AVZ Discussion 2022

[Roller62]

Who is this Lars dude? He is so painful to listen to.

He is probably Klaus

 

[tonster66]

NO ARBITRATION. I have always stated "We will not attend" and yes its my lefty that's on the line.

News, yes...IMO

Just wait for Franks report to sink in a bit once released.....there's a few people booking flights out of the DRC right now

I believe your nuts are safe!

 

[Pokok]

NO ARBITRATION. I have always stated "We will not attend" and yes its my lefty that's on the line.

News, yes...IMO

Just wait for Franks report to sink in a bit once released.....there's a few people booking flights out of the DRC right now

Hope so at 63 I just want to retire and help my kids

 

[Mouthpiecenomnom]

Good month for lithium. I predicted mid-july for recovery but I was off by about 3 weeks (pulled out of my rear-end) . US democratic house of reps soon to sign off on climate bill including EV subsidies. Expecting record highs by Xmas assuming no black Swan events. Fingers crossed! AVZ feels like the worm is turning yet again for the positive. But my God she is a slow turner!

 

[Winenut]

Hope so at 63 I just want to retire and help my kids

Didn't know you'd put yours on the line like Jag!

 

[Samus]

Lithium de Manono : Jules Alingete charge le DG a.i. de la COMINIERE pour bradage et mauvaise gestion - L'Info qui fait écho

Depuis quelques mois, le consortium « LA RDC ET SON PEUPLE D’ABORD », constitué d’organisations non gouvernementales et médias membres de la coalition « TOUS POUR LA RDC »,…

econewsrdc.com

For several months, the consortium "THE DRC AND ITS PEOPLE D'ABORD", made up of non-governmental organizations and media members of the coalition "TOUS POUR LA RDC", the Network of Communicators for the Environment (RCEN) and partner media are increasingly interested in the operation of public mining companies forgotten by the public and which seem to be of less importance to the Government even though they possess significant deposits and have signed partnerships as much as Gécamines and Sokimo did. Spotlight on the lithium of Manono, in the province of Tanganyika, which involves COMINIERE, a company of the State Portfolio. What exactly is it. Word to the General Inspectorate of Finance (IGF).
Having consulted several documents relating to the Congolaise d'Exploitation Minière SA (COMINIERE), he concluded that there was poor management and above all the impunity of the managers whose interim dates back several years, a record achieved, without this being of interest to the government or parliament supposed to defend the interests of the country and the people.
Indeed, everything suggests that only two partnerships (SEGMAL with MMR and DATHCOM with DATHO-MIR and AVZ) are viable while others are not despite dozens of tons of coltan illegally exploited by a subsidiary of a Canadian company and subject of a legal case concerning the United COMINIERE (UC) partnership. A series of publications will henceforth be devoted to it in order to provide objective information on what is happening.
This first publication concerns the Dathcom Mining partnership and will be made in two stages, the first of which reviews the partnership contract and the final observations sheet addressed to the general manager ai of COMINIERE SA on April 04, 2022 through the correspondence referenced N ° 0552 /PR/IGF/OM 54-2022/NMM/2022, as well as on the basis of the document entitled "Amendment No. 1 to the Joint-Venture Agreement entered into on March 25, 2017 between LA CONGOLAISE D'EXPLOITATION MINIERE SA (COMINIERE) represented by Mr. Athanase MWAMBA MISAO, Acting General Manager; AVZ MINERALS LIMITED represented by Mr. KLAUS ECKHOF, Managing Director; DATHCOM MINING SAS represented by its President CONG MAOHUAI; DATHO-MIR MINING RESOURCES SARL represented by Mr. CONG MAOHUAI ,

Illegal transfers of undervalued shares in DATHCOM Mining for the benefit of the Chinese and poor management of revenues
To date, this mining company of the State Portfolio only owns 10% of the shares in the joint venture company while it held 30% before its sales operations contested by the General Inspectorate of Finance to DATHOMIR and ZIJ-JIN, companies with Chinese interests. The Australian-American group AVZ holds 60% while the two DATHOMIR and ZIJIN share the rest equally.
According to this two-page correspondence, signed by MM MUHIYA LUMBU Nicolas (Inspector General of Finance Head of Brigade of Revenue and Tax Services) and ALINGETE KEY Jules (Inspector General of Finance - Head of Service), it is written this on page 2 “The mission made three main observations, namely:

