AVZ Discussion 2022
- Thread starter GazDix
- Start date
Xerof
Biding my Time 1971
My view is that the M of Mines needs to step up and quash all this shit. I have earlier pointed out the case of the Chinese doing the EXACT same thing with tenements in Cameroon, sneaky MOUs done before the tenements are actually available in a contestable way. Declared Null and void within 24 hours. Fuck off cuntz
TheCount
Regular
thorgin
Regular
Yeah I'm good TC! Just been watching the minstrel show
I guess it won't stop until the shorts close their positions. crazy couple of days.I don't have two commas anymore but we'll be back up soon.
Fletch77
Regular
I think it’s obvious the mods are enjoying seeing the Crapper threads turn to shit, and not just letting it run for the traffic.
I agree with the comment on here today that suggested none of the mods are holding AVZ so are happy it’s turned to absolute dog shit.
Happy for anyone to suggest otherwise but surely it hasn’t ever been anywhere close to the cess pit that it turned into.
The below post was moderated within 30 seconds, which shows they are watching closely what’s happening.
Someone said that Aimsir666 has posted 70 times today and a quick look confirmed.. he says has been an LTR holder since 5c.. and the mods love it
I agree with the comment on here today that suggested none of the mods are holding AVZ so are happy it’s turned to absolute dog shit.
Happy for anyone to suggest otherwise but surely it hasn’t ever been anywhere close to the cess pit that it turned into.
The below post was moderated within 30 seconds, which shows they are watching closely what’s happening.
Someone said that Aimsir666 has posted 70 times today and a quick look confirmed.. he says has been an LTR holder since 5c.. and the mods love it
Samus
Top 20
On a more serious note I think most here would concur more or less with the above.Any of you guys read through the Cantor report and ML Ann a number of times ?? It does take a couple of reads. I've posted the post below on HC , but its been washed away under the torrent of troll posts which have swamped the threads
I've read it a number of times and less concerned about it ; the option for the 15% was Dathomir were exercised; Dathomir were prepaid $500k in sept 2020 with part of the $40m from the CR in July 2021 used to pay the balance thus reducing Dathomir to 0% share in Dathcom,
lots of progress has happened since then, which good progress been made by AVZ in increasing the value of the project and its pretty clear Simon Cong / Dathomir wants more $$$ and 'claiming' there's issues with the share certificate ever though they have already been paid and accepted
That's the problem with these shifty's , they don't realize what they had until they want more in their bank account . The share certificates were awarded and certified by the DRC courts .
Now Dathomir (Simon Cong , Kabila's buddy) 'claims' issues with the share certs, Dathomir claim was made by reference to some tribunal decision ; this Tribunal decision has zero effect under DRC law on the 75% equity interest interest AVZ holds i.e. that 75% is AVZs ; also that tribunal decision under DRC also has no effect on the sale and purchase agreements of how that 15% was acquired, its pretty clear at least to me that the issue here is that Dathomir now think they should have received more $$ as they MC of AVZ has bulged and now wants more money on top of what they have already been paid; so that 15% that was bought from Dathomir for $20m isn't going away , they just want more money for it .
Comments in that Cantor report and on the Ann , states that the Tribunal decision is without foundation or merit . Also this tribunal decision can be over turned over.
Summary IMO, Dathomir are out of luck with getting any further cash for the 15% they sold . That 15% is AVZs , end of; but highly likely that Dathomir AKA Simon Cong, sees an angle on some additional funds and that additional 15% through Cominiere ...well:... the tribunal decision, which was highly likely brought to "claim , claim " status, would potentially provide those in Cominiere (anyone know Cong the influential DRC Business man in there) with an avenue to skip the first right agreement without notice and flog it for a higher sum to a welcoming buyer.... woud Mr Cong benefit from this? Maybe, maybe not who knows , but would some extra cash Dathomir / Simon Congs way , make this Tribunal decision easier to overturn , thus resulting in a sudden non issue with the share certs / first rights and this Cominiere "claim" also dissipating
This will be an area of focus now for the AVZ legal team ; will the AVZ legal team be able to spot any loops holes they missed out in the first place , after they basically spent a year and a day binding this thing together in the first place and which Dathomir gladly accepted and ran with $20m
anyway thats what i posted above, whats your thoughts
From my understanding (which might be inaccurate) it's the potential 15% from Cominiere to Zijin that seems more concerning. This appears to have been potentially underhandedly passed to Zijin at some point during lockdowns unbeknownst to AVZ according to some reports. Which if true shows a level of dishonesty or corruption from the DRC side as well as potential to bog things down, perhaps even something that has been done in spite of the wishes of the current government? I've lost track of all the relevant articles.
