After all possible avenues of negotiation for a favourable outcome are extinguished . One where AVZ hold minimum 51% and the ML . Which could mean AVZ 51% CATH 24% Zijin 15% DRC 10%......OR......... We get bought out . Has to happen before it gets to the ICC . imo
AVZ Discussion 2022
- Thread starter GazDix
- Start date
If Zijin finishes up with 15% (I hope bribery does not get rewarded), they will have to buy into the development and carry 15% of the development, they will not be free carried.
Therefore there is no need to sell 24% to Cath. It could well mean AVZ 60%, Cath 15%, Zijin 15% and DRC 10%.
It would mean AVZ operator and the Chinese block or any single entity cannot override AVZ.
Winenut
Go AVZ!
Good one there Cruiser
Spot on
Hate Zijin but if this gets us to mining and trading again at a decent price with 60% of the project I'll take it
I mentioned this type of proposal a fair while ago now, before the bribery news broke ( Zijin & Cominiere )
But it also included Zijin compensating AVZ a percentage for capital works already under taken to get RD to the DFS stage, which ultimately got 3 favourable opinions to be awarded the original ML decree.
That proposal should also include Zijin paying full market value for the 15%, not the pissant $33m which they have only paid a deposit for snacks at this stage
Having Zijin in the equation makes my gut wrench, but it does provide a pathway regards to " harmonious relations " within Dathcom and get RD moving in the right direction towards construction / production if the agreements are iron clad and irrevocable.
But we also have the Dathomir drama with the other 15% dispute, which is slated to go thru ICC arbitration too...
How does AVZ navigate that horse shit ?
Do we have a outcome of the MMCS dispute yet ?
So many moving parts to this crappola situation it makes my head spin !!
9.3 months to go before DRC elections.........
2.2 months to go to " celebrate " 12 months of extended suspension.......
What a fucking glowing endorsement for other international coys to invest in DRC hey ?
NOT !!
imo
Dathomir.....I mentioned this type of proposal a fair while ago now, before the bribery news broke ( Zijin & Cominiere )
But it also included Zijin compensating AVZ a percentage for capital works already under taken to get RD to the DFS stage, which ultimately got 3 favourable opinions to be awarded the original ML decree.
That proposal should also include Zijin paying full market value for the 15%, not the pissant $33m which they have only paid a deposit for snacks at this stage
Having Zijin in the equation makes my gut wrench, but it does provide a pathway regards to " harmonious relations " within Dathcom and get RD moving in the right direction towards construction / production if the agreements are iron clad and irrevocable.
But we also have the Dathomir drama with the other 15% dispute, which is slated to go thru ICC arbitration too...
How does AVZ navigate that horse shit ?
Do we have a outcome of the MMCS dispute yet ?
So many moving parts to this crappola situation it makes my head spin !!
9.3 months to go before DRC elections.........
2.2 months to go to " celebrate " 12 months of extended suspension.......
What a fucking glowing endorsement for other international coys to invest in DRC hey ?
NOT !!
AVZ has gone to the ICC for the Dathomir case, not the Zijin case.
(AVZ is simply answering to Zijin's subsidiary's claim).
The Lubumbashi Court decided they did not have the power to decide Dathomir's claim.
Is Dathomir defending its case for the ICC?
I am very curious how that plays out.
I don't assume or guess anything, as I simply have not seen the contracts signed by AVZ and Dathomir.
I believe the, by both parties, signed Sales contracts' wording will determine that outcome.
If there are no provisions for change of contract value, I would say game over for Dathomir.
Otherwise AVZ will have to come to some sort of settlement with Dathomir.
Paul
@TDITDistaken
·
Mar 1
Replying to
@TonyBolamba
and
@AvzMinerals
Thank you. I am sure AVZ will not insult the DRC government. A shareholder can do this, but he will not have the support of AVZ or most other shareholders. I agree, they are trying to cause trouble for nothing. $AVZ #Manono #CorruptZIJIN
Regardless of who is taking who to the ICC arbitration, we have 3 cases to be heard and pending..
a) MMCS v Cominiere 5%
b) Zijin ( ROFR )
c) Dathomir - agreement then supposed rescind ..................( Cong accused AVZ bod director Graeme Johnston of forgery and took him to court with reports he was found guilty and sentenced to 3 yrs jail )................all bullshit, confirmed by Johnston when i met up with him at the AGM...........
