
    ** Stock hits its lowest since Oct. 12
    ** About 2.5 mln shares change hands, vs the 30-day avg
volume of 1.5 mln
    ** Stock has fallen 23.2% this year, as of last close

($1 = 1.3837 Australian dollars)

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))