It all seemed less feasible before management acknowledged any of it and dismissed it as a load of rubbish. Certainly they now owe us some kind of explanation or resolution.
Cominiere Claim: A claim has also been made that Cominiere has transferred 15% of its interest in Dathcom to Jin Cheng Mining Company. AVZ notes any such purported transfer would be restricted under the terms of the existing shareholders agreement between the Dathcom shareholders and accordingly, any purported transfer of the 15% interest to a third party would be a material breach of the pre-emptive rights contained in the existing Shareholders Agreement owed to AVZ, invalid and of no force or effect.
The AVZ response to this attempted theft indicates to me that they're just waiting for M of M/DRC government to send these crims on their way.
Think it's a matter of ( a short) time as FT doesn't need these games with his flagship project and company particularly given his anti-corruption stance.
Instos knew all this and have used it to accumulate.
Been very distracted but will post a chart over w/e
Think it's a matter of ( a short) time as FT doesn't need these games with his flagship project and company particularly given his anti-corruption stance.
Instos knew all this and have used it to accumulate.
Been very distracted but will post a chart over w/e
BRICK
Regular
Thats the best response to trolls ive seen.I think it’s obvious the mods are enjoying seeing the Crapper threads turn to shit, and not just letting it run for the traffic.
I agree with the comment on here today that suggested none of the mods are holding AVZ so are happy it’s turned to absolute dog shit.
Happy for anyone to suggest otherwise but surely it hasn’t ever been anywhere close to the cess pit that it turned into.
The below post was moderated within 30 seconds, which shows they are watching closely what’s happening.
Someone said that Aimsir666 has posted 70 times today and a quick look confirmed.. he says has been an LTR holder since 5c.. and the mods love it
View attachment 5745
Thanks for the inspiration
obe wan
Regular
Correct, Point 3 suggests that this claim arose pre Feb 21. AVZ obviously considered these claims as absolute rubbish and just focused on the ML without creating waves ;with the ML in hand these can now be handled. Point 1 ; bullshite claim, point two - they can turn it over, point 3 - AVZ weren't interested in wasting their time and creating further unmerited Q&A during ML process period..
Let these cockroaches actually pull this crap off and FT takes 10 steps back into the DRC dark ages. It ain't going to happen
Mouthpiecenomnom
Regular
I understand and respect your concern but I honestly think you've taken the bait and are giving creedence to some straight-up bullshit. Its a storm in a teacup that was addressed last year and now all of a sudden its an issue? Look at the timing. Nigel played right into their hands as well by addressing it in an announcement even if it was to dismiss it. His first instinct to ignore it was the correct one.
Its like the lady on HC said, instos (pattersons?) sold on ML grant and shorters took advantage, in addition the market is in a lul. Good combo for a suppressed price, which is temporary and I think in a few months if not sooner will be back on track SP-wise. LiO2 demand only going one way. Looking forward to the BFS, 240 mill from CATH etc, all just around the corner.
Remark
Top 20
Um, I guess so. I did like to pin, it was the best part of Hotcrapper to be honest. Unless we can convince Roaminoz to defect
Looking at Cominiere's web page, no mention of Jin Cheng.
Nigel mentions in the Axino interview definitely a minimum of 51%, so looks like he is not 100% sure about the Cominiere 15% either, but I understand he is still negotiating with the DRC.