All of these cases have Chinas dirty little mits involved, designed to play the LONG game beyond the DRC election, whereby they will be secretly designing FT downfall and providing brown paper bags for the next fuck wit president to take over ensuring they get control of Manono and continue the never ending cycle of corruption and raping / pillaging of DRC mining assets for their own selfish gain............a scenario that has taken place for over 30 yrs.
So, with that bearish scenario in mind, AVZ longs no doubt will have to be prepared for a compromise if we all want AVZ to get back trading again in a reasonable time frame this year.........a win, win , win scenario whereby Zijin gets what it wants within reason, FT gets what he wants ( harmonius relations within Dathcom , RD moving forward, giving the locals what they want and a chance to be re elected ) and AVZ longs get a chance to get the fuck out...........or stay.
Just my tea leaves opinion.
Nellie17
Regular
Good afternoon Beish,Regardless of who is taking who to the ICC arbitration, we have 3 cases to be heard and pending..
a) MMCS v Cominiere 5%
b) Zijin ( ROFR )
c) Dathomir - agreement then supposed rescind ..................( Cong accused AVZ bod director Graeme Johnston of forgery and took him to court with reports he was found guilty and sentenced to 3 yrs jail )................all bullshit, confirmed by Johnston when i met up with him at the AGM...........
All of these cases have Chinas dirty little mits involved, designed to play the LONG game beyond the DRC election, whereby they will be secretly designing FT downfall and providing brown paper bags for the next fuck wit president to take over ensuring they get control of Manono and continue the never ending cycle of corruption and raping / pillaging of DRC mining assets for their own selfish gain............a scenario that has taken place for over 30 yrs.
So, with that bearish scenario in mind, AVZ longs no doubt will have to be prepared for a compromise if we all want AVZ to get back trading again in a reasonable time frame this year.........a win, win , win scenario whereby Zijin gets what it wants within reason, FT gets what he wants ( harmonius relations within Dathcom , RD moving forward, giving the locals what they want and a chance to be re elected ) and AVZ longs get a chance to get the fuck out...........or stay.
Just my tea leaves opinion.
In my opinion, there is NO WAY that the AVZ board would contemplate even in the slightest to go into any sort of agreement/partnership with Zijin. Zijin will not have any part of Manono nor will they have anything to do with Manono!!!!
Zijin can go and get fu.ked!
Good luck to everyone as this hasn't been easy, but hopefully we are nearing the finish line!
Until next time,
Cheers Nells xxx
"All of these cases have Chinas dirty little mits involved, designed to play the LONG game beyond the DRC election."Regardless of who is taking who to the ICC arbitration, we have 3 cases to be heard and pending..
a) MMCS v Cominiere 5%
b) Zijin ( ROFR )
c) Dathomir - agreement then supposed rescind ..................( Cong accused AVZ bod director Graeme Johnston of forgery and took him to court with reports he was found guilty and sentenced to 3 yrs jail )................all bullshit, confirmed by Johnston when i met up with him at the AGM...........
All of these cases have Chinas dirty little mits involved, designed to play the LONG game beyond the DRC election, whereby they will be secretly designing FT downfall and providing brown paper bags for the next fuck wit president to take over ensuring they get control of Manono and continue the never ending cycle of corruption and raping / pillaging of DRC mining assets for their own selfish gain............a scenario that has taken place for over 30 yrs.
So, with that bearish scenario in mind, AVZ longs no doubt will have to be prepared for a compromise if we all want AVZ to get back trading again in a reasonable time frame this year.........a win, win , win scenario whereby Zijin gets what it wants within reason, FT gets what he wants ( harmonius relations within Dathcom , RD moving forward, giving the locals what they want and a chance to be re elected ) and AVZ longs get a chance to get the fuck out...........or stay.
Just my tea leaves opinion.
Mate this is why I say it's very important this gets sorted before it gets to the ICC case in April. The ICC to me equals long game in play with the MoM blessing , because she wont have the balls to pull the rug on AVZ and she can't go against her Chinese masters . Getting very close now to knowing how we go moving forward .I'll go out on a limb and say we will have a result be the end of this month . imo
Last edited:
Spikerama
Regular
ICC International Court of Arbitration / Zijin vs AVZ Countdown
Shows the remaining days until the cheaters & liars & true law abiders are revealed to the world.
icc-zijin-vs-avz-corruption-countdown.netlify.app
Spikerama
Regular
Regardless of who is taking who to the ICC arbitration, we have 3 cases to be heard and pending..
a) MMCS v Cominiere 5%
b) Zijin ( ROFR )
c) Dathomir - agreement then supposed rescind ..................( Cong accused AVZ bod director Graeme Johnston of forgery and took him to court with reports he was found guilty and sentenced to 3 yrs jail )................all bullshit, confirmed by Johnston when i met up with him at the AGM...........
