- 07033_beradone_acceptance_end_contract.pdf (0.31 MB)
This was after it learnt in April that another firm, Akam Mining, had acquired its 75% interest in the Kalukundi copper/cobalt project at a sale in execution, without Africo receiving any notice.
The emailed statement said that Akam had received court acceptance of the transaction.
Africo said in a statement on Thursday that the sale in execution followed a Lumbumbashi court order that the firm pay $3-million in damages to an employee, whose contract was not renewed.
However, Africo contended that the employee, Alejandro Berardone, had signed a termination of employment contract, agreeing to accept certain payments and other benefits, in “full and final settlementof his contract” with the company. (See contract attached below)
Following these developments, the Canadian firm was forced to agree with financiers to withdraw a C$130-million financing arrangement for the Kalukundi project.
Africo, however, said that it would not go down without a fight.
“Africo intends to substantially increase the level of its lobbying for understanding and support of its position among stakeholders both in the DRC and internationally,” it said.