I used to have the notion that Zijin could have that 15% and we move on, but it certainly wouldnt be for fuck all, they would have to pay full price...........but since reading about the black mail letter Zijin sent to Cominiere, i have now acquired a vindictive streak, would now like to see ZIJIN / CHINA exposed as the biggest corruptors thru the highest court in the world.....ICC , APRIL 2023, 2 months away.Yes agree Carlos, odd thing for Klaus to say ; I reckon if AJNs application was withdrawn it would probably suggest that the state was trying to dull down this Cominiere (state) bullshite ; Cominiere accept Zijins offer, use the partitioning to slide the Zijin problem (15%) out of Dathcom and give them the North , which would result also in the 15% going back to cominiere who’d kindly offering it up to AVZ under ROFR...state owned Cominiere getting 29%..wow all sorted...win win for the incompetent !
obviously not the greatest for AVZ, with North being the antidote....imo the North has clearly been the stalling issue with AVZ claiming they didn't renounce the project, but agreeing to it falling back under an Exploration licence under Dathcom I.e not required to apply for it again.
With the reasoning behind the waiver not actually following the mining code ; I suspect that MoM was trying / hoping to force AVZ to the table and end their fight for the North..MoM I assume that she would have known, from the first mention of this reasoning, knew that it wasn't in line with the mining code....
Nigels response as per your post - paraphrasing -'Nah get fucked cunts you're just making shit up the initial decrees still stand according to the mining code'
Yes agree; the response was with sniper precision I reckon ; I don't think it left MoM with much movement ; it's backed her up into a corner imo..but we can see that's she's made a move outside the code....ive never had an issue with MoM, I considered her an allie ; I've heard before that the Chinese we're putting pressure on her to just take the north..this rolled on to just cancelling Dathoms licence, but she's hardline batted then back everytime......but now it appears that she's to ready to take a few shortcuts and deviate..she could well just be using the excuse that it was only ‘partially’ waivered with an intent to push the stalemate forward and only trying to get parties to the table in order to agree on a resolution so as to move forward with the Manono lithium project and she wasn't acting outside the code....but Dathcoms president NF has taken a clear stance, so it appears we’re at a point where something has got to give / break....will Nigels comment basically saying no legal issues around the split be an angle MoM / CAMi / state will now try and leverage off?
I think we’re at the pointy end now where they won't wanna go to ICC and we need to get this project moving ; AJN application in the bin....at this stage is be happy enough to let Zijin run with the 15% and for Dathcom to pull in the north under exploitation ; Zijin get 15% in a potential 2 billion tonne resource for fuck all and mining codes adhered to; give the DRC an extra 5% and move on....
AVZ Discussion 2022
- Thread starter GazDix
- Start date
I think the release of the highly embarrassing Zijin letter to Cominiere proposing a yet another dodgy deal to steal a chunk of Manono, plus the ticking time-bomb of lost revenue did the trick. Up to that point the Chinese government's propaganda machine was relatively benign, but that's no longer the case.
The thieving Chinese scum were caught red-handed, and the Chinese government is now desperately trying to save face by attacking the IGF report and its author.
Sorry fellas, but information is power, and dis-information is just noise.
Cheers
F
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Over to you Felix.......Mines versus infrastructure: after audit, the IGF exposes how China has fooled the DRC
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February 16, 2023
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The General Inspectorate of Finance (IGF) made public on Wednesday, February 15, 2023 its audit report on the implementation of the Chinese contract. The Supreme Review Body paints a bleak picture of the implementation of the infrastructure-for-minerals contract concluded between the Democratic Republic of the Congo and China in 2008.
This report comes after calls from civil society and Westerners calling for the contract to be revised. Although the Government has repeatedly expressed its intention to renegotiate this major contract, in practice nothing has yet changed.
Below, in 11 points the main conclusions of the General Inspectorate of Finance:
1. The constitution of SICOMINES in 2008 was carried out in violation of Article 1 of the Royal Decree of 22 June 1926. The share capital not proportionate to the purpose of the company and not indicating the mineral deposits as a contribution from the Congolese party. USD 100,000,000.00 set by the GEC (Chinese Group of Enterprises) was very insufficient and therefore disproportionate to the corporate purpose.
2. No evaluation of the mineral deposits contributed by GECAMINES S.A. has been made and therefore, failure to integrate the value into the share capital: while its minimum consistency was known and listed in Annex A of the Agreement of 22 April 2008 and Annex B of the Joint Venture Agreement of the same date: 10,616,070 t/cu and 629,619 t/co worth USD 90,936,120,000, at the rates on the day of conclusion of the agreement.
