145:, and was listed on the Toronto Stock Exchange. Apart from the main Kalukundi project, the company has an agreement to purchase the highly speculative Mashitu adjoining property. It also has rights to three large-scale licenses to explore for gold, nickel and copper in Zambia's Mporokoso sedimentary basin.
194:
In
October 2007, Africo's Swanmines subsidiary signed a Memorandum of Understanding with the DRC Ministry for Social Affairs. The company pledged to align social development programs the local areas of need the Ministry identified. This was the first agreement of this kind to be signed by any mining
152:
agreed to provide a loan of about $ 40-million, subject to risk assessment. As of
September 2008 the company had a market capitalization of C$ 120 million. In February 2009 Africo reached an agreement with the DRC government on amendments to the Kalakundi mining contract. It agreed to pay Gecamines
185:
A 2006 feasibility study estimated the
Kalukundi Mine could produce 800,000 tonnes of ore per year, giving an estimated annual yield of 16,400 tonnes of copper and 3,800 tonnes of cobalt. Ore would be extracted by a contractor using conventional open pit selective exploitation, with multiple pits
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an additional $ 1.6 million annually for four years on top of the existing 2.5% royalty on gross sales payable to
Gecamines. Shares prices shot up after the announcement. In November 2011 market capitalization had sunk to C$ 54.2 million.
237:
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and multiple cut-back to ensure a steady supply of ore. A revised study was commissioned in June 2011 to investigate a 50% higher rate of ore production, and to take into account the much higher metal prices.
195:
company in
Katanga province. In December 2008 Africo was given an award for its outstanding and innovative community service in the Katanga Copperbelt, including Africo's Wheelchairs for Kids program.
562:
169:. In September 2007 Africo said "third parties" were trying to steal its Kalukundi asset through the "systematic misuse of the judicial system". Later that month the DRC justice minister
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165:(25%). In 2007 there was an ownership dispute when a DRC company named Akam Mining claimed it had bought control of Swanmines, and this claim was upheld in a superior court in
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24:
212:
360:
393:
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311:
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directed Gécamines to take note that Akam Mining had no stake in the property. In
October Africo said it had received a letter from
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148:
In April 2007, Africo
Resources raised C$ 130-million to fund development of the Kalukundi property. In November 2007 the
368:
526:
238:"Africo Resources Ltd. Enters into Definitive Agreement with Camrose Resources Limited for Going Private Transaction"
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473:
336:
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The
Kalukundi property is owned by Swanmines, which is jointly owned by Africo Resources (75%) and the state-owned
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401:
261:
174:
38:
177:, the Governor of Katanga, confirming that Akam did not own shares in the subsidiary company.
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8:
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129:, Democratic Republic of the Congo. A majority of the company was acquired by
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32:
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was a
Canadian mining company whose main property is the copper and cobalt
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77:
42:
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498:"Africo Resources signs MOU with DRC Ministry of Social Affairs"
240:(Press release). Africo Resources. Globe Newswire. May 13, 2016.
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Copper mining companies of the
Democratic Republic of the Congo
83:
474:"New 50% bigger Kalukundi copper/cobalt project study awarded"
23:
213:"Africo Resources : completes going private transaction"
424:"Africo to challenge 'theft' of stake in DRC copper project"
449:"Katanga governor supports Africo legal claim, miner says"
309:
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Companies formerly listed on the Toronto Stock Exchange
312:"Africo, IFC conclude financing deal for DRC project"
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385:
260:. Africo Resources. September 2008. Archived from
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549:
465:
382:
310:Olivia Soraya Spadavecchia (19 November 2007).
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287:"Mining project raises further equity funding"
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141:Africo was founded in 2006 as a spin-off from
527:"Africo Resources Wins Mines and Money Award"
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421:
394:"Kalukundi copper/cobalt swindle reversed?"
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249:
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22:
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361:"AFRICO RESOURCES LTD (ARL:Toronto)"
337:"Africo leaps on DRC contract deal"
13:
136:
14:
579:
568:Copper mining companies of Canada
504:. 19 October 2007. Archived from
472:Lawrence Williams (14 Jun 2011).
422:Matthew Hill (6 September 2007).
150:International Finance Corporation
447:Matthew Hill (25 October 2007).
285:Keith Campbell (27 April 2007).
73:Democratic Republic of the Congo
519:
490:
440:
335:Liezel Hill (4 February 2009).
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392:Barry Sergeant (14 Sep 2007).
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96:Chris Theodoropoulos, Chairman
1:
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367:. 2011-11-13. Archived from
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157:Kalukundi ownership dispute
10:
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100:
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63:Camrose Resources Limited
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30:
21:
255:"Investor Fact Sheet"
502:International Mining
175:Moïse Katumbi Chapwe
171:Georges Minsay Booka
533:. December 11, 2008
371:on January 18, 2013
18:
190:Social involvement
181:Resource estimates
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133:Limited in 2016.
131:Camrose Resources
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508:on 25 April 2012
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143:Rubicon Minerals
127:Katanga Province
119:Africo Resources
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108:.africoresources
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17:Africo Resources
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137:Company profile
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217:MarketScreener
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123:Kalukundi Mine
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453:Mining Weekly
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428:Mining Weekly
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404:on 2012-06-12
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341:Mining weekly
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316:Mining Weekly
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291:Mining Weekly
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267:on 2011-09-09
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535:. Retrieved
531:CNW Newswire
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219:. 2016-07-06
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69:Headquarters
61:Acquired by
45:(until 2016)
552:Categories
537:2011-11-13
512:2011-11-13
483:2011-11-13
458:2011-11-13
433:2011-11-13
408:2011-11-13
375:2011-11-13
346:2011-11-13
321:2011-11-13
296:2011-11-13
271:2011-11-13
223:2022-10-10
199:References
167:Lubumbashi
92:Key people
365:Bloomberg
163:Kalumines
78:Vancouver
33:Traded as
50:Industry
478:MineWeb
398:MineWeb
101:Website
41::
84:Canada
53:Mining
265:(PDF)
258:(PDF)
110:.com
58:Fate
125:in
106:www
43:ARL
39:TSX
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