All of these cases have Chinas dirty little mits involved, designed to play the LONG game beyond the DRC election, whereby they will be secretly designing FT downfall and providing brown paper bags for the next fuck wit president to take over ensuring they get control of Manono and continue the never ending cycle of corruption and raping / pillaging of DRC mining assets for their own selfish gain............a scenario that has taken place for over 30 yrs.
So, with that bearish scenario in mind, AVZ longs no doubt will have to be prepared for a compromise if we all want AVZ to get back trading again in a reasonable time frame this year.........a win, win , win scenario whereby Zijin gets what it wants within reason, FT gets what he wants ( harmonius relations within Dathcom , RD moving forward, giving the locals what they want and a chance to be re elected ) and AVZ longs get a chance to get the fuck out...........or stay.
Just my tea leaves opinion.
I was actually going to patent a method for reusing tea leaves. But Lipton have taken out a re-straining order against me.
Hi Nells
I dont want anything to do with Zijin..........yes they can get fucked for sure !!
But, 3 ICC arbitration cases takes so long to eventuate with a result, could be next year before we find out, so could be at the mercy of another corrupt govt enterprise if China get their way.
We have already witnessed how DRC law means fuck all, with the ML decree rescinded for " lack of harmony " ....
I am hoping for the best, but also trying to be realistic......
Make no mistake, David v Goliath battle here, the might of China and corrupt DRC govt which has ruled the roost for decades
Imo, Plan B ( compromise ) is happening as we vent, need to have a open mind for all eventualities.
imo
I have mentioned this before, but i would really like to call Zijin bluff and stay the course with the April 2023 ICC arbitration, maybe they will pull out if they realise the weight of evidence is against them ( IGF report, AVZ strong documentation ) one of Chinas fallibility is they dont like getting embarrassed on the world stage, its a open court proceeding, not their preferred option, MMCS got embarrassed even tho no ruling as yet......
Will China risk a second dose ?
ICC arbitration is only 41 days away as per Spikerama daily count...........not that far away.
There is still plenty of time to "compromise" after the initial hearing, should matters not be as clear cut ....
One way or another, you would want to see a path way to construction of RD no later than June.
imo
CashKing
Regular
As long as ICC Doesn’t take 2 more years I’m good with that also, No one wants to be locked up anymore that we have…I have mentioned this before, but i would really like to call Zijin bluff and stay the course with the April 2023 ICC arbitration, maybe they will pull out if they realise the weight of evidence is against them ( IGF report, AVZ strong documentation ) one of Chinas fallibility is they dont like getting embarrassed on the world stage, its a open court proceeding, not their preferred option, MMCS got embarrassed even tho no ruling as yet......
Will China risk a second dose ?
ICC arbitration is only 41 days away as per Spikerama daily count...........not that far away.
There is still plenty of time to "compromise" after the initial hearing, should matters not be as clear cut ....
One way or another, you would want to see a path way to construction of RD no later than June.
imo
We went from Land Locked to cash locked huh..
We have the Prettiest girl at the BALL..
Sell it Nige…
GLTAH
Haha, I think you have made it loud and clear that you want out Cashy.....
TO is certainly a option too, but good luck with China paying more than .....
Carlos Danger
Top 20
Samus
Top 20
100% Nells. Fuck Zijin, fuck the corrupt ministers
#RDC The prosperity in all respects of the DRC will be the work of the determination of the Congolese Patriots. Let us pull ourselves together and out of a burst of pride, advocate the primacy of the interests of the DRC over any other interest. To use oneself to the detriment of the country is high treason.
Winenut
Go AVZ!
Absolutely prefer no Zijin 100%!!!!!!
Come to the table with something decent???...I could accomodate that
$12....$12.....$12!!!!!
Samus
Top 20
Lets just take a moment to remember who the enemy is here.
