AVZ Ann: ICSID Arbitration Proceedings - 9th Jun 2023, 6:08pm

[annb0t]

AVZ Ann: ICSID Arbitration Proceedings
Price Sensitive: Y
Date: 9th Jun 2023, 6:08pm

>>> Read announcement: Google: AVZ Market Announcements

 

[TDITD]

 

[MoneyBags1348]

12/06/2023
RiskyJames Posted

World bank has been approving cash injections into DRC and being the source of improved access to community infrastructure and community-based reintegration programs etc ; 2 injections one at $900m and another at $250m have been approved over the last 4 months mainly targeting issues in the Eastern Provence’s ….. FT was given a $1m token for the eastern Provence’s issues on his visit to China.

3 weeks ago world bank pulled the handbrake on funding for humanitarian and development projects in the DRC worth more than $1 billion due to typical fuckery around large rooms of cash . FT was pretty quick to react and get the issues levelled out again.

Problem for DRC is that AVZs request for arbitration effectively through world bank doesn’t go to smooth out US corruption concerns regards to the DRC and the funding sphincter has likely contracted somewhat , as new funding requests are highly likely to come with added Q&A pages . AVZ have followed the mining code and have been above board ; DRC ministers who would typical be used to channel funding to their required pigeon holes …. Well it’s proving , that they are not following rules … so would one be trusting enough, that the ministers are distributing the much needed cash, into all the appropriate accounts?

FT needs to be showing that corruption is on the decline ,as opposed to running around trying to put out reoccurring corruption patch fires on a very regular occurrence .

Also it’s work googling advantages of ICSID v ICC .

It’s a request for ICSID at the moment ; so does FT want to come to the table and work it out or get another couple of amber watchdog lights lit up , send Manono into 1-3 year marathon whilst the rest of the lithium explorers start to move ahead and start production ; whilst at the end the ICSID would likely award it at the end anyway.

Here is an interesting post from the shitter:

The poster appears to suggest they may have prior experience with the arbitration/ICSID. The poster suggests that it is misinformation to state that the World Bank and US are now involved.

However, when I look up ICSID it does appear to be part of the "World Bank Group". How much input ICSID would have on the other organisations within the World Bank Group I am unsure of. I suppose we could look up whether other investor-State arbitrations have resulted in any actions from the other organisations within the World Bank Group.

ICSID and the World Bank Group​

ICSID is one of the five organizations of the World Bank Group, along with the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The goal of the World Bank Group is to end extreme poverty within a generation and to boost shared prosperity.
Each of the five World Bank Group organizations contributes to the overall goal of poverty reduction through its particular work.

ICSID​

Provides facilities for conciliation and arbitration of international investment disputes.

IBRD​

Lends to governments of middle-income and creditworthy low-income countries.

IDA​

Provides interest-free loans, called credits, and grants to governments of the poorest countries.

IFC​

Helps developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.

MIGA​

Promotes foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people's lives by offering political risk insurance (guarantees) to investors and lenders.

 

[MoneyBags1348]

12/06/2023
Carlos Posted

The three respondents listed in the ICSID case are the same three DRC officials that received a copy of Nigel's February 3rd letter regarding the survival of Dathcom's acquired rights. Most likely Felix being named is just a formal continuation of management and their lawyers legal reasoning on this matter imo

Worth noting that a copy of the letter was sent to two other parties. The Australian embassy for the DRC in Zimbabwe. And the DRC embassy de la gringos.

 

[Dave Evans]

Here’s a link regarding the World Bank and the DRC Mining Cadastre

https://openknowledge.worldbank.org/server/api/core/bitstreams/f37d83d2-ef33-5648-a5e4-f5e497037e8a/content

 

[MoneyBags1348]

Underwaterdark Posted

Pending Cases | ICSID

icsid.worldbank.org

 

[MoneyBags1348]

le 03/07/2023 à 11h40, par Africa Business+

The arbitration was launched on June 8 by two subsidiaries of the Australian company AVZ Minerals and its joint venture in the DRC Dathcom Mining before the International Center for Dispute Settlement (ICSID) of the World Bank. AVZ accuses the DRC of not having respected the obligations arising from the mining code in its regard, in particular by refusing so far to grant it the exploitation permit for the Manono lithium project, located in the province of Tanganyika. AVZ, which has controlled the scope since 2016, is represented in this case by the Paris and Madrid offices of DLA Piper, in particular the partners Michael Ostrove, co-director of the firm's arbitration group, T. Alexander Brabant, member of its Africa board.

DR Congo, for its part, has appointed five law firms to advise it in this procedure concerning Manono, a project considered to be one of the largest deposits of hard rock lithium in the world, with 400 million tonnes of lithium ore. a grade of 1.65% Li2O.

Among them, the Cabinet Rachida Dati of the former French Minister of Justice (2007-2009), former MEP, and current mayor of the 7th arrondissement of Paris, since 2008. Another firm based in France, Oplus, co-founded by Olivier Pardo is also counsel for the DRC against AVZ. A former magistrate, Olivier Pardo has been a lawyer in several widely publicized cases, for example defending Equatorial Guinea in the case of “ill-gotten gains”; Ziad Takkiedine on the Karachi attacks; or more recently the polemicist and candidate for the French presidential election of 2022, Eric Zemmour.

Cabinet Rachida Dati and Oplus had advised the Congolese State in an arbitration initiated against two companies of Israeli billionaire Dan Gertler in 2021 concerning oil permits that the DRC intended to recover. The blocks were returned to the state as part of a deal struck last year with Dan Gertler, which also ended litigation against the businessman.

In addition to these firms, the Congolese State has also appointed firms based in Kinshasa to represent it, namely Adombe & Associés, Mulenda and BND Lawyers & Associates.

In parallel with this arbitration at Cirdi, several other legal or arbitration proceedings have been launched concerning the Manono lithium project, involving its co-shareholders - AVZ, the public company Cominière and Dathomir of the Chinese businessman Simon Cong - , but also companies claiming rights to the site, in particular the Chinese group Zijin Mining.

Litigation fund Omni Bridgeway announced at the end of 2022 that it had agreed to finance a class action against AVZ on the part of its shareholders due to the fall in the value of the company's securities. Omni Bridgeway is now inviting interested shareholders to come forward by August 31.

 

[MoneyBags1348]

9cardomaha Posted

 

[MoneyBags1348]

96/07/2023
Cruiser Posted

I wonder what the World Bank thinks about the DRC employing 5 law firms to defend itself against a company complaining that the DRC disregards its own laws so it can feed its corrupt elite, while the World Bank just financially supported the progress of several projects in the DRC, in the education, infrastructure, environment and health sectors.

One could actually say that the World Bank is financing the DRC court case against AVZ.....

Just think who the main contributors are of the World Bank...

Yep you got it, the Western world and not the DRC, or China.