Sparrowhawk12
Regular
Great response from DRC people. You could laugh about the CN Embassy's own-goal EXCEPT the sheer arrogance of the Chyna statement !
AVZ Discussion 2022
- Thread starter GazDix
- Start date
Like after mentioning that Zijin want their $33M back, that they didn't actually pay it in the first place.
And the "class action" against AVZ is smoke and mirrors too.
Frank
Top 20
Schnitzelfresser
Regular
Fully understand you. It is more than frustrating. It seems like it is how it is for many many years. First the politicians with deep empty pockets. For my understanding the voice of the Manono people dont matter. Even if they come with pitchforks and torches Felix doesn't give a shit. The only matter is money, better today than tomorrow.
In future I wont invest in any of these African countrys again and I will have a more closer look at the management than the product.
I reckon I counted 2 to pissed after that. Cheers mate
Yes the resource can be a trap.
Winenut
Go AVZ!
Winenut
Go AVZ!
Lots of work pro bono???
Sorry...sorry.... not on the legal team......forgot........my bad
Must be something else
ozmacca
Regular
F*ck me, a ~week off the thread and I come back to find we are semi fucked. The mental health forum break clearly didn’t work as planned !
Ah well fellas, I made the move to buy a house without the AVZ cash, Christ it’s a lot smaller than what I’d planned with my AVZ loot but the stress levels about waiting for us to come out of suspension are gone. Family stress over.
Just a note to say I really feel for the holders who are in financial stress as a result of this . I have been, with a newborn, and bloody hell it’s aged me and been a burden on my relationship. Whatever the outcome, you’ll end up ok.
Cheers
Ah well fellas, I made the move to buy a house without the AVZ cash, Christ it’s a lot smaller than what I’d planned with my AVZ loot but the stress levels about waiting for us to come out of suspension are gone. Family stress over.
Just a note to say I really feel for the holders who are in financial stress as a result of this . I have been, with a newborn, and bloody hell it’s aged me and been a burden on my relationship. Whatever the outcome, you’ll end up ok.
Cheers
TDITD
Top 20
In this nicest way possible good sir, fuck what's going on with AVZ, Congratulations on the baby and house!
spend as much time as you can with your newborn and wife.
It's a magical (but tiring) time. Great to hear a burdens been lifted aswell, you can always upsize into a new house once Nigel's brought out the spiked baseball bat.
TDITD
Top 20
Usually Beer, Usually my mouth
TDITD
Top 20
I fully hear you about the difference that an ANZ home run could make to your housing dreams and overall lifestyle expectations. While economists talk about the housing wealth affect, they fail to mention its poor cousin; the corrupt-African-disappearing-investment affect.
I am also looking to upgrade when AVZ eventually comes good. Then I can buy my dream home on the coast...just like Jag.
Pics: Current home (Onthefm, note Mt Buller in the background) vs AVZ financed aspiration.
One needs dreams, or it's all for nothing.
Cheers
F
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Frank
Top 20
*To add, I see where,
Congo demands $17bn more in infrastructure investments from China deal
Congo’s state auditor has demanded an additional $17 billion of investments from a 2008 infrastructure-for-minerals deal with Chinese investors that is currently being renegotiated, documents seen by Reuters on Thursday showed.
President Felix Tshisekedi’s government has been revisiting the deal struck by his predecessor Joseph Kabila under which Sinohydro Corp and China Railway Group Limited agreed to build roads and hospitals in exchange for a 68% stake in Sicomines, a cobalt and copper joint venture with Congo’s state mining company Gecamines.
Under the Sicomines deal, the Chinese investors committed to spending $3 billion on infrastructure projects, but the state auditor – Inspection Generale des Finances (IGF) – demanded that commitment be increased to $20 billion, to reflect the value of the mining concessions that Gecamines contributed to the deal.
He has previously defended the deal, saying it had driven development for Congo’s people and that Sicomines would invest more as production increased.
So far, Sicomines has only spent $822 million on infrastructure investments, according to the IGF report seen by Reuters.
The auditor also called for an “immediate” $1 billion investment from Sicomines, and a commitment to 50% of the workforce on infrastructure projects being Congolese.
Among a list of 16 demands, the IGF called for the “renegotiation of the Convention to adjust and balance the duties and benefits of both parties and bring them into line with the value of their respective contributions”.
The auditor also demanded that Gecamines be given a bigger stake in Sicomines.
It currently has a 32% holding.
Congo’s finance minister Nicolas Kazadi told Reuters last month that the government expects to reach an agreement on the Sicomines deal this year.
mining.com
Race to secure lithium supplies is heating up
- Piedmont lands investment, binding offtake from LG Chem
- Car makers could invest up to US$600bn over 10 years on battery investments
- Sayona’s North American Lithium restart is on track and on budget
The scramble to secure critical minerals needed for the energy transition – as is highlighted by governmental action such as the US Inflation Reduction Act – is continuing apace.
Piedmont Lithium has just landed a $75m investment from South Korean chemical giant LG Chem – the parent of the world’s second largest battery cell maker, which included a binding commitment for the offtake of 200,000t of spodumene concentrate from its jointly-owned North American Lithium project over four years from the third quarter of 2023.