Not a day goes by without a scandal appearing in the Democratic Republic of Congo and upsetting the tranquility of the peaceful Congolese. This is the case of the very ambiguous cancellation of DATHCOM's lithium operating license which has been in the news for several days. This soap opera is very similar to the big joke of 2009 when the Australian-Canadian First Quantum Minerals (FQM) was stripped of its mining rights in the former Katanga (Haut-Katanga and Lualaba) for the benefit of a third party , Sama Lukonde, under the reign of Félix Tshisekedi and with the same leaders in charge for more than fifteen years of the very dark mining cadastre (CAMI), which resolved to play its traditional score about the Manono lithium project in the province of Tanganyika. Worse still, the highly contested Antoinette N'Samba Kalambay, Minister of Mines, curiously, resolved to shamelessly cancel this operating permit in complete illegality, by the decree of January 28, 2023. This unfounded act of the suspension of operating permit no. 13359 of the DATHCOM Mining SA aroused great anger and disappointment among the people of Manono. Reason given by the Minister: “conflicts between shareholders”. This resonates like an insult for these populations who know well that this is not one of the reasons provided for by the mining law of the country. Having understood that there are many shadows in this matter, which study served as a basis for the argument of Cominière SA, recently in international arbitration in Paris against MMCS1. As in 2009 with FQM, AVZ is therefore suffering the martyrdom of political control over the only viable and world-class mining project of President Félix Tshisekedi's mandate.
Back to a nebula
We know a little more about the real reasons which pushed the Government, via the Minister of Mines who seems like a simple executor of an illegal decision of the anti-patriots and sappers of the mining vision of Félix Antoine Tshisekedi, canceled, by its decree of January 28, 2023, operating permit no. 13359 relating to the Manono lithium project. As in 2009 under the reign of Kabila who withdrew from the Australian-Canadian First Quantum Minerals (FQM) all the mining rights it held on three flagship projects in Greater Katanga, namely Kinga-myambo Musonoi Tailings (KMT) became Metalkol, Frontier Sprl and the Lonshi mine for the benefit of Dan Gertler's companies,
In Kinshasa, everything is being done to push AVZ Minerals to abandon its Manono project. In ambush, there is the Chinese Zijin Mining Company which pulls the strings, ready to pull out all the stops to recover the Manono project after its 35 million US dollars, there would have been more if the security services are investigating well on statements attributed to the technical director of Cominiere, Kibeya, which circulate on social networks, for which the interim general manager of Cominière, Mwamba, is in detention after the audit report of the General Inspectorate of Finance (IGF).
It is therefore understandable why the Minister of Mines, on January 28, 2023, decided to cancel the EP granted in April 2022 to the company DATHCOM, in which AVZ Minerals is the majority shareholder. Curiously, the Minister of Mines justifies her decision by "conflicts between shareholders". A scenario that can never lead to the forfeiture of a mining right, with regard to the mining legislation in force in the Democratic Republic of Congo.
Zijin's Dark Hand
What and who does AVZ Minerals bother? Why has Kinshasa just withdrawn PE n°13359 from DATHCOM? So many questions that led Econews to take a closer look at this project proposed by the Chinese in Zijin. Through a cross-checking and investigation exercise, our editorial staff and partners came across a letter from Zijin to the general management of the Congolese mining company (Cominière SA) dated October 21, 2022.
The title of this correspondence (Cfr. extracts in facsimile), signed from the Chinese city of XIAMEN, is evocative. By this letter, signed by CHEN Jingne in his capacity as Chairman of the Board of Directors of ZijinMining Group CO. Ltd, this Chinese group accused by NGOs of Lualaba for its abuses and violations of the laws at Comus and Kamoa Copper presented to Cominière its ''partnership offer to advance the Manono lithium exploitation project''. Better an order to close the deal on the problematic $35 million.
