AVZ Discussion 2022
- Thread starter GazDix
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Dave Evans
Regular
@Remark here’s some info if you want to share with anyone who is proactive on X.
Looks like Vominiere have a little explaining to do regarding the Mpiana Mwanga power plant as well as funding and debt. And if anyone is following Monga on X, he gets a mention too
On the 23 December 2025, the members of Cominiere held a BOD meeting.
COMINIERE SA: The Board of Directors takes stock of strategic projects and the financial situation The Board of Directors of COMINIERE SA
December 23, 2025/0 Comments/in News/byCOMINIERE
met on November 14, 2025 in Kinshasa, under the chairmanship of Mrs. Lisette Kabanga Tshibwabwa. This working session brought together the members of the Council as well as several guests, including the Directors, the Auditors and the Censor of the Ministry of the Portfolio.
An agenda focused on major issues. The directors reviewed and approved the minutes of the meeting of June 06, 2025, before evaluating the recommendations made on that occasion.
The exchanges then focused on the evolution of the MITWABA project, the litigation relating to the granting of the energy exploitation and marketing certificate to MPIANA-MWANGA Power, as well as on the presentation of the real estate project of the new city of MAKOMENO in Manono.
The Council also took stock of the credit application with Equity BCDC, evaluated the collaboration with Manono Lithium, analyzed mission reports in China and the United States, before addressing the various issues.
Crédit Equity BCDC: a worrying financial situation. Regarding the financing requested from Equity BCDC, the Council identified significant difficulties related to the guarantee provided by Manono Lithium. An alternative financing proposal, conditioned on Chinese subcontracting, was mentioned, without however, a consensus between the partners.
Faced with this critical situation, it was decided to invite the managers of Zijin Group as soon as possible, in order to find a sustainable solution to the company's cash flow.
MITWABA project: towards a structured financial arrangement. The Council noted NECO's support for the MITWABA project, while stressing the need for substantial investment. It was recommended to develop a detailed business plan, intended to be submitted to the CNSS for possible financing.
Energy litigation and protection of interests of COMINIERE. Regarding the dispute between COMINIERE SA and MPIANA-MWANGA Power, the directors opted for the creation of a subsidiary dedicated to energy.
They also took note of the parallel steps taken by Zijin Group, while insisting on the obligation to protect the interests of the company. To this end, the preparation of an amendment to the KATAMBA contract was recommended.
MAKOMENO real estate project: structuring in progress. The Council has taken note of the memorandum of understanding signed with IDAL PROJECT SARL for the construction of the new city of MAKOMENO. The search for financing, the monitoring of the procurement procedure and the upcoming presentation of the business plan to the Council are among the priorities chosen.
International openness and strategic partnerships. The mission reports highlighted the participation of COMINIERE SA in the China Expo, marked by visits to mining sites and meetings with Zijin Group. The mission to the United States allowed participation in the DRC-USA Forum, a visit to Tesla factories and a strategic meeting with Kobold Metals.
Administrative decisions and closure
Among the various points, the Council mentioned the steps taken with the Minister of Finance for the payment of a debt, the follow-up of the surface rights file and the causes of the precariousness of the treasury. A special mandate was granted to Mr. Alain Monga for the completion of notarial formalities.
The session, which opened at 11:35 a.m., ended at 4:00 p.m. The minutes were duly signed by all the directors, thus marking the desire of COMINIERE SA to strengthen its governance and accelerate the implementation of its strategic projects.
Eric mpungwe
COMINIERE SA : Le Conseil d’Administration fait le point sur les projets stratégiques et la situation financière Le Conseil d’Administration de la COMINIERE SA - COMINIERE SA
s’est réuni le 14 novembre 2025 à Kinshasa, sous la présidence de Madame Lisette Kabanga Tshibwabwa. Cette séance de travail a rassemblé les membres du Conseil ainsi que plusieurs invités, notamment les Directeurs, les Commissaires aux comptes et la Censeure du Ministère du Portefeuille. Un...
cominiere.com
If you blokes are active on X, now’s the perfect time to stick it into Kibeya and Vominiere’s corrupt BOD.
No one knows the DRC and Vominiere’s corruption better than AVZ investors and with the new year underway, Trump looking for a win on securing critical minerals through the Strategic Partnership Agreement, and KoBold and Vominiere hoping that all Vominiere’s corruption will silently disappear under the rug as focus is placed elsewhere, now is a perfect time to remind everyone of their corruption.
