Hemicuda
Regular
Nfi mate, just calling out a flog when I see it,
AVZ Discussion 2022
- Thread starter GazDix
- Start date
Retrobyte
Hates a beer
I think we will have to accept that she's staying because she influences enough votes to aid Felix's relection chances. But that doesn't mean she won't have a fence put around her to neutralise her involvement in the ML.
TheCount
Regular
Nice watch though.
TC.
Frank
Top 20
Lithium is back baby.
After a dry few months the champagne flowed across the sector as everyone got excited a deep pocketed major may buy the bag they’ve been holding through the (not so great) lithium price fall of Q1 2023.
The reason?
Liontown Resources and its decision to knock back a non binding indicative proposal of a $2.50 a share buyout, valued at $5.2 billion, from US lithium giant Albemarle.
Its stock is up 67.5% to $2.55, beyond the offer price and well above its previous ATH of $2.20, signalling investors think another bid from Albemarle or another resource hungry major could be in order.
Both Chalice and Liontown count Perth businessman Tim Goyder as a major shareholder.
Some day for last year’s Diggers and Dealers GJ Stokes Award winner.
Materials stocks rose 2.19% with lithium companies jostling for position at the head of the winner’s list.
Now lets get this shit show on the road and back on track asap
Food for thought Fletch
Cheers
Frank
Value of battery metals in newly-sold EVs tripled on rampant lithium, nickel prices
The EV Metal Index, which tracks the value of battery metals in newly registered passenger EVs (including full battery, plug-in and conventional hybrids) around the world, totalled $26.9 billion in 2022, an increase of 232% compared to the prior year.
That figure means as much EV battery metal business was done in 2022 than the combined total of the preceding five years.
And that came despite pandemic lockdowns for most of the year in the world’s largest EV market and turmoil in Europe, the world’s no. 2 electric car market, due to the Ukraine war.
In fact, the value of battery metals deployed in December last year alone surpassed all of 2019 and 2020 combined.
A rush in end-of-year registrations is a feature of the global vehicle market, but December was a blockbuster month in all aspects.
Total battery capacity of the 1.64m EVs sold during December set a new monthly record, expanding 29% year on year to 63.6 GWh, according to Adamas Intelligence, which tracks demand for EV batteries by chemistry, cell supplier and capacity in over 100 countries.
In order to produce the most accurate data, the monthly battery capacity deployed numbers in the MINING.COM EV Metal Index do not include cars leaving assembly lines, those on dealership lots or in the wholesale supply chain, only end-user registered vehicles.
Blockbuster December
In December 2022, a record 38,061 tonnes of lithium carbonate equivalent were deployed onto roads globally (55% carbonate, 45% hydroxide) in the batteries of all newly sold passenger EVs combined, up 46% over the same month the year prior.Lithium prices were also peaking in December around $70,000 a tonne, which lifted the lithium subindex to $2.7 billion during the month, surpassing December 2021 by 280%.
The same was true of nickel, with a record 27,676 tonnes in newly-sold EVs rolling off the lot in December, up 40% over the same month the year prior.
The value of the nickel in hybrids and battery electric vehicles jumped to $856m, 15% above the previous record set in March last year when the London nickel market was in the throes of a crisis and prices spiked.
Cobalt blues
The cobalt subindex dropped 28% however, after prices for the metal halved over the course of the year and declining cobalt use in batteries eroded growth in absolute deployment tonnage.According to Adamas data in the second half of last year average cobalt use in EVs was flat as LFP batteries continue to grow in popularity.
In contrast, lithium use per vehicle jumped 17% as average battery pack sizes grew and the global EV sales mix reached 89% full battery-powered cars.
In December 2022, a record 57,980 tonnes of synthetic and natural graphite were deployed, up 48% year on year setting a new record in terms of value as prices consolidated around the early $800s per tonne.
While January 2023 saw the index halve from December, there is likely more weakness ahead given sharp decline in lithium prices in China in recent weeks, a ‘normalizing’ nickel price and ongoing troubles for cobalt both in terms of price and usage.
US, Japan strike deal on supply of minerals for EV batteries
The US agreed to boost cooperation with Japan on critical mineral supply chains and to expand access to tax breaks as President Joe Biden aims to counter China’s dominance of the electric vehicle battery sector.
Following the pact, EVs that use materials that have been collected or processed in Japan will be eligible for incentives under the US Inflation Reduction Act, Japanese Trade Minister Yasutoshi Nishimura said Tuesday in Tokyo.
“This announcement is proof of President Biden’s commitment to building resilient and secure supply chains,” US Trade Representative Katherine Tai said in a statement.
“Japan is one of our most valued trading partners.”
The deal is similar to an agreement Washington has been negotiating with the European Union which would extend access to some of the as much as $369 billion in handouts and tax credits available over the next decade under the IRA, in areas including wind, solar and electric vehicles.
Under the deal, the US and Japan will also refrain from imposing export duties on critical minerals traded between the two nations and discuss how to approach “non-market policies and practices of non-parties affecting trade in critical minerals” — another veiled reference to China.
mining.com
Frank
Top 20
Albemarle’s $5.2bn bid for Liontown shows what tier 1 lithium assets are really worth.
- Bid shows disparity between what equity investors (less knowledgeable) and market participants (more knowledgeable) believe a company is worth
- Tier 1 assets like Liontown’s Kathleen Valley are in the M&A crosshairs
- Other tier 1 takeover targets: Leo Lithium, Sayona Mining, Patriot Battery Metals, Galan Lithium, Lithium Power International
Liontown’s prompt rebuff of Albemarle’s third takeover bid – valuing the company at a record-high $5.2bn – shows investors just how much industry participants are pricing tier 1 lithium assets in the current market.
