AVZ Discussion 2022
- Thread starter GazDix
- Start date
Carlos Danger
Top 20
That bank statement shows Dathomir received payment of 20m USD from AVZ for the 15% of Dathcom (5m for initial 5% and 15m for the other 10%) between the 16th and 25th of August 2021. Not sure why the transaction from AVZ is redacted but the balance ledger shows the funds are deposited. I got the statement from the Christian Lukusa interview in September.
Cong's argument as to why the transactions with AVZ are incomplete is that he cancelled the two binding Share Sale Purchase Agreements that he signed in June 2019 and September 2020 before he received the final payment. Which is absolute fucking nonsense. The statement proves AVZ completed their obligations for the contracts within the 36 and 12 month respective time limits. The ICC are going to lay the smack down on this clown if it actually gets that far imo
Xerof
Flaming 1967
Cheers mate, thanks for clarifying. Just thought der geist might be sharing his very good research with others in a non-cryptic fashion
MoneyBags1348
Top 20
Don’t tell me you are still one of his biggest fans X
I think he got most of his information listening in when he was delivering Cong’s lunch orders…. Or is that just a cryptic way of saying he delivered brown paper bags for Cong?
Cong appears to be the real ringmaster in the DRC circus…. Felix’s kids partying at the Fleuve Hotel and now running Cominiere
It seems like the more shit we dig up, the more we seem to find Felix’s footprint’s in it…. No wonder he wanted us to back off. Plenty to think about @Spikerama
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Yes, Cong's argument was that he cancelled the agreement in May 2021, after he had received the initial 500k USD advance but before AVZ sent the final payment in Aug 2021. Not sure what if any provisions there were in the agreement regarding cancellation after the advance was paid, but it seems either there weren't any or AVZ feels they weren't followed, as it went ahead with the payments as outlined in the contract and within the mandated time period. I'd like to see the contract clauses, but my feeling is we should be solid on the Dathomir case.
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Because rest assured they doing their best to fuck over our ‘undisputed’ 60%
Xerof
Flaming 1967
Don’t tell me you are still one of his biggest fans X
Look, I'm just a retired nun, living in the back-blocks of NZ. I have no idea who this dude is, although plenty on here don't rate him. So be it.
All I know is he was on to the irregularities of Dathomir and Zijin MONTHS before the company finally declared their 'spurious and of no merit' statements.
I did sell a few on the basis of his research, because I found it to be credible. I wish I'd sold the fucking lot. Oops, 3 Hail Mary's
MoneyBags1348
Top 20
You told me you were a sophisticated investor…. you’ve just got back from a trip round the world and now you are telling me you are a retired nun
I think you might really be J Peterman
Samus
Top 20
Maybe because they're a completely hopeless bunch of greedy clowns and turkeys?
For such a clear cut case to go so far astray and be seemingly ignored by the higher ups in the government is mind boggling.
Especially given the expense in lost revenues to the DRC.
Every argument you read on twitter is like a joke. The case is dead simple and my personal conclusion is that these people have a naturally occurring form of brain damage.
They'll talk and talk until the cows come home without taking the obvious actions that need to happen for everybody's benefit.
Despite the talk of corruption each and every civil servant seems to think they're entitled to a cut of everything, it's ingrained in their culture to the point they no longer know right from wrong imo.
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Azzler
Top 20
"The Company is confident of a positive outcome in relation to the award of the Mining Licence pending resolution of the ICC arbitrations (refer above Cominière and Zijin Mining / Jin Cheng Dispute and Dathomir Dispute below Note 9 Contingencies)."
Hiya gang,
What do y'all think of the possability that there was meant to be a comma, or a "and the" after the word Licence in the above statement?
Meaning they are confident of a posititve outcome for the mining licence AND a positive outcome for the pending ICC cases?
We've seen piss poor proof reading in the past.
I can't imagine they would think it appropriate to communicate in this half ass half hidden manner if it were true that they became aware that there is no ML before the two ICC cases are resolved.
That would be in no way appropriate to shareholders.
I can't imagine the MoM would be ok to wait 18 more months for the resolution.
Hope the company clarifies this soon.
Hiya gang,
What do y'all think of the possability that there was meant to be a comma, or a "and the" after the word Licence in the above statement?
Meaning they are confident of a posititve outcome for the mining licence AND a positive outcome for the pending ICC cases?
We've seen piss poor proof reading in the past.
I can't imagine they would think it appropriate to communicate in this half ass half hidden manner if it were true that they became aware that there is no ML before the two ICC cases are resolved.
That would be in no way appropriate to shareholders.
I can't imagine the MoM would be ok to wait 18 more months for the resolution.
Hope the company clarifies this soon.
To date I have held off any communication with management because I don't want to waste their time, which is no doubt flat out and better spent trying to unfuck our mess than respond to panicking shareholders. However in this instance I have requested clarification of this point mentioned below, which stands in contradiction to previous company reporting and if not in error or mistranslation opens up major sovereign risk implications:
"The Company is confident of a positive outcome in relation to the award of the Mining Licence pending resolution of the ICC arbitrations (refer above Cominière and Zijin Mining / Jin Cheng Dispute and Dathomir Dispute below Note 9 Contingencies
I suspect (and hope) that there may be a simple explanation and the issuance of the ML is not in fact dependent on the resolution of ICC cases as stated in the report, but should I receive clarification of this point I shall revert with the supplied information to the TSE hive mind
JAG
Top 20
Nice one Roon. At the last RS Nigel categorically stated resuming trading would occur once the ML was received and had nothing to do with the court cases, so this now appears to be a change?
