Translation is:
"During the afternoon session of October 5 in arbitration in Paris, Zijin and
@cominiereSA
spent most of the time attacking United Cominiere (UC) and discrediting its CEO having the evidence and details not applied to the detriment of the people on the deal is contested by
@IgfRdc"
United Cominiere and Cominiere are 2 separate entities.
"Meanwhile, Tantalex’s joint venture subsidiary, United Cominiere SAS has completed a mandatory transfer of 10% of its share capital to the Congolese government upon the transformation of a research permit to a mining permit.
United Cominiere holds concessions 12447 and 12448 where the TiTan plant is located.
Following this transfer, the company’s subsidiary Sandstone Worldwide Limited will own 63% of United Cominiere SAS, Cominiere SA will own 27% and the Congolese government will own 10%."
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It wouldn't surprise me if they are muddying the waters trying to point the finger at the German and his cronies since Nige and team are playing by the book and have their noses clean. They have to direct the heat somewhere. We aren't the only people Cominiere and CAMI fight with.
As Kiki reported in September:
Many analysts see this agreement between the Swiss giant Glencore and the Canadians from Tantalex as another strategy for opponents of the DATHCOM project with the Australians from AVZ MINERALS, which the Congolese government is blocking for political reasons.
Glencore, for its part, according to its executives, has no intention of operating or taking major stakes in lithium mines, preferring to use its traditional business model of providing debt financing in exchange for the supply of the mined product.
Commenting on the agreement, Hadley Natus, President of Tantalex, said: "This will be Glencore's first lithium investment in the DRC. They will bring their experience to the country. With battery metals, I don't see how people can turn a blind eye to the DRC.
"Tantalex Canadians reportedly own two permits in Tanganyika at Manono, PR 12447 and PR12448, "approved" by ministerial decree, signed by the Minister, Antoinette Nsamba Kalambayi, to be transformed into Mining Concessions:
"Toronto, Ontario, October 31, 2022 -
Tantalex is pleased to announce that its 70%-owned DRC subsidiary, United Cominiere SAS, has been informed by the Ministry of Mines that research permits PR 12447 and PR12448 have now been transformed into mining concessions." The Canadian group announced on its website."
This is an incredible milestone for the Company, as it will generate positive cash flow for the Company in early 2023. This will be the most modern alluvial plant in operation in the DRC, and we believe it is likely to be just the first of many that we will install. As we progress with the development of the Manono lithium tailings project, our Titan project demonstrates to our investors, the DRC government and local stakeholders that Tantalex is serious about building production facilities in a sustainable way."
Tantalex's TiTanProject at Manono
- Tantalex can now proceed immediately with construction of the TiTantin and tantalum alluvial concentrate plant.
- Project to produce around 1,400 dmtof of tin concentrate and 220 dmtof of tantalum concentrate per year.
- Generate around US$30 million in annual revenues at current commodity prices. Production is scheduled to start in March 2023.
- Equipment and machinery already arrived and tested at Manono, ready for on-site assembly.
But for the moment, on the websites of the Mining Registry of DR Congo (CAMI) and COMINIERE, these two permits are still registered as 100% owned by the Congolese state-owned company.
What about the sums spent by Tantalex to take possession of the two permits, COMINIERE and the Congolese state in this agreement between the Canadians and the Swiss giant?