1. The sale of the 15% of COMINIERE's shares in DATHCOM Mining to ZIJIN Mining was carried out in violation of the legal provisions on the withdrawal of the State from the companies in the Portfolio and caused, with regard to the evaluations made in the study of feasibility , a significant shortfall for the Public Treasury estimated at USD116,560,000.00 (US dollars one hundred and sixteen million five hundred and sixty thousand). It was a real selling off of the State's mining heritage, for which you are responsible;
2. Of the total amount of proceeds from the sale of 15% of the shares, which amounts to USD33,440,000.00 (US dollars thirty-three million four hundred and forty thousand), you have already used approximately USD 6,800,000.00 (US dollars six million eight hundred thousand) for operating needs to the detriment of productive investments including USD 5,438,198.00 (US dollars five million four hundred thirty-eight thousand one hundred and ninety-eight) for commissions, snacks, fees, exceptional remuneration of all those who would have contributed to the operation;
3. The presumed free and provisional transfer of 5% of COMINIERE's shares in DATHCOM Mining to DATHOMIR Mining Sarl, but which with regard to the transfer contract, was final and irrevocable without the income from the transfer being traced to COMINIERE. “
   Among other observations of the IGF, the most interesting to mention are:

• The violation, by the partners of COMINIERE SA, of the contractual provisions prohibiting them from selling their shares before the date of commercial production without giving rise to any reaction on your part;
• The choice of consultants FOCUS PLAIDOIRIE, Alpha BUSINESS COMPANY and Association of Mining and Quarrying Agents, over the counter in violation of public procurement legislation;
• The transfer of Exploration Permits without payment of the transfer price to COMINIERE when the transfer contract provides for it;
• Illegal assignments of Mining Titles by Assignees to the detriment of COMINIERE SA…”.
  The feasibility study that the IGF talks about is the one made by AVZ and presented by DATHCOM Mining to the government in accordance with the mining legislation of the Democratic Republic of Congo, our consortium has read a copy of the summary.

The criminal responsibility of the manager, according to the IGF
The transfer of 15% of the shares of COMINIERE to ZIJIN Mining Ldt (a Chinese group shareholder of Gécamines in COMMUS and of IVANHOE in Kamoa Copper in Lualaba) was made with authorization "by the two owners (Congolese State and CNSS)", according to the letter Ref: CEM/DG/074/amm/2021 of 09/17/2021 signed by Athanase MWAMBA MISAO, general manager ai of COMINIERE SA, addressed "To Mr. Christian LUKUSA , legal counsel for AVZ Minerals, of which we have seen a copy.
And in its letter Ref: CEM/DG/073/amm/2021 of 09/17/2021 signed by Athanase MWAMBA MISAO, addressed "To Mr. NIGEL FERGUSON, President of the Company DATHCOM MINING SAS", having for object: "Notification of transfer of 15% of COMINIERE SA shares and request to convene an EGM", of which our consortium has seen a copy, it is thus written from the first to the third paragraphs: "We have the advantage of notifying you of the sale of 15% of COMINIERE SA in favor of ZIJIN MINING COMPANY Ltd. It should be noted that we have complied with the statutory clauses by duly informing the two other shareholders, namely on the one hand, DATHOMIR Mining Resources SARLU which had encouraged negotiations on the share purchase proposal formulated by the company ZIJIN MINING COMPANY Ltd and on the other hand,correspondence was sent to the AVZ shareholder who did not exercise his right of first refusal within the required period (Article 11.2 of the statutes of DATHCOM MINING SAS). In addition, as a State Portfolio Company, our company has obtained the approval of the Minister of State, Minister of Portfolio for this transfer”.
But IGF is clear about the fact that there was a violation of the law during this transfer, whether by order of the supervising minister or the owners despite Dathomir's non-objection: "The control team maintains the observation , because the general manager ai is effectively content to transfer the mining rights without valuing them beforehand. Aware that the partnerships initiated do not really benefit the State-owner, the Director General ai is embarrassed to display the meager results he has obtained. He was therefore unable to prove the contrary.
This is the position of the IGF in its document referenced FO/54&73/PR/IGF/IG-CS/JAK/BRF/2022, a copy of which we have read.
Regarding the transfer of 5% of the shares of COMINIERE to DATHOMIR belonging to another Chinese, COMINIERE told the IGF investigators the following: "The Company DATHO-MIR MINING SA had requested from COMINIERE SA the transfer of 5 % of action to enable it to raise the necessary funds for the rehabilitation of the Lubumbashi-Manono road. This assignment was temporary and motivated by this single imperative. COMINIERE SA submitted this question to the Minister of Portfolio who gave his agreement in principle. However, concerning the monitoring committee, COMINIERE SA was set aside because the monitoring was the responsibility of an ad hoc commission composed of the Ministry of Portfolio, the Ministry of Infrastructure and the Congolese Agency for Major Works”.
A position rejected by the IGF which decides: “Not only that the prerequisites were not satisfied, but moreover and above all, there was use of forgery on the part of the Director General ai who, in his correspondence, did not hadn't told the Minister of Portfolio the truth. Indeed, the contract for the transfer of the 5% shares of COMINIERE SA signed on November 27, 2017 with the company DATHOMIR MINING SARL, duly notarized contract, makes the following findings: far from being provisional, the transfer of 5% of the shares of COMINIERE to DATHCOM MINING was indeed definitive and irrevocable; Far from being free, the transfer was made at a price agreed between the parties, but not stated anywhere in the transfer contract for reasons known only to the Managing Director.
The IGF notes with surprise that the Director General has defended DATHOMIR tooth and nail, therefore engages his responsibility in all that he is accused of.