This comes mere days after LG told Bloomberg that it was looking to secure its own raw material through potential partnerships and investments to establish a self-sufficient supply chain.
Meanwhile, LithiumAmericas has closed the initial US$320m tranche of its previously announced US$650m investment by automotive giant General Motors, which will be used to accelerate development of its Thacker Pass lithium project in Humboldt County, Nevada.
ARK Investment Management’s Sam Korus believes that others will seek to strike deals to secure lithium supplies while pointing out that global automakers have earmarked US$600bn for battery investments over the next 10 years.
Li-Bridge – a US public-private alliance committed to accelerating the development of a robust and secure domestic supply chain for lithium-based batteries – also warned that the US would still depend on imports despite an expected increase in domestic lithium battery demand of up to six times by 2030.
However, it noted that the US could still capture some 60% of the economic value consumed by domestic demand for lithium batteries, generating US$33bn in revenues and creating 100,000 jobs.
What all this means is that we are likely to see further investments from battery and car manufacturers looking to lock in their supply chains and supportive government legislation such as the US Inflation Reduction Act are likely to play a key role in their decision making process.
Sayona Mining which is incidentally the majority partner at North American Lithium, certainly seems to think that the move from companies such as LG Chem will be positive, telling fellow Stockhead reporter Jessica Cummins that its operations in Quebec will have a big role to play in closing some of the supply gap given its proximity to the US.
This is particularly true given that the Inflation Reduction Act provides tax credits to manufacturers with 40% or more (rising to 80% in 2027) of their raw materials coming from the US or nations with which it has free-trade agreements, which include both Australia and Canada.
View attachment 29899
*In other News, I see where,
General Motors digs into mining business to lead race for EV metals
General Motors is trying to speed ahead in the race for metals underpinning the industry’s shift to electric cars.
The US automaker is competing for a stake in Vale’s base metals unit, people familiar with the matter said this month.
A deal may give GM access to the Brazilian mining giant’s copper and nickel resources that are key to making EV batteries.
GM has made several such wagers recently, buying equity while rivals mostly sign supply deals.
Last month, it bought a $650 million stake in Lithium Americas to help develop Nevada’s Thacker Pass mine, which may support output of as many as 1 million EVs a year.
In October, GM invested $69 million in Australia’s Queensland Pacific Metals, a producer of nickel and cobalt.
The moves are strategic bets to secure supplies that are getting increasingly sought-after.
“We’ll continue to work with many people in the industry, especially in lithium and the other critical minerals,” CEO Mary Barra said in an interview with Bloomberg Television in New York on Thursday.
“I think we’ll be positioned to have a competitive advantage.”
GM is pledging to sell nothing but plug-in models by the middle of the next decade.
The Detroit automaker has opted to build its own battery pack and dedicated EV platform rather than move quick with converted internal combustion hardware, slowing its initial electric push.
Still, Barra said that output of EV models such as the Hummer pickup, electric Cadillac Lyriq, Chevrolet Silverado pickup and Blazer SUV will ramp up this year.
Securing stable battery-metal supplies would be a boon — especially given the sector’s volatility.
Cobalt prices, for example, rallied sharply last year but have since come crashing down amid a sharp drop-off in purchasing from the Chinese electronics sector.
Nickel briefly soared to over $100,000 a ton in March before ending the year under $30,000.
Lithium became so expensive last year that Chinese factories that typically make ceramics for bathroom tiles produced the EV battery material instead.
GM is part of a bigger trend. Automakers including Ford have signed long-term mineral supply deals.
Germany’s Volkswagen last year agreed to form a €3 billion joint venture with Belgium’s s Umicore for cathode materials.
In 2021, Tesla struck a nickel deal with BHP Group and a cobalt pact with Glencore, and in March that year got involved in a mining venture in New Caledonia.
Those deals may also help the miners.
Barra said GM can provide them with additional cash and will be a stable source of demand thanks to its target to sell 1 million EVs in 2025, and many more beyond that.
Despite its mining foray, GM has some catching up to do on EVs.
The Detroit automaker sold just under 40,000 EVs last year, finishing behind Ford and far short of market leader Tesla.
Barra vowed the company is just getting started, including with Chevrolet’s Equinox and Blazer models coming out this year, which start at around $30,000 and $40,000 to $45,000, respectively.
“These are very affordable vehicles,” the CEO said.
“There is going to be a huge opportunity to sell a lot of them.”
Food for thought on the long and winding road to Manono
Cheers
Frank
TDITD
Top 20
Was watching planet of the apes last night with the missus. Suddenly a scene came up that I had never noticed before, it was powerful now I fully understood it.
This link may display a high level of honesty conveyed in the stylistically captivating form referred to as swearing
https://madlipz.com/p/ed5rlbi19566n4
This link may display a high level of honesty conveyed in the stylistically captivating form referred to as swearing
https://madlipz.com/p/ed5rlbi19566n4
Samus
Top 20
That's some nice accommodations we've built at Manono. Love the brick and stonework. How the corrupt fuckers can sabotage all this is really a sad situation.
I guess Zijin would put the Chinese in there and build the local workers some humpys to swelter in while they pay them $2 a day.
I guess Zijin would put the Chinese in there and build the local workers some humpys to swelter in while they pay them $2 a day.
John25
Regular
Sammy_da_Smile
Regular
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