From the outset, Zijin introduces his letter in these terms: “We are honored to send you this letter in relation to the object taken up. As a multinational mining group, Zijin Mining Group Company Ldt (abbreviated as "ZijinMining") focuses on the exploration and exploitation of gold, copper and other metallic mineral resources as well as the application and study in engineering technology, headquartered at No. 1 Zijin Avenue, Shanghang Township, Longgyan City, Fujian Province, China. It is listed on both the Hong Kong Stock Exchange (Stock Code: 2899) and the Shanghai Stock Exchange (Stock Code: 601899). Service Center, Wickhamscay II, Road Town Tortola, VG 1110. JIN CHENG Mining Limited (abbreviated as "JIN CHENG"), is a subsidiary of Zijin Mining,
The motives of Zijin Mining
Then, the letter describes all the steps taken: "Since COMINIERE and JIN CHENG concluded on September 10, 2021 a contract for the transfer of shares (the "Transfer Contract"), according to which COMINIERE transferred to JIN CHENG the 15% of shares it held in the share capital of the company DATHCOM MINING SA (abbreviated "DA-THCOM"), in return for this transfer, a payment of the amount of 33,440,000.00 USD (Thirty - three million four hundred and forty thousand US dollars) was carried out by JIN CHENG on behalf of COMINIERE (the “Sale of 15% of shares”); Considering that the Extraordinary General Meeting of DATHCOM held on November 20, 2021 approved this transaction of sale of 15% of shares, thus materializing the quality of JIN CHENG as one of the shareholders of DATHCOM; Considering that the minutes of the aforementioned Extraordinary General Meeting were notarized, deposited at the One-Stop Shop for Business Creation in Lubumbashi on November 23, 2021, and its resolutions were entered in the RCCM Register of Commerce and Credit Mobilier of the DATHCOM company; Given that the company AVZ International Pty Ltd, which is the majority shareholder in DATHCOM, noted all the resolutions adopted during the Extraordinary General Meeting of November 20, 2021 of DATHCOM, thus abusing its majority, consequently the Coordinated Articles of DATHCOM, as modified by the resolutions of the General Assembly of November 20, 2021, have not yet been signed to date; Considering that Zijin Mining, parent company of JIN CHENG, which is one of the shareholders of DATHCOM, wish to see the Manono lithium mining project develop successfully, given that the financial, technical as well as operational capacity has been demonstrated by Zijin Mining, this proves that it could move forward effectively in the construction and in the operation of the Manono lithium project; Given that the evaluation of the reserves in the PR13359 was made partially, during the transformation of the PR (Exploration Permit) into PE (Exploitation Permit), by the holder DATHCOM, who renounced the north-eastern part of the PR13359, which is the Affected Party; Given that COMINIERE's geologists have confirmed to Zijin Mining a certain mineralization potential within the scope of the Affected Party; Given that on August 15, 2022, Her Excellency the Minister of State,
In view of the foregoing, Zijin Mining then presented its offer – “the Present offer” – in the following terms: “1. A joint venture agreement (the "Joint Venture Agreement") will be entered into between a designated subsidiary of ZijinMining and COMINIERE, pursuant to which the parties will create a joint venture (the "Joint Venture"), in which the subsidiary of Zijin Mining will hold 71% of shares and COMINIÈRE 29% of shares”.
This offer concerns the northern part of Dathcom Mining SA's Manono Permit for which AVZ MInerals is Cominière's only partner to have invested expertise and money there in exploration and studies leading to the certification of the largest lithium deposit in world when La Cominière and his poor engineers at the head of the Technical Department could not imagine it.
Zijin is even more explicit: “After the creation of the Joint-Venture, COMINIERE will assign the mining right on the Target Party legally held by it to the Joint-Venture, free of any lien, charge, claim, dispute and default. The research, development and exploitation of the Covered Party will be carried out on behalf of the Joint Venture. On the date on which COMINIERE transfers the mining right of the Target Party to the Joint Venture by completing all the relevant procedures such as registration, registration and notarization, and the Joint Venture becomes the legal and effective holder of 100% of the rights and interests of the Affected Party,
Finally, Zijin concludes his letter by noting that "to avoid any ambiguity, it should be specified that if COMINIERE fails to legally and effectively Transfer the mining right of the Party Targeted to the Joint Venture, COMINIERE will not have the right to demand from JIN CHENG the retrocession of 15% of shares in DATHCOM, nor the waiver of the payment it made for the acquisition of 15% in the capital of DATIHCOM on behalf of COMINIERE”.
The letter goes further: "In application of this Office, COMINIERE will undertake to bear any income tax, stamp duty, transfer duty and any other tax or duty which may arise in the DRC and in any other country or region following the aforementioned "15% Share Retrocession", recalling that "both parties and its directors, officers, employees and agents must keep this letter and this Offer in the strictest confidence. No information, knowledge, discussions, negotiations or developments between the parties of which they are aware in connection with this Offer, the Joint Venture Agreement and all transactions and documents relating thereto will be disclosed without the prior written consent of each party. . And specify, to avoid any ambiguity: “The validity of this Offer is 60 days (“the Validity”) from the date of its receipt by COMINIERE. In the event of acceptance of this Offer by COMINIERE, the latter must acknowledge receipt and sign on the signature page before the expiry of the Validity period. Otherwise, this Offer will be considered automatically null and void, unless Zijin Mining decides otherwise”.