Ignorance of the IGF report or complicit silence from the government?
The Ministry of Portfolio appears to be the great accomplishment of the current poor health of this State mining company for several reasons, including the non-renewal of representatives and the poor health of this company under its supervision, while the Ministry of Justice seems to have ignored the clear recommendations of the recent audit of the General Inspectorate of Finance as well as the decisions of its own services in addition to the judgments of the courts and tribunals of Lubumbashi against certain partners.
What is the follow-up reserved by the Prime Minister, the Ministers of the Portfolio and of Justice to these serious revelations of the General Inspectorate of Finances (IGF) having established the criminal responsibility of the general manager ai of COMINIERE on the illegal and irregular transfer shares, their undervaluation, the misuse of income as well as sales money not traced by the financial watchdog of the Presidency in the accounts of this company in the State Portfolio since the beginning of the month from April 2022? When will the appointment of new patriotic and conscientious agents at the head of public mining companies such as COMINIERE and SOKIMO under the management of temporary workers for several years, at SODIMICO, ENTREPRISE MINIERE KISENGE MANGANESE,SAKIMA as well as MIBA which seem not to interest the leaders of the country? The rule of law that the President of the Republic, Félix Tshisekedi, wants and the efficient management of the people's mineral resources also depend on it.
The colleagues of the Kinshasa newspaper "Le Soft International" had already launched the alert on the scandal committed by COMINIERE in its edition N ° 1550 of April 11, 2022 without any institution of the Republic reacting, we repeat it and will continue to do so . to do by way of our support for the fight of the Head of State against the predators of public goods, a pillar of his vision of natural resources which must benefit the people first and not a few individuals whoever they are.
A survey carried out by EcoNews, Forum des As, Congo Nouveau, Leader, Mining News Magazine, Le Socle and the “Tous pour la RDC” coalition.

"Australian-American group AVZ"

While this article seems like largely good news (in relation to zijin claims) there are also some elements that remain slightly troubling imo.

"The Australian-American group AVZ holds 60% while the two DATHOMIR and ZIJIN share the rest equally."

"And in its letter Ref: CEM/DG/073/amm/2021 of 09/17/2021 signed by Athanase MWAMBA MISAO, addressed "To Mr. NIGEL FERGUSON, President of the Company DATHCOM MINING SAS"

"The colleagues of the Kinshasa newspaper "Le Soft International" had already launched the alert on the scandal committed by COMINIERE in its edition N ° 1550 of April 11, 2022 without any institution of the Republic reacting, we repeat it and will continue to do so ."

 

[cruiser51]

View attachment 13603

Regardless of all euphoria......

It is clear that JAK of IGF is fighting for fair value for the DRC and not for AVZ.