3. Arbitrary, discriminatory and illegal nature of the fixing and distribution of the share capital at USD 100,000,000.00 at the rate of 68% of the shares for the GEC and 32% for the Gécamines Group. This capital was set at USD 100,000,000.00 (while SICOMINES held assets of USD 90,936,120,000.00) and it was decided that Chinese companies would have 68% of the shares against 32% for the Congolese side. The Chinese contributed USD 68 million and lent GECAMINES S.A USD 32 million, which it repaid with interest of USD 10,979,566.00 through deductions on its dividends.
4. Significant financial imbalance to the detriment of the DRC between the advantages granted to the Chinese side and the commitments to be borne by it as well as the gains expected by the Congolese side: USD 90,936,120,000.00 to the Chinese against commitments borne by them of USD 6.2 billion, i.e. a gain for the Chinese of USD 84,736,120,000.00 to which must be added the tax and customs exemptions provisionally estimated at the lowest rates at USD 2,163,623,850.15. Even determining the net present value (NPV) based on the elements included in the 2021 Feasibility Study, the NPV is USD 76,573,723,516.28 which constitutes the gain in favor of the Chinese side because the NPV involves the deduction of CAPEX and OPEX from turnover. USD 76 billion gain for the Chinese side against 3 billion infrastructure for the DRC
5. In six years, from 2016 to October 2022, SICOMINES disbursed from one of its overseas accounts, in this case Main Account No. 100001700001077 housed in the books of BANK OF CHINA DUBAI BRANCH, a total amount of USD 9,677,613,625.15 to Chinese companies and itself for various unsubstantiated reasons. Illustrative cases of sales return for USD 1,564,280,538.68, contract payment for USD 1,506,989,864.14 and other debit transactions without giving reason for USD 3,827,943,282.32.
6. Lack of visibility and impact of the work carried out and its unjustified selectivity in violation of Annex C of the Convention of 22 April 2008. Eligible work performed: USD 534,902,461.66 Ineligible work performed: USD 287,287,598.42
7.Glaring weakness and modicity of infrastructure investments: SICOMINES has mobilized, in 14 years, financing totaling USD 4,471,588,685.14 and has allocated only USD 822,190,060.14 for the financing of infrastructure works, i.e. 18.38% of the total financing mobilized
8. Under the terms of the collaboration agreement and the joint venture agreement, the GEC was responsible for mobilizing resources for the financing of mining and infrastructure investments (USD 6.2 billion) for which SICOMINES was to be reimbursed. Instead, it was the SICOMINES Joint Venture that took on debt, to the tune of USD 3,341,948,821.85 to finance both mining and infrastructure investments. But at the same time, she paid herself, from 2016 to October 2022, USD 5,464,880,564.06 in her main account in DUBAI for the benefit of one or more other accounts not yet identified;
9. Failure to repatriate export earnings and fines of 5% due by SICOMINES: Following an erroneous interpretation of the contractual stipulations enshrining the freedom of transfer of funds, SICOMINES did not repatriate export earnings totalling USD 2,004,167,489.24 over the period from 2016 to October 2022. As such, it owes fines of 5%, i.e. USD 100,280,374.46
10. Imbroglio maintained in investment repayment periods This imbroglio was used to reduce the amount of infrastructure investment from USD 6.5 billion to USD 3.0 billion. Article 12 of the Convention provided that during the second period the total reimbursement should not exceed USD 3 billion in principal. It is curious. We probably wanted to delay the repayment and therefore the clearance of the DRC's debt vis-à-vis Chinese investors;
11. Irregular and unjustified payment of 4.8% of the amounts of the works under "Amount to be valued": For all works reported by the Congolese Agency for Major Works (ACGT), these costs amount to USD 37,256,434.59. The legality of such a levy and the destination given to the funds thus collected are problematic. It is therefore probably a way to remunerate oneself in a different way.
100%
I also think that that letter was a sign of weakness as they probably have a sense of things slipping out of their control.
We can probably expect some more bizarre behaviour as ICC approaches.
Popcorn please.
Samus
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Now we just need the DRC government to show one iota of a sign of backing AVZ...
MPiana Mwanga is under legal MoU with AVZPower despite the agitations of Kibeya de Cominiere, his umbrellas and Zijin. The material evidence exists, according to NGOs and the media investigating the sell-off and looting at Cominiere.
MPiana Mwanga is under legal MoU with AVZPower despite the agitations of Kibeya de Cominiere, his umbrellas and Zijin. The material evidence exists, according to NGOs and the media investigating the sell-off and looting at Cominiere.
Mr Inappropriate
Regular
Samus
Top 20
$AVZ #lithium of #Manono @MariusMihigo requests the intervention of the presidency to avoid an arbitration Will the consultant from #RDC manage to promote the interests of the mining company AVZ with
@Presidence_RDC in the very strategic file
Now we just need the DRC government to show one iota of a sign of backing AVZ...