This is where investigators from the Court of Auditors, the internal security of the Presidency of the Republic of Jacques Tshibanda tshisekedi, the General Inspectorate of Finances of Jules Alingete Key and the National Intelligence Agency of Jean- Hervé Mbelu Biosha must snoop more closely with the Cominière, the Ministry of Portfolio, the Ministry of Mines, the Mining Cadastre, Zijin in the DRC to protect the interests of the Republic and bring to justice the accomplices in the sale of important mining assets
We understand everything when there is a deal that exists between Zijin and Cominière, millions of American dollars for illegal selling off according to the IGF. All in all, La Cominière could never conclude such a contract without the approval of its double hierarchy, namely the bosses of the Ministry of Portfolio and that of Mines. The pride of its Technical Director who is free despite the IGF Report demonstrates this. This clearly explains the decree of the Minister of Mines who will not be able to legally defend her signature before a panel of independent investigators. However, there is already an arbitration proceeding on this same mining Permit,
In reality, the Government has decided, to please the Chinese Zijin, to withdraw what rightfully belongs to DATHCOM Mining SA in which AVZ Minerals is a shareholder, as was the case with First Quantum Minerals in 2009 under Joseph Kabila by Minister Kabwelulu, for entrust it partially or entirely to the new joint venture formed between Zijin Mining Company (71% of shares) and Cominière (29%). A way to cover the 35 million USD or more disbursed by Chinese.
We therefore find ourselves with an unbalanced shareholding, to the benefit of the Chinese who already dominate the cupro-cobalt sector in a wild way. This financial package demonstrates all the mafia that surrounds this case in which the investigations of the consortium of media and NGOs working on the natural resources sector is certain to discover several corpses and skeletons in the cupboards of Congolese citizens who behave like mercenaries in the detrimental to the interests of the Republic. With these shameless practices, it is the President of the Republic who is stabbed in the back by crooked officials who undermine for prebends, as in the Mexican narcotic mafia, imposing a kind of omerta on any voice that will denounce evil .
sphynxrdc.com
Cancellation of DATHCOM's lithium exploitation license for Manono: the ruse of Zijin and his mafiosi exposed.
3 weeks ago
Not a day goes by without a scandal appearing in the Democratic Republic of Congo and upsetting the tranquility of the peaceful Congolese. This is the case of the very ambiguous cancellation of DATHCOM's lithium operating license which has been in the news for several days. This soap opera is very similar to the big joke of 2009 when the Australian-Canadian First Quantum Minerals (FQM) was stripped of its mining rights in the former Katanga (Haut-Katanga and Lualaba) for the benefit of a third party , Sama Lukonde, under the reign of Félix Tshisekedi and with the same leaders in charge for more than fifteen years of the very dark mining cadastre (CAMI), which resolved to play its traditional score about the Manono lithium project in the province of Tanganyika. Worse still, the highly contested Antoinette N'Samba Kalambay, Minister of Mines, curiously, resolved to shamelessly cancel this operating permit in complete illegality, by the decree of January 28, 2023. This unfounded act of the suspension of operating permit no. 13359 of the DATHCOM Mining SA aroused great anger and disappointment among the people of Manono. Reason given by the Minister: “conflicts between shareholders”. This resonates like an insult for these populations who know well that this is not one of the reasons provided for by the mining law of the country. Having understood that there are many shadows in this matter, which study served as a basis for the argument of Cominière SA, recently in international arbitration in Paris against MMCS1. As in 2009 with FQM, AVZ is therefore suffering the martyrdom of political control over the only viable and world-class mining project of President Félix Tshisekedi's mandate.
Back to a nebula
We know a little more about the real reasons which pushed the Government, via the Minister of Mines who seems like a simple executor of an illegal decision of the anti-patriots and sappers of the mining vision of Félix Antoine Tshisekedi, canceled, by its decree of January 28, 2023, operating permit no. 13359 relating to the Manono lithium project. As in 2009 under the reign of Kabila who withdrew from the Australian-Canadian First Quantum Minerals (FQM) all the mining rights it held on three flagship projects in Greater Katanga, namely Kinga-myambo Musonoi Tailings (KMT) became Metalkol, Frontier Sprl and the Lonshi mine for the benefit of Dan Gertler's companies,
In Kinshasa, everything is being done to push AVZ Minerals to abandon its Manono project. In ambush, there is the Chinese Zijin Mining Company which pulls the strings, ready to pull out all the stops to recover the Manono project after its 35 million US dollars, there would have been more if the security services are investigating well on statements attributed to the technical director of Cominiere, Kibeya, which circulate on social networks, for which the interim general manager of Cominière, Mwamba, is in detention after the audit report of the General Inspectorate of Finance (IGF).