Here’s a few names you can link into posts that are tied to the
Strategic Partnership Agreement Between the Government of the United States of America and the Government of the Democratic Republic of the Congo
OTHER RELEASEBUREAU OF AFRICAN AFFAIRS
DECEMBER 4, 2025
Financial Institutions
World Bank, IMF, Equity BCDC
The United States representatives
Departments of State, the Treasury, Commerce, and the U.S. International Development Finance Corporation (DFC). Also: Marco Rubio, Massad Boulos, Scott Bessent, Lucy Tamlyn
The DRC representatives
Ministry of Foreign Affairs and International Cooperation, the Ministry of National Economy, the Ministry of Finance, the Ministry of Planning, and the Office of the President. Also: MoP MoM CAMI
Highlighting Vominiere’s corruption, lack of accountability, lack of transparency, lack of oversight and lack of governance.
The above points are all highlighted in the Strategic Partnership Agreement
A few links to add
DRC ICC Penalty Calculator 2.0
Calculates the amount of penalties the DRC has incurred since the first & 2nd violation of the ICC court ruling
drc-icc-penalty-counter-2.netlify.app
Special thanks to @Spikerama for the penalty counter link
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Mr Inappropriate
Regular
If you blokes are active on X, now’s the perfect time to stick it into Kibeya and Vominiere’s corrupt BOD.
No one knows the DRC and Vominiere’s corruption better than AVZ investors and with the new year underway, Trump looking for a win on securing critical minerals through the Strategic Partnership Agreement, and KoBold and Vominiere hoping that all Vominiere’s corruption will silently disappear under the rug as focus is placed elsewhere, now is a perfect time to remind everyone of their corruption.
Here’s a few names you can link into posts that are tied to the
Strategic Partnership Agreement Between the Government of the United States of America and the Government of the Democratic Republic of the Congo
OTHER RELEASE
BUREAU OF AFRICAN AFFAIRS
DECEMBER 4, 2025
Financial Institutions
World Bank, IMF, Equity BCDC
The United States representatives
Departments of State, the Treasury, Commerce, and the U.S. International Development Finance Corporation (DFC). Also: Marco Rubio, Massad Boulos, Lucy Tamlyn
The DRC representatives
Ministry of Foreign Affairs and International Cooperation, the Ministry of National Economy, the Ministry of Finance, the Ministry of Planning, and the Office of the President. Also: MoP MoM CAMI
Highlighting Vominiere’s corruption, lack of integrity, lack of accountability, lack of transparency, lack of oversight and lack of governance.
The above points are all highlighted in the Strategic Partnership Agreement
A few links to add
DRC ICC Penalty Calculator 2.0
Calculates the amount of penalties the DRC has incurred since the first & 2nd violation of the ICC court rulingdrc-icc-penalty-counter-2.netlify.app
Special thanks to @Spikerama for the penalty counter link
I just did the quick maths on my (theoretical) share of those penalties. Fuck me dead, that’s nice. And yes, i know that these corrupt fucks will probably never pay a cent…
Dave Evans
Regular
None of the fucks will ever pay for their corruption unless we keep the pressure on them by keeping their corruption front and centre of every conversation in the media around critical minerals in the DRC.
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Flexi
Regular
KIKI KIENGE
@KiengeKki
·
11m
#Mining_Lithium_DRC COMINIERE and #ZIJIN in financial difficulty: Congolese subcontracting threatened in favor of Chinese companies By Kiki #Kienge While the Manono deposit is presented as one of the richest and most promising in the world for lithium, its development is stalling dangerously. Behind the official pronouncements, the reality reveals a persistent inability of the Manono Lithium joint venture to reach the production phase, against a backdrop of financial crisis, fragile legal structures, and controversial attempts to circumvent Congolese law on subcontracting. A joint venture born on the basis of embezzlement The Manono Lithium joint venture is widely perceived as the result of an opaque arrangement, tainted from the outset by serious legal and financial irregularities. From a legal standpoint, its creation is based on a maneuver akin to a shady deal, which led to the controversial and allegedly illegal transfer of part of the Dathcom deposit, resulting from the partnership between AVZ Minerals and COMINIERE. SA, for the benefit of Zijin Group. Financially, the investment promises made when Zijin joined the project have apparently never actually benefited the Congolese state. The announced funds seem to have vanished into shady channels, fueling serious suspicions of corruption and embezzlement, and leaving behind a project without solid financing, now mired in failure. Manono Lithium is based on a partnership between COMINIERE SA, the Congolese state-owned company holding the historical mining rights, and Zijin Group, the Chinese mining giant meant to provide capital, technical expertise, and access to international markets. However, several years after its creation, the project remains bogged down by chronic delays, constant arbitration, and a glaring lack of concrete results on the ground. A financial situation deemed worrying. During recent meetings of the COMINIERE Board of Directors, the conclusion was unequivocal: cash flow is under severe strain, and the financial viability of the Manono Lithium project is seriously in question. Capital needs are significant, but the partners are