So how will it play out?
At the end of the day, this is Felix T's show, he wants to tell the entire world that he is making the DRC corruption free, this is Felix's chance to show who is in control.
Felix, or a couple of corrupt knobs in Cominiere.
Tim will tell, next week interviews and questions on 121 mining week.
Never a dull moment.
Regardless of all the shit there is a great opportunity to top up.
From what I understand of he Cantor bit, their (US?)$1 Assessment was based on 51% ownership of Dathcom.
This was the article and the link
La Cominière fait grand plaisir au chinois Zijin dans le projet de lithium | Le Soft international
La Cominière gives Chinese Zijin great pleasure in the lithium project
- Mon, 04/11/2022 - 16:28
Le Soft International n°1550|MONDAY APRIL 11, 2022.
If that's true, it's to sleep on. A real scandal as it now erupts with each dive. This is the bitter observation that one could make. In a letter that sounds like a blaster, the General Inspectorate of Finance reportedly wrote to Prime Minister Jean-Michel Sama Lukonde Kyenge and brought to his particular attention a note on the results of a check on the regularity of the sale of the stakes of Cominière SA, a State Portfolio company, in Dathcom Mining SA. Note ? A real interpellation of the Head of Government...
The case? Better, the umpteenth case, because they are now legion: the 15% of the shares of the public company La Cominière in the company Dathcom Mining to the Chinese company Zijin Mining, carried out in violation of the legal provisions on the withdrawal of the Statement of Portfolio Companies.
These shares were valued at US$150,000,000, they were sold at US$33,440,000. Shortfall: US$116,560,000.
Then, the squandering of the proceeds of this sale. Of these US$33,440,000 received and, in collusion with the Board of Directors of Cominière SA, the managers of this public company have already distributed US$6,800,000.
The reasons, in their eyes, are not lacking: payment of snacks, fees, commissions and remuneration to those who contributed to the realization of this operation.
And, since there are no two without three, free transfer of 5% of the shares of Cominière SA in the company Dathcom Minging SA for the benefit of the company Dathomir Mining Sarl. Of which 5% would have been resold for US$85 million. A pattern that recalls many others...
WHAT WILL THE PRIME MINISTER DO?
In this leaked letter, three points stand out clearly and are bolded and underlined: “sale of the State's mining heritage”; “dissipation of the proceeds from the sale of 15% of the shares of Cominière SA in the company Dathcom Minging”; "transfer free of charge...". In short, a scandal awaiting an exemplary sanction.
The IGF, who knows how to call a spade a spade, suspects three officials: the Managing Director ai of Cominière SA, Athanase Mwamba Misao, the members of the Board of Directors of Cominière who allegedly authorized these operations, the Minister of Portfolio Adèle Kahinda Mayna.
According to circles close to the case, it is following the recommendations issued by HE the President of the Republic, Head of State, for the supervision of all the financial operations of the State, (that) the Inspection Générale des Finances has just carried out a mission to control the sale of the holdings of the company Cominière SA, State Portfolio Company, in the company Dathcom Mining SA specializing in the production of lithium according to mission order no. 54/PR/IGF/lG CS/JAK/BRF/2022 of February 16, 2022 followed by mission order n°73/PR/IGF/IG-CS/JAK/BEP/2022 of February 22, 2022.
After this control mission, three important facts jump to the eye and for which “we seize your authority for decision”, writes the mail.
These are: selling off the State's mining heritage. The transfer of 15% of the shares of the public company La Cominière in the company Dathcom Mining to the company Zijin Mining was carried out in violation of the legal provisions on the withdrawal of the State from holding companies.
In fact, the 15% of the shares of Cominière SA valued at US$150,000,000 (one hundred and fifty million US dollars) were sold to Zijin Mining for a total value of US$33,440,000 (US dollars). Americans thirty-three million four hundred and forty thousand). This results in a shortfall of US$116,560,000 (US dollars one hundred and sixteen million five hundred and sixty thousand)”; “Waste of the proceeds from the sale of 15% of the shares of Cominière SA in the company Dathcom Mining.