Does this mean that the 15% sale of Dathcom to Zijin will be cancelled as invalid and shares have to be transferred back?
Does it mean that the transfer of 5% of Dathcom shares to Dathomir will be cancelled and shares transferred back?

And does AVZ still have to fight Dathomir for the shares it paid for?

Before I put any champagne on ice, I need to know more.

If AVZ only has 60%, before it can sell 24% to Cath, It still needs 75%.

As things stand atm, I can't see AVZ coming out of trading suspension next week.

 

[BEISHA]

@JAG

Some awesome sleuthing brother, thanks for taking the time and effort to share all this promising news !!

I am feeling alot more confident of AVZ rightful position, but like @cruiser51 , i will keep that champagne on ice until all this is confirmed via the ASX announcements....

Lithium stocks are pumping, alot of stocks are now sitting on 50% gains from their respective lows, including a few gems of my own ( nice 30k earn today alone ), so its time for the MONSTER from MANONO, to get back on the trading table ASAP and join in on the fun !!

 

[JAG]

Didn't know you'd put yours on the line like Jag!

 

[JAG]

 

[JAG]

No boobies but I will leave you all with this...enjoy your night

 

[Chase]

Classic mate..yeah thanks also for the info sharing

No boobies but I will leave you all with this...enjoy your night

View attachment 13621

Classic mate..poor little piggy..thanks also for info sharing.

 

[Samus]

Regardless of all euphoria......

It is clear that JAK of IGF is fighting for fair value for the DRC and not for AVZ.

Does this mean that the 15% sale of Dathcom to Zijin will be cancelled as invalid and shares have to be transferred back?
Does it mean that the transfer of 5% of Dathcom shares to Dathomir will be cancelled and shares transferred back?

And does AVZ still have to fight Dathomir for the shares it paid for?

Before I put any champagne on ice, I need to know more.

If AVZ only has 60%, before it can sell 24% to Cath, It still needs 75%.

As things stand atm, I can't see AVZ coming out of trading suspension next week.

I agree.
The situation is complex and not easily resolved in full. Although the suspension may not officially relate to anything you've mentioned it isn't hard to see how see how calculations of mining rights might be delayed due to some of the above scenarios as well as the splitting of the tenement. Not necessarily by design of avz but it sure isn't hurting us to be halted in the meantime.
To my mind it's important to look at the situation in context of the challenges we're facing and apply ones better judgement and logic, keeping in mind the complicated political situation presently in the DRC.
More claims of trading this week looking fairly unrealistic.
I'd associate the idea with the likes of "mining licence in a few weeks" and "surface rights paid within a few days" as well as the numerous others prior.
Still no quick and easy way out unless the president intervenes or management have had victories on multiple fronts behind the scenes which we've seen no public sign of yet to date.
Personally if we see even one of the issues officially squashed in the short term it'll constitute a win.
I keep this question you posed at the forefront as being of vital importance:
"And does AVZ still have to fight Dathomir for the shares it paid for?"
The f'k is going on with that? I'd like to know

 

[Charbella]

Lars can shut up now! There you go

 

[Dopi]

Regardless of all euphoria......

It is clear that JAK of IGF is fighting for fair value for the DRC and not for AVZ.

Does this mean that the 15% sale of Dathcom to Zijin will be cancelled as invalid and shares have to be transferred back?
Does it mean that the transfer of 5% of Dathcom shares to Dathomir will be cancelled and shares transferred back?

And does AVZ still have to fight Dathomir for the shares it paid for?

Before I put any champagne on ice, I need to know more.

If AVZ only has 60%, before it can sell 24% to Cath, It still needs 75%.

As things stand atm, I can't see AVZ coming out of trading suspension next week.

Hi all,

I believe the two issues are different:
- 15% sold by Dathomir: Dathomir acquired 5% via dubious mean but is was legally registered and signed by the Cominiere people. I thus think it is now done and dusted.
- 15% acquired bu Zijin was done illegally and not registered so can be annuled or just not taken into account?

Just my thinking but it is how I see it (via my positive and maybe rosy eyes)

 

[Frank]

The 16 SADC countries agree to pool efforts for the industrial revolution

Industry Minister Julien Paluku Kahongya said on Friday that 16 member countries of the Southern African Development Community (SADC) have agreed to pool their efforts to boost the industrial revolution in this region, in his closing remarks for the 6th annual industrialization week of this organization held in Kinshasa from August 2 to 6, 2022.