struggling to secure credible and reliable financing. This financial fragility fuels a climate of uncertainty, weakens project governance, and further delays the transition to industrial operation. The Equity BCDC loan: a revealing failure. The attempt to obtain bank financing from Equity BCDC perfectly illustrates this impasse. The requested loan was intended to alleviate cash flow problems and restart certain key activities. However, the bank quickly expressed major reservations, particularly regarding the guarantees provided by Manono Lithium, which were deemed fragile, insufficient, or legally problematic. In short, the assets and commitments presented did not offer the necessary assurances regarding repayment capacity, revealing the structural weakness of the joint venture's financial arrangement. Chinese subcontracting: a controversial leap of faith. Faced with the failure of bank financing, an alternative solution was considered: resorting to Chinese subcontracting, backed by pre-financing of the work by foreign companies. This option, far from being neutral, is generating considerable controversy. In the Democratic Republic of Congo, the law reserves the exclusive right to subcontracting to companies with Congolese capital. Cominiere's desire to entrust these activities to Chinese companies would not only exclude local operators but also violate the spirit and letter of national legislation. For many observers, this approach reflects less an industrial strategy than an attempt to mask the partners' inability to structure compliant and sustainable financing. High-risk legal arrangements. Beyond the social and economic issues,The use of direct or disguised foreign subcontracting exposes COMINIERE and Manono Lithium to considerable legal risks: contract nullity, administrative sanctions, litigation, and even challenges to the Mining Code. In an already unstable context, these choices could worsen the situation instead of resolving it. A symbol of broken promises: The Manono Lithium project was meant to embody the DRC's strong return to the global strategic mining stage. Today, it is seen as a symbol of wasted potential, where the lack of a clear vision, financial fragility, and questionable choices jeopardize one of the most coveted deposits on the planet. Without a renewed commitment to governance from Kinshasa, transparency, and respect for Congolese laws, the Manono promise risks remaining a dead letter, to the detriment of the national economy and the Congolese companies that are supposed to be its primary beneficiaries.
@LouisWKabamba
@MinMinesRDC
@Presidence_RDC
@ChrisKitungwa
@KoBold_Metals
@SuminwaJudith
https://x.com/KiengeKki/status/2007393863925727743/photo/1
@KiengeKki
·
11m
#Mining_Lithium_DRC COMINIERE and #ZIJIN in financial difficulty: Congolese subcontracting threatened in favor of Chinese companies By Kiki #Kienge While the Manono deposit is presented as one of the richest and most promising in the world for lithium, its development is stalling dangerously. Behind the official pronouncements, the reality reveals a persistent inability of the Manono Lithium joint venture to reach the production phase, against a backdrop of financial crisis, fragile legal structures, and controversial attempts to circumvent Congolese law on subcontracting. A joint venture born on the basis of embezzlement The Manono Lithium joint venture is widely perceived as the result of an opaque arrangement, tainted from the outset by serious legal and financial irregularities. From a legal standpoint, its creation is based on a maneuver akin to a shady deal, which led to the controversial and allegedly illegal transfer of part of the Dathcom deposit, resulting from the partnership between AVZ Minerals and COMINIERE. SA, for the benefit of Zijin Group. Financially, the investment promises made when Zijin joined the project have apparently never actually benefited the Congolese state. The announced funds seem to have vanished into shady channels, fueling serious suspicions of corruption and embezzlement, and leaving behind a project without solid financing, now mired in failure. Manono Lithium is based on a partnership between COMINIERE SA, the Congolese state-owned company holding the historical mining rights, and Zijin Group, the Chinese mining giant meant to provide capital, technical expertise, and access to international markets. However, several years after its creation, the project remains bogged down by chronic delays, constant arbitration, and a glaring lack of concrete results on the ground. A financial situation deemed worrying. During recent meetings of the COMINIERE Board of Directors, the conclusion was unequivocal: cash flow is under severe strain, and the financial viability of the Manono Lithium project is seriously in question. Capital needs are significant, but the partners are struggling to secure credible and reliable financing. This financial fragility fuels a climate of uncertainty, weakens project governance, and further delays the transition to industrial operation. The Equity BCDC loan: a revealing failure. The attempt to obtain bank financing from Equity BCDC perfectly illustrates this impasse. The requested loan was intended to alleviate cash flow problems and restart certain key activities. However, the bank quickly expressed major reservations, particularly regarding the guarantees provided by Manono Lithium, which were deemed fragile, insufficient, or legally problematic. In short, the assets and commitments presented did not offer the necessary assurances regarding repayment capacity, revealing the structural