Firering Strategic Minerals plc (LSE:FRG) said it has concluded a US$1 million settlement agreement with Ricca Resources after all related resolutions were approved at Ricca’s Extraordinary General Meeting. The agreement brings to an end all outstanding debts and claims owed by Ricca to Firering, which owns a 10.6% stake in the company.
As part of the outcome, Ricca is also expected to distribute net proceeds arising from the sale of a subsidiary asset. Firering may benefit from this distribution, potentially providing additional upside alongside the settlement. Management noted that the resolution is expected to strengthen Firering’s financial position and improve its standing within the sector.
More about Firering Strategic Minerals plc
Firering Strategic Minerals plc is an emerging quicklime producer and critical minerals explorer. The company is advancing production at the Limeco quicklime project in Zambia, supplying copper producers in the Central African Copperbelt and other regional markets. In parallel, Firering is developing the Atex lithium-tantalum project in Côte d’Ivoire, which offers exposure to lithium and tantalum-niobium, key materials supporting the global transition to clean energy technologies.
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