Out of the total amount of proceeds from the sale of 15% of the shares, which amounts to US$33,440,000 (US dollars thirty-three million four hundred and forty thousand), Cominière SA has already used around US$6,800,000 US (US dollars sin million eight hundred thousand) for snacks, fees, commission and remuneration for the benefit of the persons who contributed to the sale of the shares, with the approval of the Board of Directors of Cominière SA".
Then: “Transfer free of charge of 5% of the shares of Cominière SA in the company Dathcom Mining SA for the benefit of Dathomir Mining Sarl. The presumed free and provisional transfer of 5% of Cominière's shares in Dathcom Mining SA to Dathomir Mining Sarl, which took place in 2017, proved in view of the transfer contract that it was final and irrevocable, with a price agreed between the two parties, but whose income has not been traced to Cominière SA. There is a presumption of forgery on the part of the Managing Director ai to carry out a fraudulent transfer of 5% of shares”.
Then close by appointing those responsible. "All these facts are the responsibility of the Chief Executive Officer ai of Cominière SA, the members of the Board of Directors of the said company as well as the Minister of State, Minister of the Portfolio".
La Cominière SA is a young mining company whose head office is located at n°5167, avenue Nyembo, Socimat district, in Kinshasa-Gombe. It was created on April 12, 2010 after the decision of the General Meeting of shareholders, namely, the Ministry of Portfolio and the National Institute of Social Security whose new name, since July 15, 2018 (law of July 15, 2016 ), is the National Social Security Fund, CNSS.
THE INFLUENTIAL CONG MAO HUAI.
La Cominière owns 35 mining areas scattered in North Katanga, in the provinces of Tanganyika and Haut-Lomami where there are pegmatite-type rocks rich in spodumene, a lithium mineral associated with stanno-coltaniferous ores.
More specifically in the territories of Manono, Mitwaba, Kalemie, Malemba-Nkulu, Bukama, Moba, Nyunzu, Kongolo. The company conducts all study, prospecting, research and mining operations for cassiterite, tantalum, niobium, wolfram, lithium, gold and all transferable and recoverable mineral substances.
The history of Cominière dates back to 1920 when the Geological and Mining Company of Belgian Engineers and Industrialists extracted tin in Manono. In 1960, the day after, the Geological and Mining Company independence sold its assets to the Geological and Mining Company of Congo.
Renamed Congo-Etain in 1968, then Zaire-Etain in 1971, the company saw its production gradually drop. In 1997, he resumed the name of Congo-Étain, before being reborn, at the beginning of the 2010s, under the name of Cominière, la Congolaise d'Exploitation Minière, whose capital is held by the Congolese State (90%) and the National Social Security Fund (10%).
Dathomir Mining Resources, owned by the influential Chinese businessman Cong Mao Huai, called Simon Cong in Congo, and considered the bridgehead of Chinese business in the country, in September 2020 concluded a sale of 10% of its shares in Manono to the Australian operator of the project, AVZ Minerals.
The finalization of the transaction makes AVZ Minerals the owner of 75% of the lithium site against 25% for the state company Cominière.
Zijin Mining is a Chinese mining company. It is China's third largest copper enterprise. It is the leading gold company in China and operates the Zijinshan mine, China's largest gold mine. In May 2015, Zijin Mining bought 47% of the Kamoa project for US$412 million from Canadian Ivanhoe Mines.
In total, Zijin Mining has a 57% stake in the Kamoa copper mine and a 51% stake through its subsidiary Jin Cheng Mining in the Compagnie Minière de Musonoie Global.
Classified as a strategic metal in the Congo, lithium is a rare metal. It is used in the manufacture of cells and batteries, in particular for solar panels, computers, smartphones and electric cars, but also in the glass and ceramics industry, such as in the manufacture of special lubricants and alloys, the treatment of stale air by CO2, the pharmaceutical industry and that of rubber and thermoplastics.