For him, this industrial revolution will be driven by the DRC and Zambia through the signing of a cooperation agreement as part of the creation of the value chain around the electric battery industry.

Industry Minister Paluku hinted that Southern Africa does not only have mineral resources to produce electric batteries tomorrow, but other pillars have made up the bulk of this week of industrialization, including, agricultural, pharmaceutical and mining sectors.

These three sectors, he said, have been the subject of exchanges so that from agriculture and mining, southern Africa can revolutionize its industry in order to offer agricultural products to the whole world, pharmaceuticals and processed mining.

It is for this reason that the industrialization week has benefited from funding from the European Union and the German government in the order of 750,000 Euros to encourage companies that are in the value chain, particularly in the pharmaceutical sector and the leather industry, informed Julien Paluku Kahongya.

He also indicated that the SADC region contains livestock, cows, sheep and goats but all these skins that come from slaughtering are not used, because there are no dens, so that each of us has a jacket, a shoe and a leather belt.

And all of this, he argued, comes from outside, while we can boost this leather industry, thus justifying the support of the European Union and the German government to stimulate this production at the internal level and bring others to be able to follow suit and gradually stimulate the industrial revolution.

Furthermore, Minister Julien Paluku Kahongya said that the SADC countries have different minerals which are cobalt, lithium, manganese and nickel estimated at 70% which are used in the manufacture of electric batteries.

To this end, he called on member countries to pool efforts around the DRC and Zambia so that they become the precursor of electric batteries and electric vehicles, so that tomorrow the organization can capture this world market and support our economies with a view to eradicating poverty in the country of the sub-region.

 

[Deleted member 2428]

Hi all,

I believe the two issues are different:
- 15% sold by Dathomir: Dathomir acquired 5% via dubious mean but is was legally registered and signed by the Cominiere people. I thus think it is now done and dusted.
- 15% acquired bu Zijin was done illegally and not registered so can be annuled or just not taken into account?

Just my thinking but it is how I see it (via my positive and maybe rosy eyes)

Fuck me, who knows, resolve this shit show please NF, AVZ, DRC and please move forward for the benefit of everyone, PLEASE no more corruption Sick to fuckin death of this shit show for fuckin months and months. Show me the money , get me out at $2

 

[Frank]

I agree.
The situation is complex and not easily resolved in full. Although the suspension may not officially relate to anything you've mentioned it isn't hard to see how see how calculations of mining rights might be delayed due to some of the above scenarios as well as the splitting of the tenement. Not necessarily by design of avz but it sure isn't hurting us to be halted in the meantime.
To my mind it's important to look at the situation in context of the challenges we're facing and apply ones better judgement and logic, keeping in mind the complicated political situation presently in the DRC.
More claims of trading this week looking fairly unrealistic.
I'd associate the idea with the likes of "mining licence in a few weeks" and "surface rights paid within a few days" as well as the numerous others prior.
Still no quick and easy way out unless the president intervenes or management have had victories on multiple fronts behind the scenes which we've seen no public sign of yet to date.
Personally if we see even one of the issues officially squashed in the short term it'll constitute a win.
I keep this question you posed at the forefront as being of vital importance:
"And does AVZ still have to fight Dathomir for the shares it paid for?"
The f'k is going on with that? I'd like to know

Non-compliance and corruption in DRC mining, what about the COMINIERE, AVZ Minerals and Glencore file?​

Within the framework of the exploitation of minerals specifically lithium in Manono in the current province of Tanganyika, the company AVZ Minerals is singled out for non-compliance with the clauses of the contract signed with the company DATHCOM Mining SA, created by two shareholders namely COMINIÈRE and DATHOMIR. Each holding respectively 30 and 70% of the shares.

According to a recent survey carried out on the ground, the contract which binds the Australian firm AVZ to the State with the Congolese clubs is to date in its fifth year.

The investigation also shows that this non-compliance with the contract caused COMINIÈRE to cease operations. Also, all the works that the AVZ company had promised to carry out on the ground have still not been carried out.

Projects not yet realized so far!

