Africo Resources
Africo Resources was a Canadian mining company whose main property is the copper and cobalt Kalukundi Mine in Katanga Province, Democratic Republic of the Congo. A majority of the company was acquired by Camrose Resources Limited in 2016. Company profile Africo was founded in 2006 as a spin-off from Rubicon Minerals, 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. In April 2007 Africo Resources raised C$130-million to fund development of the Kalukundi property. In November 2007 the International Finance Corporation 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 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