weakness of the joint venture's financial arrangement. Chinese subcontracting: a controversial leap of faith. Faced with the failure of bank financing, an alternative solution was considered: resorting to Chinese subcontracting, backed by pre-financing of the work by foreign companies. This option, far from being neutral, is generating considerable controversy. In the Democratic Republic of Congo, the law reserves the exclusive right to subcontracting to companies with Congolese capital. Cominiere's desire to entrust these activities to Chinese companies would not only exclude local operators but also violate the spirit and letter of national legislation. For many observers, this approach reflects less an industrial strategy than an attempt to mask the partners' inability to structure compliant and sustainable financing. High-risk legal arrangements. Beyond the social and economic issues,The use of direct or disguised foreign subcontracting exposes COMINIERE and Manono Lithium to considerable legal risks: contract nullity, administrative sanctions, litigation, and even challenges to the Mining Code. In an already unstable context, these choices could worsen the situation instead of resolving it. A symbol of broken promises: The Manono Lithium project was meant to embody the DRC's strong return to the global strategic mining stage. Today, it is seen as a symbol of wasted potential, where the lack of a clear vision, financial fragility, and questionable choices jeopardize one of the most coveted deposits on the planet. Without a renewed commitment to governance from Kinshasa, transparency, and respect for Congolese laws, the Manono promise risks remaining a dead letter, to the detriment of the national economy and the Congolese companies that are supposed to be its primary beneficiaries.
@LouisWKabamba
@MinMinesRDC
@Presidence_RDC
@ChrisKitungwa
@KoBold_Metals
@SuminwaJudith
https://x.com/KiengeKki/status/2007393863925727743/photo/1
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Rechnerhand
Regular
I wish them not just a challenging enviroment (which means they are forced to pay more bribes then planned) but also a 'kick in the ass'-attitude by the responsible landowner and a collapsing logistic route to Daressalam ...
https://www.rosebelgoldmines.sr/2026-new-years-message-from-chairman-zou-laichang/
https://www.rosebelgoldmines.sr/2026-new-years-message-from-chairman-zou-laichang/
Rechnerhand
Regular
Sorry if this has been already posted before ...
https://subsaharamining.com/drc-out...ough-as-governor-wameso-speaks-in-washington/
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yaseenmeoncebefore
Emerged
I am delighted to read Kiki's piece on Cominiere's challenges.
It seems that Cominiere's cash flow is under strain as every $$$ they receive is quickly embezzled. Cominiere's financing through equity BCDC was declined. The Bank expressed reservations, particularly regarding the guarantees provided by Manono Lithium. The assets and commitments presented did not offer the necessary assurances regarding repayment capacity.
I suspect this may be partly caused by Zijin being aware of the arbitration against Cominiere and therefore being very hesitant to provide any guarantees in relation to covering Cominiere's liabilities. Obviously Zijin have billions $$$ in assets, but have deliberately structured operations through subsidiaries and joint ventures etc to distance themselves, so that Zijin themselves are not a party to any arbitration, only Cominiere and the DRC government. However, if Zijin then provide security guarantees/assets as collateral for the joint venture, does this open them up to potential repercussions and put these assets at risk? It's a complex arrangement across multiple jurisdictions, but Zijin were sufficiently reluctant to provide guarantees/security for the joint venture to the point where the Cominiere finance failed to get approved.
The way they appear to want to get around it is by using Chinese subcontractors. So Cominiere won't need the funds if Zijin/Manono lithium simply supply the labour. Hence Kiki's comments around excluding local operators with Manono lithium bypassing Congolese labour. I suspect this is the way they will go and simply continue to engage in all manner of corruption, ignoring their own laws and proceed as normal. However, I am glad things might be getting a little harder for them though.
It seems that Cominiere's cash flow is under strain as every $$$ they receive is quickly embezzled. Cominiere's financing through equity BCDC was declined. The Bank expressed reservations, particularly regarding the guarantees provided by Manono Lithium. The assets and commitments presented did not offer the necessary assurances regarding repayment capacity.
I suspect this may be partly caused by Zijin being aware of the arbitration against Cominiere and therefore being very hesitant to provide any guarantees in relation to covering Cominiere's liabilities. Obviously Zijin have billions $$$ in assets, but have deliberately structured operations through subsidiaries and joint ventures etc to distance themselves, so that Zijin themselves are not a party to any arbitration, only Cominiere and the DRC government. However, if Zijin then provide security guarantees/assets as collateral for the joint venture, does this open them up to potential repercussions and put these assets at risk? It's a complex arrangement across multiple jurisdictions, but Zijin were sufficiently reluctant to provide guarantees/security for the joint venture to the point where the Cominiere finance failed to get approved.