It is therefore understandable why the Minister of Mines, on January 28, 2023, decided to cancel the EP granted in April 2022 to the company DATHCOM, in which AVZ Minerals is the majority shareholder. Curiously, the Minister of Mines justifies her decision by "conflicts between shareholders". A scenario that can never lead to the forfeiture of a mining right, with regard to the mining legislation in force in the Democratic Republic of Congo.
Zijin's Dark Hand
What and who does AVZ Minerals bother? Why has Kinshasa just withdrawn PE n°13359 from DATHCOM? So many questions that led Econews to take a closer look at this project proposed by the Chinese in Zijin. Through a cross-checking and investigation exercise, our editorial staff and partners came across a letter from Zijin to the general management of the Congolese mining company (Cominière SA) dated October 21, 2022.
The title of this correspondence (Cfr. extracts in facsimile), signed from the Chinese city of XIAMEN, is evocative. By this letter, signed by CHEN Jingne in his capacity as Chairman of the Board of Directors of ZijinMining Group CO. Ltd, this Chinese group accused by NGOs of Lualaba for its abuses and violations of the laws at Comus and Kamoa Copper presented to Cominière its ''partnership offer to advance the Manono lithium exploitation project''. Better an order to close the deal on the problematic $35 million.
From the outset, Zijin introduces his letter in these terms: “We are honored to send you this letter in relation to the object taken up. As a multinational mining group, Zijin Mining Group Company Ldt (abbreviated as "ZijinMining") focuses on the exploration and exploitation of gold, copper and other metallic mineral resources as well as the application and study in engineering technology, headquartered at No. 1 Zijin Avenue, Shanghang Township, Longgyan City, Fujian Province, China. It is listed on both the Hong Kong Stock Exchange (Stock Code: 2899) and the Shanghai Stock Exchange (Stock Code: 601899). Service Center, Wickhamscay II, Road Town Tortola, VG 1110. JIN CHENG Mining Limited (abbreviated as "JIN CHENG"), is a subsidiary of Zijin Mining,
The motives of Zijin Mining
Then, the letter describes all the steps taken: "Since COMINIERE and JIN CHENG concluded on September 10, 2021 a contract for the transfer of shares (the "Transfer Contract"), according to which COMINIERE transferred to JIN CHENG the 15% of shares it held in the share capital of the company DATHCOM MINING SA (abbreviated "DA-THCOM"), in return for this transfer, a payment of the amount of 33,440,000.00 USD (Thirty - three million four hundred and forty thousand US dollars) was carried out by JIN CHENG on behalf of COMINIERE (the “Sale of 15% of shares”); Considering that the Extraordinary General Meeting of DATHCOM held on November 20, 2021 approved this transaction of sale of 15% of shares, thus materializing the quality of JIN CHENG as one of the shareholders of DATHCOM; Considering that the minutes of the aforementioned Extraordinary General Meeting were notarized, deposited at the One-Stop Shop for Business Creation in Lubumbashi on November 23, 2021, and its resolutions were entered in the RCCM Register of Commerce and Credit Mobilier of the DATHCOM company; Given that the company AVZ International Pty Ltd, which is the majority shareholder in DATHCOM, noted all the resolutions adopted during the Extraordinary General Meeting of November 20, 2021 of DATHCOM, thus abusing its majority, consequently the Coordinated Articles of DATHCOM, as modified by the resolutions of the General Assembly of November 20, 2021, have not yet been signed to date; Considering that Zijin Mining, parent company of JIN CHENG, which is one of the shareholders of DATHCOM, wish to see the Manono lithium mining project develop successfully, given that the financial, technical as well as operational capacity has been demonstrated by Zijin Mining, this proves that it could move forward effectively in the construction and in the operation of the Manono lithium project; Given that the evaluation of the reserves in the PR13359 was made partially, during the transformation of the PR (Exploration Permit) into PE (Exploitation Permit), by the holder DATHCOM, who renounced the north-eastern part of the PR13359, which is the Affected Party; Given that COMINIERE's geologists have confirmed to Zijin Mining a certain mineralization potential within the scope of the Affected Party; Given that on August 15, 2022, Her Excellency the Minister of State,
In view of the foregoing, Zijin Mining then presented its offer – “the Present offer” – in the following terms: “1. A joint venture agreement (the "Joint Venture Agreement") will be entered into between a designated subsidiary of ZijinMining and COMINIERE, pursuant to which the parties will create a joint venture (the "Joint Venture"), in which the subsidiary of Zijin Mining will hold 71% of shares and COMINIÈRE 29% of shares”.
