Fun story about the DRC. My friend who is a mining manager for Glencore in the Congo saw one of his local employees digging around the mine, illegally, after his shift ended. Unfortunately he had to terminate the employee because of "illegal mining". The employee turned around and said he was lying and took him to court. The judge, yes the judge said my friend (mine manager) had to pay a bribe to the employee and court. My friend refused, and an arrest warrant was issued for him (mine manager). He spent a few hours in a local jail.
This happened in December - consequently he had to flee DRC. Came back to Australia and was redeployed to another sh*t hole in Africa by Glencore. Arguably DRC is the ultimate deepest shi* hole of Africa, but goes to show the level of corruption in that place. Cant see how a business can do sustainable mining there.
Ps. He is invested in AVZ, said it was the biggest investment mistake of his life. Jurisdictional risk is real...
AVZ Price at posting:
78.0¢ Sentiment: None Disclosure: Not Held