The world's largest producers of lithium to date are Bolivia, Chile and Argentina, dubbed the “lithium triangle”, as well as China and Australia. Lithium from the Congo could eventually prove to be the easiest to extract and of the highest quality. The country, which hosts a number of metals essential to the energy transition and which arouse covetousness, is already the main world supplier of cobalt and one of the major players in the production of copper, attracts the whole world with its immense reserves of lithium to his bow.
D. DADEI.
It is pretty clear that Simon Cong is behind this and that the entire deal smells of the old corrupt Kabila era.
I am indeed extremely curious to see how Felix T deals with this.
Would be nice when all this shit is over and done with.
It is pretty clear that Zijin, a PRC state controlled entity, cannot be trusted.
If a state entity deals in and promotes a corrupt way of doing business, that state should be seen as a corrupt state and any business dealings with that state should be seen in that light.
Remark
Top 20
@th3p4rk2 asked what "the other place" was & I filled him in. I probably should have used Morse code again
Samus
Top 20
I've not taken the bait at all and my intention is not in giving any credence to the claims in question. Only to point out that of these two claims this is the one yet to be proven baseless. Zijin even had reference to it in their quarterly.
I also believe the right course of action was to dismiss it and to address it whatsoever in the last announcement was a mistake.
I think the market saw it as a crock of shit until it was incorporated into a company announcement which seems to have added to some downward pressure and a fair bit of confusion in the broader market.
I've seen AudreH's post and commented that it's a good one but the media has latched on to the above creating a level of uncertainty which now needs to be addressed.
Xerof
Biding my Time 1971
I used Spanish and only got moderated. The fuckwits didn’t know what was said@th3p4rk2 asked what "the other place" was & I filled him in. I probably should have used Morse code again
Xerof
Biding my Time 1971
Agree, I have no doubt Zijin have done a deal behind the bike sheds. Should be negated but needs some higher intervention. I did raise this 2 or 3 weeks ago as a potential issue, partly based on der geists tweets tbh, but also from bitter experience from dealings with Zijin in other circumstances
obe wan
Regular
Thanks for that report ; FMD, sounds like someones going to go to jail and some entity (zijin) may end up having to go looking for their cash, which a percentage seems to have gone walkabout already.Looking at Cominiere's web page, no mention of Jin Cheng.
Nigel mentions in the Axino interview definitely a minimum of 51%, so looks like he is not 100% sure about the Cominiere 15% either, but I understand he is still negotiating with the DRC.
So how will it play out?
At the end of the day, this is Felix T's show, he wants to tell the entire world that he is making the DRC corruption free, this is Felix's chance to show who is in control.
Felix, or a couple of corrupt knobs in Cominiere.
Tim will tell, next week interviews and questions on 121 mining week.
Never a dull moment.
Regardless of all the shit there is a great opportunity to top up.
From what I understand of he Cantor bit, their (US?)$1 Assessment was based on 51% ownership of Dathcom.
This was the article and the link
La Cominière fait grand plaisir au chinois Zijin dans le projet de lithium | Le Soft international
www-lesoftonline-net.translate.goog
La Cominière gives Chinese Zijin great pleasure in the lithium project
KINSHASA, PARIS, BRUSSELS.
- Mon, 04/11/2022 - 16:28
Le Soft International n°1550|MONDAY APRIL 11, 2022.
If that's true, it's to sleep on. A real scandal as it now erupts with each dive. This is the bitter observation that one could make. In a letter that sounds like a blaster, the General Inspectorate of Finance reportedly wrote to Prime Minister Jean-Michel Sama Lukonde Kyenge and brought to his particular attention a note on the results of a check on the regularity of the sale of the stakes of Cominière SA, a State Portfolio company, in Dathcom Mining SA. Note ? A real interpellation of the Head of Government...
The case? Better, the umpteenth case, because they are now legion: the 15% of the shares of the public company La Cominière in the company Dathcom Mining to the Chinese company Zijin Mining, carried out in violation of the legal provisions on the withdrawal of the Statement of Portfolio Companies.