MPiana Mwanga is under legal MoU with AVZPower despite the agitations of Kibeya de Cominiere, his umbrellas and Zijin. The material evidence exists, according to NGOs and the media investigating the sell-off and looting at Cominiere.
I don’t know how we could get any better backing than IGF, this is the ministry for fighting corruption and it just happens to be backing AVZ.
Could you imagine how fucking lonely we would be if we did not have the support of IGF, we need to rattle more tins to get the spotlight on the situation and that is starting to really happen in the media.
Samus
Top 20
Yes let us hope that Felix finally starts backing the IGF in actions and not just words.
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Samus
Top 20
Hey @Spikerama I'm just wondering if it might be a good idea to add something like 'delayed by Chinese interference and ministerial corruption' to the blurb at the bottom?And the Counters continue to rise.
DRC Lost Revenue Counter
Calculates the amount of revenue the DRC has forfeited since issuing Decree for AVZ / Manono mining licenceenglish-drcmanonotaxlosscounter.netlify.app
Revenus manqués en RDC
Calcule quotidiennement le revenu que la RDC a perdu depuis l'émission du décret pour la licence minière AVZ/Manonofrench-drcmanonotaxlosscounter.netlify.app
Grrr...
Not only is it true but seems likely it would hit the right chord with the Congolese population at the moment. Plays well with the SICOMINES IGF saga.
Something that makes it clear that the DRC's losses can be placed squarely at the feet of the Chinese anyway.
Spikerama
Regular
Hey @Spikerama I'm just wondering if it might be a good idea to add something like 'delayed by Chinese interference and ministerial corruption' to the blurb at the bottom?
Not only is it true but seems likely it would hit the right chord with the Congolese population at the moment. Plays well with the SICOMINES IGF saga.
Something that makes it clear that the DRC's losses can be placed squarely at the feet of the Chinese anyway.
Yeah I agree. I will do that. I'm still fiddling with it trying to get it better optimised for mobile.
Also working on something else.
Samus
Top 20
Congolese NGOs had asked the government to solve the problem of Dathcom Mining @AvzMinerals sanctioning all the sellers cited in various reports including that
@IgfRdc @ALINGETEJULES_K Odep_MutebaFlor @Icone_Carbone
Between this and statement from the Chinese embassy, it's clear the parents are ready to step in try to get this sorted out. Chinese side, as high as it can go within DRC, has made its statement on how it wants to conduct mining operations in the country. DRC organisations have now als made their position clear, again at about as high a level as you can go within their frameworks.
The only person further up the chain still left to declare their position: President FT.
Your turn now FT.
Flexi
Regular
And if possible it flashes on off in bright color so it stands out and has a memorising impact........only if easy to do.Hey @Spikerama I'm just wondering if it might be a good idea to add something like 'delayed by Chinese interference and ministerial corruption' to the blurb at the bottom?
Not only is it true but seems likely it would hit the right chord with the Congolese population at the moment. Plays well with the SICOMINES IGF saga.
Something that makes it clear that the DRC's losses can be placed squarely at the feet of the Chinese anyway.
Samus
Top 20
Reshuffle of the Government: NGOs that follow mining files have written to PR05 @fatshi13 @Presidence_RDC on the ministers to no longer be reappointed but to be dismissed for reasons they mention, including the file Comiere and Dathcom
@AvzMinerals
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ozmacca
Regular
Legend, thank you mate . CheersIn 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.
Samus
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“Only Article 48ter of the revised 2018 Mining Code sets the conditions for canceling, reporting an Exploitation License. The Arrete of MinMes on Dathcom violates it and makes believe in 1 political decision without legal or technical basis, it is to undermine the business climate'' (NGOs)
Samus
Top 20
It's brilliant mate!Yeah I agree. I will do that. I'm still fiddling with it trying to get it better optimised for mobile.
Also working on something else.
Our leaders, our evils. It is more than urgent for the Head of State @fatshii13 to be able to get personally involved in this file.
@SICOMINES
@AvzMinerals
@Gecamines
@AmbCHINEenRDC
#RwandaIsKilling #SicomineIsKilling $85,000,000 loss in 9.5 months
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Samus
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Means the @AmbCHINEenRDC:
1. RESPONDS to the President of the #RDC ?
2. CONTRADICT the @Presidence_RDC?
3. THREATENS the government ?
4. TO NINI?
@AngelKazadi
@CybelleKamba
@PatrickMuyaya
For my understanding, she threatens to expose the people who have benefited from her generous hand in return for the exploitation of our minerals without accountability to the population
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