This offer concerns the northern part of Dathcom Mining SA's Manono Permit for which AVZ MInerals is Cominière's only partner to have invested expertise and money there in exploration and studies leading to the certification of the largest lithium deposit in world when La Cominière and his poor engineers at the head of the Technical Department could not imagine it.
Zijin is even more explicit: “After the creation of the Joint-Venture, COMINIERE will assign the mining right on the Target Party legally held by it to the Joint-Venture, free of any lien, charge, claim, dispute and default. The research, development and exploitation of the Covered Party will be carried out on behalf of the Joint Venture. On the date on which COMINIERE transfers the mining right of the Target Party to the Joint Venture by completing all the relevant procedures such as registration, registration and notarization, and the Joint Venture becomes the legal and effective holder of 100% of the rights and interests of the Affected Party,
Finally, Zijin concludes his letter by noting that "to avoid any ambiguity, it should be specified that if COMINIERE fails to legally and effectively Transfer the mining right of the Party Targeted to the Joint Venture, COMINIERE will not have the right to demand from JIN CHENG the retrocession of 15% of shares in DATHCOM, nor the waiver of the payment it made for the acquisition of 15% in the capital of DATIHCOM on behalf of COMINIERE”.
The letter goes further: "In application of this Office, COMINIERE will undertake to bear any income tax, stamp duty, transfer duty and any other tax or duty which may arise in the DRC and in any other country or region following the aforementioned "15% Share Retrocession", recalling that "both parties and its directors, officers, employees and agents must keep this letter and this Offer in the strictest confidence. No information, knowledge, discussions, negotiations or developments between the parties of which they are aware in connection with this Offer, the Joint Venture Agreement and all transactions and documents relating thereto will be disclosed without the prior written consent of each party. . And specify, to avoid any ambiguity: “The validity of this Offer is 60 days (“the Validity”) from the date of its receipt by COMINIERE. In the event of acceptance of this Offer by COMINIERE, the latter must acknowledge receipt and sign on the signature page before the expiry of the Validity period. Otherwise, this Offer will be considered automatically null and void, unless Zijin Mining decides otherwise”.
This is where investigators from the Court of Auditors, the internal security of the Presidency of the Republic of Jacques Tshibanda tshisekedi, the General Inspectorate of Finances of Jules Alingete Key and the National Intelligence Agency of Jean- Hervé Mbelu Biosha must snoop more closely with the Cominière, the Ministry of Portfolio, the Ministry of Mines, the Mining Cadastre, Zijin in the DRC to protect the interests of the Republic and bring to justice the accomplices in the sale of important mining assets
We understand everything when there is a deal that exists between Zijin and Cominière, millions of American dollars for illegal selling off according to the IGF. All in all, La Cominière could never conclude such a contract without the approval of its double hierarchy, namely the bosses of the Ministry of Portfolio and that of Mines. The pride of its Technical Director who is free despite the IGF Report demonstrates this. This clearly explains the decree of the Minister of Mines who will not be able to legally defend her signature before a panel of independent investigators. However, there is already an arbitration proceeding on this same mining Permit,
In reality, the Government has decided, to please the Chinese Zijin, to withdraw what rightfully belongs to DATHCOM Mining SA in which AVZ Minerals is a shareholder, as was the case with First Quantum Minerals in 2009 under Joseph Kabila by Minister Kabwelulu, for entrust it partially or entirely to the new joint venture formed between Zijin Mining Company (71% of shares) and Cominière (29%). A way to cover the 35 million USD or more disbursed by Chinese.
We therefore find ourselves with an unbalanced shareholding, to the benefit of the Chinese who already dominate the cupro-cobalt sector in a wild way. This financial package demonstrates all the mafia that surrounds this case in which the investigations of the consortium of media and NGOs working on the natural resources sector is certain to discover several corpses and skeletons in the cupboards of Congolese citizens who behave like mercenaries in the detrimental to the interests of the Republic. With these shameless practices, it is the President of the Republic who is stabbed in the back by crooked officials who undermine for prebends, as in the Mexican narcotic mafia, imposing a kind of omerta on any voice that will denounce evil .
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