According to the agreements, it was a question of building roads, an electronic dam as well as a residential camp.

The construction project of this camp was overcharged at 2,000,000 USD, while it does not represent this amount, some sources report.

Yet AVZ had indeed received 50% more and the motivation to do so.

In addition, COMINIÈRE complains that on behalf of the Government, the Minister of State in charge of the Portfolio would have signed an operating permit for AVZ while the contract with DATHCOM provides for the AVZ partner to submit the feasibility studies to COMINIÈRE for its favorable opinion.

Another complaint is that today, AVZ continues to hold Board meetings to which COMINIÈRE says it is not invited.
She also denounces the raising of funds by AVZ on the Australian stock exchange without taking into account the other shareholders who are not involved.

Five years later, the project remained in a research phase.

This is how COMINIÈRE was contacted by the Chinese company ZIJIN, which had its eye on a project called Manono-Kitotolo.

Thanks to a world-class lithium deposit, COMINIÈRE was counting heavily on the said project, but compliance with the clauses by the shareholders posed a problem. AVZ preferred to obstruct this project with opacity in fundraising operations.

CONTESTATION

COMINIÈRE also expressed its indignation about the sub-contracts of 500,000 USD which were signed without the approval of the partners.

A management judged to be cavalry in the absence of COMINIÈRE’s agents.

In the understanding of COMINIÈRE, who castigates this attitude, once the feasibility study is ready, it should give its favorable opinion for formalities in the Mining Cadastre with a view to transforming PR 13359 into a PE and to add, the feasibility study sent to COMINIÈRE contains an assertion which renders it inadmissible.

In this study, AVZ claims to have recovered the hydroelectric power station of Mpiana Mwanga, whereas it is a heritage of the Congolese State via COMINIÈRE.

According to the results of the investigation, AVZ signed a memorandum of understanding with the Ministry of Energy for the rehabilitation of the said plant by skipping the owner, which is COMINIÈRE.

A cheating which exposes AVZ to legal proceedings.

Several times, COMINIÈRE requested advances on dividends but never obtained them. Instead, AVZ refuted COMINIÈRE’s approach.

On the other hand, in correspondence CL/098/MMA/08/2021, AVZ had accused COMINIÈRE of violating the company’s agreements and statutes.

For the record, in January 2017, COMINIÈRE and AVZ signed an agreement.

The share capital of DATHCOM SA was as follows: COMINIÈRE 25%, AVZ Minerals 65%, and DATHCOM 10%.

COMINIÈRE then ceded 5% to AVZ to stay with 20%.

A company listed on the Melbourne Stock Exchange, AVZ raised the funds in Australia without the knowledge of COMINIÈRE.

The amount obtained by AVZ and its use did not allow COMINIÈRE to verify or understand the allocation.

Everything remained mysterious and enigmatic.

Nothing has been approved by the Board of Directors with respect to loans and advances made by a shareholder.

The DRC, a country with a naturally very rich soil, but which unfortunately is always being duped by foreign firms when it comes to the exploitation of its minerals.

Another example of this deception is the case of the company “GLENCORE” which is being prosecuted by Swiss justice for corruption in the Democratic Republic of Congo.

August 7, 2022 arnbethnic

 

[TDITD]

At the end of the day AVZ = 75%

Dathomir hilariously want more money after concluding business with us, so that’s an easy go fuck yourself Simon Cong. Zijin is a little more murky, IGF said it was illegal, also broke our JV contract terms so Zijin can help themselves to a big serving of go fuck yourself too.

So it leaves AVZ with a healthy 75% and in a good position to collect that 15% from the government via Cominiere, although CATL maybe eyeing it off seeing how badly Zijin are going to bomb.

The juicy stuff today was the wording around IGF ‘charging’ Cominiere DG.
We can only hope that’s true as the bastard needs justice an it will show finally something is happening. Cong next.
It would be nice to have the ML and ownership sorted so we can brush the dust off the BFS.

 

[Frank]

Fuck me, who knows, resolve this shit show please NF, AVZ, DRC and please move forward for the benefit of everyone, PLEASE no more corruption Sick to fuckin death of this shit show for fuckin months and months. Show me the money , get me out at $2

By George i think you of all People need to take 2 before Bed tonight, When life just blows, thank God for Fukitol