These shares were valued at US$150,000,000, they were sold at US$33,440,000. Shortfall: US$116,560,000.
Then, the squandering of the proceeds of this sale. Of these US$33,440,000 received and, in collusion with the Board of Directors of Cominière SA, the managers of this public company have already distributed US$6,800,000.
The reasons, in their eyes, are not lacking: payment of snacks, fees, commissions and remuneration to those who contributed to the realization of this operation.
And, since there are no two without three, free transfer of 5% of the shares of Cominière SA in the company Dathcom Minging SA for the benefit of the company Dathomir Mining Sarl. Of which 5% would have been resold for US$85 million. A pattern that recalls many others...
WHAT WILL THE PRIME MINISTER DO?
In this leaked letter, three points stand out clearly and are bolded and underlined: “sale of the State's mining heritage”; “dissipation of the proceeds from the sale of 15% of the shares of Cominière SA in the company Dathcom Minging”; "transfer free of charge...". In short, a scandal awaiting an exemplary sanction.
The IGF, who knows how to call a spade a spade, suspects three officials: the Managing Director ai of Cominière SA, Athanase Mwamba Misao, the members of the Board of Directors of Cominière who allegedly authorized these operations, the Minister of Portfolio Adèle Kahinda Mayna.
According to circles close to the case, it is following the recommendations issued by HE the President of the Republic, Head of State, for the supervision of all the financial operations of the State, (that) the Inspection Générale des Finances has just carried out a mission to control the sale of the holdings of the company Cominière SA, State Portfolio Company, in the company Dathcom Mining SA specializing in the production of lithium according to mission order no. 54/PR/IGF/lG CS/JAK/BRF/2022 of February 16, 2022 followed by mission order n°73/PR/IGF/IG-CS/JAK/BEP/2022 of February 22, 2022.
After this control mission, three important facts jump to the eye and for which “we seize your authority for decision”, writes the mail.
These are: selling off the State's mining heritage. The transfer of 15% of the shares of the public company La Cominière in the company Dathcom Mining to the company Zijin Mining was carried out in violation of the legal provisions on the withdrawal of the State from holding companies.
In fact, the 15% of the shares of Cominière SA valued at US$150,000,000 (one hundred and fifty million US dollars) were sold to Zijin Mining for a total value of US$33,440,000 (US dollars). Americans thirty-three million four hundred and forty thousand). This results in a shortfall of US$116,560,000 (US dollars one hundred and sixteen million five hundred and sixty thousand)”; “Waste of the proceeds from the sale of 15% of the shares of Cominière SA in the company Dathcom Mining.
Out of the total amount of proceeds from the sale of 15% of the shares, which amounts to US$33,440,000 (US dollars thirty-three million four hundred and forty thousand), Cominière SA has already used around US$6,800,000 US (US dollars sin million eight hundred thousand) for snacks, fees, commission and remuneration for the benefit of the persons who contributed to the sale of the shares, with the approval of the Board of Directors of Cominière SA".
Then: “Transfer free of charge of 5% of the shares of Cominière SA in the company Dathcom Mining SA for the benefit of Dathomir Mining Sarl. The presumed free and provisional transfer of 5% of Cominière's shares in Dathcom Mining SA to Dathomir Mining Sarl, which took place in 2017, proved in view of the transfer contract that it was final and irrevocable, with a price agreed between the two parties, but whose income has not been traced to Cominière SA. There is a presumption of forgery on the part of the Managing Director ai to carry out a fraudulent transfer of 5% of shares”.
Then close by appointing those responsible. "All these facts are the responsibility of the Chief Executive Officer ai of Cominière SA, the members of the Board of Directors of the said company as well as the Minister of State, Minister of the Portfolio".