Sparrowhawk12
Regular
Tommy Shite-head still at it
www.afr.com
AVZ reveals cash outflows, legal disputes balloon
The suspended explorer said it thinks it can get a mining licence on resolution of multiple legal disputes and the financial backing it needs.
Xerof
Flaming 1967
Tom Richardson
Markets reporter and commentator
Mar 17, 2023 – 2.21pm
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Suspended lithium explorer AVZ Minerals has insisted that a deal to raise $US240 million ($360 million) from a private Chinese investor remains live, despite having its mining licence cancelled by the Democratic Republic of Congo (DRC) government last month.
The Perth-headquartered explorer disclosed its accounts late on Thursday evening, with a cash burn of $24.5 million over the six months to December 31 and cash on hand of $36.6 million as at the period end. It spent $18.9 million on exploration and development costs over the period, with $6 million paid to suppliers and employees.
AVZ said the completion date for the $US240 million investment from Chinese backer Suzhou CATH Energy Technologies in exchange for a 24 per cent stake in the Manono project has been extended from February 28 to March 31.
AVZ says it still has good legal title to 75 per cent of the Manono Project, which is thought to be the world’s largest hard rock lithium deposit.
The location of the Manono project in the south-east of the DRC. Ownership rights to what could be the world’s largest untapped hard rock lithium deposit are under dispute. AVZ Minerals
Legal fights
The explorer also flagged upcoming legal hearings versus rival Chinese group Zijin Mining and a DRC entity named Dathomir Resources at Paris’s International Chamber of Commerce (ICC) in a ballooning fight for control of the deposit.
It has rejected Zijin Mining’s claim that it legally acquired a 15 per cent stake from a DRC government entity in November 2021 and Dathomir’s claims it terminated AVZ’s rights to a separate 15 per cent ownership stake in May 2021.
In the half-year report AVZ said it was confident it would obtain a mining licence pending resolution of the ICC disputes.
On June 1, AVZ agreed to pay a Congo middleman named Marius Mihigo $US1 million in cash to help it secure a DRC mining license.
Last April, AVZ raced to a $4.6 billion valuation and joined the benchmark S&P/ASX 200 Index before retreating to a $2.6 billion market cap in May when it entered an ongoing trading halt and first admitted its ownership interests to the Manono Project had been challenged in the DRC courts in 2021.
The under the pump explorer now faces a class action funded by Omni Bridgeway that alleges it failed to adequately disclose information when making positive statements about its ownership of Manono, and engaged in conduct that was misleading or deceptive. AVZ is defending these claims and the action.
AVZ’s management team again blamed its problems on a “hostile misinformation campaign” it says is attempting to diminish its credibility and that of the company.
Markets reporter and commentator
Mar 17, 2023 – 2.21pm
Save
Share
Suspended lithium explorer AVZ Minerals has insisted that a deal to raise $US240 million ($360 million) from a private Chinese investor remains live, despite having its mining licence cancelled by the Democratic Republic of Congo (DRC) government last month.
The Perth-headquartered explorer disclosed its accounts late on Thursday evening, with a cash burn of $24.5 million over the six months to December 31 and cash on hand of $36.6 million as at the period end. It spent $18.9 million on exploration and development costs over the period, with $6 million paid to suppliers and employees.
AVZ said the completion date for the $US240 million investment from Chinese backer Suzhou CATH Energy Technologies in exchange for a 24 per cent stake in the Manono project has been extended from February 28 to March 31.
AVZ says it still has good legal title to 75 per cent of the Manono Project, which is thought to be the world’s largest hard rock lithium deposit.
The location of the Manono project in the south-east of the DRC. Ownership rights to what could be the world’s largest untapped hard rock lithium deposit are under dispute. AVZ Minerals
Legal fights
The explorer also flagged upcoming legal hearings versus rival Chinese group Zijin Mining and a DRC entity named Dathomir Resources at Paris’s International Chamber of Commerce (ICC) in a ballooning fight for control of the deposit.
It has rejected Zijin Mining’s claim that it legally acquired a 15 per cent stake from a DRC government entity in November 2021 and Dathomir’s claims it terminated AVZ’s rights to a separate 15 per cent ownership stake in May 2021.
In the half-year report AVZ said it was confident it would obtain a mining licence pending resolution of the ICC disputes.
On June 1, AVZ agreed to pay a Congo middleman named Marius Mihigo $US1 million in cash to help it secure a DRC mining license.
Last April, AVZ raced to a $4.6 billion valuation and joined the benchmark S&P/ASX 200 Index before retreating to a $2.6 billion market cap in May when it entered an ongoing trading halt and first admitted its ownership interests to the Manono Project had been challenged in the DRC courts in 2021.
The under the pump explorer now faces a class action funded by Omni Bridgeway that alleges it failed to adequately disclose information when making positive statements about its ownership of Manono, and engaged in conduct that was misleading or deceptive. AVZ is defending these claims and the action.
AVZ’s management team again blamed its problems on a “hostile misinformation campaign” it says is attempting to diminish its credibility and that of the company.
Winenut
GO AVZ!!!!
It was a very good pick up there Azz
MoneyBags1348
Top 20
tommy is already looking at facing misinformation law suits from Marius Mahigo and AVZ including a number of deceptive articles while he hides behind the AFR
As far as Omni Bridgeway…. A DUD company, have a look at their share price over the last 5 years, talk about a desperate companion
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