The way they appear to want to get around it is by using Chinese subcontractors. So Cominiere won't need the funds if Zijin/Manono lithium simply supply the labour. Hence Kiki's comments around excluding local operators with Manono lithium bypassing Congolese labour. I suspect this is the way they will go and simply continue to engage in all manner of corruption, ignoring their own laws and proceed as normal. However, I am glad things might be getting a little harder for them though.
Point Piper Dealer
Member
Cominere are in financial trouble. Here is the original article directly from them.
cominiere.com
COMINIERE SA : Le Conseil d’Administration fait le point sur les projets stratégiques et la situation financière Le Conseil d’Administration de la COMINIERE SA - COMINIERE SA
s’est réuni le 14 novembre 2025 à Kinshasa, sous la présidence de Madame Lisette Kabanga Tshibwabwa. Cette séance de travail a rassemblé les membres du Conseil ainsi que plusieurs invités, notamment les Directeurs, les Commissaires aux comptes et la Censeure du Ministère du Portefeuille. Un...
cominiere.com
Mr Inappropriate
Regular
English version (copilot)Cominere are in financial trouble. Here is the original article directly from them.
COMINIERE SA : Le Conseil d’Administration fait le point sur les projets stratégiques et la situation financière Le Conseil d’Administration de la COMINIERE SA - COMINIERE SA
s’est réuni le 14 novembre 2025 à Kinshasa, sous la présidence de Madame Lisette Kabanga Tshibwabwa. Cette séance de travail a rassemblé les membres du Conseil ainsi que plusieurs invités, notamment les Directeurs, les Commissaires aux comptes et la Censeure du Ministère du Portefeuille. Un...
---
An agenda focused on major issues
The directors reviewed and approved the minutes of the meeting held on 06 June 2025, before assessing the recommendations made on that occasion. Discussions then turned to the progress of the MITWABA project, the dispute concerning the granting of the energy production and commercialisation certificate to MPIANA‑MWANGA Power, as well as the presentation of the real estate project for the new MAKOMENO city in Manono.
The Board also reviewed the status of the credit request submitted to Equity BCDC, evaluated the collaboration with Manono Lithium, and analysed the mission reports from China and the United States, before moving on to miscellaneous matters.
---
Equity BCDC credit: a concerning financial situation
Regarding the financing requested from Equity BCDC, the Board noted significant difficulties linked to the guarantee provided by Manono Lithium. An alternative financing proposal—conditional on Chinese subcontracting—was mentioned, though no consensus was reached among the partners.
Given the critical nature of the situation, it was decided to urgently invite representatives of Zijin Group in order to find a sustainable solution to the company’s cash‑flow challenges.
(Edit: Fuck me dead…)
---
MITWABA Project: towards a structured financial arrangement
The Board acknowledged NECO’s support for the MITWABA project while emphasising the need for substantial investment. It recommended the development of a detailed business plan to be submitted to the CNSS for potential financing.
---
Energy dispute and protection of COMINIERE’s interests
Regarding the dispute between COMINIERE SA and MPIANA‑MWANGA Power, the directors opted to create a subsidiary dedicated to energy. They also took note of the parallel initiatives undertaken by Zijin Group, while stressing the obligation to safeguard the company’s interests. In this regard, the preparation of an amendment to the KATAMBA contract was recommended.
---
MAKOMENO real estate project: structuring underway
The Board reviewed the memorandum of understanding signed with IDAL PROJECT SARL for the development of the new MAKOMENO city. Priority actions include securing financing, monitoring the procurement process, and presenting the business plan to the Board in the near future.
---
International outreach and strategic partnerships
The mission reports highlighted COMINIERE SA’s participation in the China Expo, which included visits to mining sites and meetings with Zijin Group. The mission to the United States enabled participation in the DRC‑USA Forum, visits to Tesla factories, and a strategic meeting with Kobold Metals.
---
Administrative decisions and closure
Under miscellaneous items, the Board discussed steps taken with the Minister of Finance regarding the payment of a receivable, the follow‑up of the surface rights file, and the causes of the company’s precarious cash position. A special mandate was granted to Mr Alain Monga to complete the notarial formalities.
The session, opened at 11:35 a.m., was adjourned at 4:00 p.m. The minutes were duly signed by all directors, reflecting COMINIERE SA’s commitment to strengthening its governance and accelerating the implementation of its strategic projects.
Eric Mpungwe
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