La Cominière SA is a young mining company whose head office is located at n°5167, avenue Nyembo, Socimat district, in Kinshasa-Gombe. It was created on April 12, 2010 after the decision of the General Meeting of shareholders, namely, the Ministry of Portfolio and the National Institute of Social Security whose new name, since July 15, 2018 (law of July 15, 2016 ), is the National Social Security Fund, CNSS.
THE INFLUENTIAL CONG MAO HUAI.
La Cominière owns 35 mining areas scattered in North Katanga, in the provinces of Tanganyika and Haut-Lomami where there are pegmatite-type rocks rich in spodumene, a lithium mineral associated with stanno-coltaniferous ores.
More specifically in the territories of Manono, Mitwaba, Kalemie, Malemba-Nkulu, Bukama, Moba, Nyunzu, Kongolo. The company conducts all study, prospecting, research and mining operations for cassiterite, tantalum, niobium, wolfram, lithium, gold and all transferable and recoverable mineral substances.
The history of Cominière dates back to 1920 when the Geological and Mining Company of Belgian Engineers and Industrialists extracted tin in Manono. In 1960, the day after, the Geological and Mining Company independence sold its assets to the Geological and Mining Company of Congo.
Renamed Congo-Etain in 1968, then Zaire-Etain in 1971, the company saw its production gradually drop. In 1997, he resumed the name of Congo-Étain, before being reborn, at the beginning of the 2010s, under the name of Cominière, la Congolaise d'Exploitation Minière, whose capital is held by the Congolese State (90%) and the National Social Security Fund (10%).
Dathomir Mining Resources, owned by the influential Chinese businessman Cong Mao Huai, called Simon Cong in Congo, and considered the bridgehead of Chinese business in the country, in September 2020 concluded a sale of 10% of its shares in Manono to the Australian operator of the project, AVZ Minerals.
The finalization of the transaction makes AVZ Minerals the owner of 75% of the lithium site against 25% for the state company Cominière.
Zijin Mining is a Chinese mining company. It is China's third largest copper enterprise. It is the leading gold company in China and operates the Zijinshan mine, China's largest gold mine. In May 2015, Zijin Mining bought 47% of the Kamoa project for US$412 million from Canadian Ivanhoe Mines.
In total, Zijin Mining has a 57% stake in the Kamoa copper mine and a 51% stake through its subsidiary Jin Cheng Mining in the Compagnie Minière de Musonoie Global.
Classified as a strategic metal in the Congo, lithium is a rare metal. It is used in the manufacture of cells and batteries, in particular for solar panels, computers, smartphones and electric cars, but also in the glass and ceramics industry, such as in the manufacture of special lubricants and alloys, the treatment of stale air by CO2, the pharmaceutical industry and that of rubber and thermoplastics.
The world's largest producers of lithium to date are Bolivia, Chile and Argentina, dubbed the “lithium triangle”, as well as China and Australia. Lithium from the Congo could eventually prove to be the easiest to extract and of the highest quality. The country, which hosts a number of metals essential to the energy transition and which arouse covetousness, is already the main world supplier of cobalt and one of the major players in the production of copper, attracts the whole world with its immense reserves of lithium to his bow.
D. DADEI.
It is pretty clear that Simon Cong is behind this and that the entire deal smells of the old corrupt Kabila era.
I am indeed extremely curious to see how Felix T deals with this.
Would be nice when all this shit is over and done with.
It is pretty clear that Zijin, a PRC state controlled entity, cannot be trusted.
If a state entity deals in and promotes a corrupt way of doing business, that state should be seen as a corrupt state and any business dealings with that state should be seen in that light.
The additional 15% has a price tag on it which they clearly benched off the CAT 24% @ $240m valuation ; I.e $150m. @ 15% .
“Sale of mining cultural heritage / a scandal awaiting an exemplary sanction.”
Clearly some underhanded work here. Obviously question surrounds what way FT handles this ; it's not an AVZ issue with regard the 75% they currently own , just means that a decision needs to be made on the additional 15%, papers sold on a street corner transaction, but papers were fake . Interesting .
keep up the posts guys and have a great weekend
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