The bid, revealed by LTR yesterday morning, set off a rocket underneath the near term miner and the wider ASX cohort.
Nearly every miner, project developer and explorer enjoyed strong gains which was welcome relief after months of share price losses.
The reason for the poor performance of lithium equities in 2023 is simple. Since reaching a peak November last year lithium prices have fallen back significantly.
Unsurprisingly, ASX equities have followed suit.
The difference is that the equities were never anywhere near peak pricing, says Canaccord Genuity mining analyst Reg Spencer.
“They were always undervalued compared to where market pricing was for lithium products,” he told Stockhead.
“Now this bid for Liontown shows what price a buyer is willing to pay for a tier 1 asset.”
This bid shows the disparity between what equity investors (less knowledgeable) and market participants (more knowledgeable) – carmakers, OEMs, chemical companies, other lithium companies – believe a company is worth.
$US25bn capped Albemarle one of the world’s largest lithium producers, is the perfect example of a company that should know its stuff. Same goes for Liontown.
“Clearly Liontown see a lot more value than what was implied by that bid,” Spencer says.
“I don’t necessarily disagree. Pilbara Minerals is a very good example of what can happen when you get some good pricing, with a big asset and production at scale.
Liontown is going to have that in a few years’ time.
“The other strategic aspect, which is hard to quantify and certainty wasn’t reflected in the bid price, is what value do you place on Liontown, knowing they will be a supplier to North American industry participants?
“They meet a lot of the requirements under the Inflation Reduction Act, which means if Tesla makes an EV using Liontown lithium [they] get a tax credit.
“There is quite a strategic value to Liontown, and that is certainly not reflected in that bid price, in my view.”
The dance between Albemarle and Liontown may not be done.
Bell Potter has a base case valuation of $2.81/sh for Liontown “using what we consider a conservative lithium price outlook (long term US$1,300/t SC6)”.
It currently has a $3.35/sh valuation on the stock.
“Acquiring LTR would deliver ALB (or any acquirer) a large, long-life bolt-on project with production ramping up from mid-2024; complementing its existing Australian mining operations (49% of Greenbushes, 60% of Wodgina) and downstream lithium business (85% of Kemerton Lithium Refinery),” Bell Potter says.
Which other ASX stocks else could rerate on M&A action?
Spencer says tier 1 assets like Liontown’s Kathleen Valley are in the crosshairs.
“The long-term growth of this sector, the challenges associated with bringing on new supply, and the fact that there isn’t that many tier 1 assets in the market makes some of these things quite attractive to potential M&A,” he says.
So, what does a tier 1 lithium project look like?
In hard rock, Spencer says anything over 100Mt with the potential to do 500-700,000ta a year of spodumene.
“For the hard rock guys Leo Lithium has a big resource,” he says.
“Sayona in Quebec also has total project resources in excess of 100Mt and they are about to go into production.”
Then there’s Ken Brinsden’s Patriot Battery Metals in Canada.
“Even though they don’t have a resource yet the drilling is looking very, very good and all indications are that they would have something of scale,” Spencer says.
Brine deposits also boast scale potential, which makes them attractive from an M&A standpoint.
Especially to the Chinese.
“The Chinese are effectively locked out of Australia and North America, so if you have a good brine project in South America you are going to attract the interest of the Chinese,” Spencer says.
“For those guys you are looking at companies like Galan Lithium and Lithium Power – companies that have long life and scale potential.”
M&A discussions ‘happening everywhere’
You can bet all manner of M&A discussions are happening behind the scenes, especially now equity prices have pulled back, Spencer says.
“The pullback in equity valuations suddenly makes lithium assets cheaper than what they were six months ago,” he says.
“This is why I think you are going to start to see more M&A in the sector.
“You might recall a month or two ago there was speculation that Tesla was looking at Sigma Lithium, a Canadian listed company with a big asset in Brazil.
“I would expect this to continue.
“It goes to show that strategic players in the sector are thinking about these assets a lot differently than the equity investors.”
mouseflying
Regular
Hopefully, this melbourne based organisation can teach him to calculate the surface fee in timely manner.
How can there be action when Cominiere still uncertain to be able to pass 10% to the Gov.
Pre requisite to obtaining mining licence ???
Do they have 25% currently or locked up in court decisions outcome.
Zijin plus Cong plus MMCS.
Xerof
Biding my Time 1971
As I said a couple of days ago, ICC case involving MMCS 5% holds the key to any real progress IMO. COMINIERE needs that back, as a minimum, to be able to cede the 10%
The other 15% can float about in a paper bag anywhere between COMINIERE, AVZI or Zijin, without upsetting any apple carts
The other 15% can float about in a paper bag anywhere between COMINIERE, AVZI or Zijin, without upsetting any apple carts
Could the ceding of 10% to government also cause a major problem I wonder? It's in our Joint Venture Agreement that it should come from Cominiere, the Mining Code doesn't specify that. For the ML to be issued the government just has to have the minimum 10%, so could Cominiere just sit on it and refuse to cede whatever happens with MMCS and Zijin, providing another avenue to disrupt the ML should they wish to? As a party to Dathcom this stalemate would need to be settled through ICC if they felt like adding a few years to the party. They know they would lose as its in the JVA, but could be a useful way to delay. And they could argue it publicly by saying its in the national interest to ensure the Congolese retains its fair share. Hopefully that would get reigned in on by the Gov, but who knows.
MoP had said before that AVZ should transfer 10% to the government. Whether that was in addition to that from Cominiere or instead was unclear, though you know Cominiere would love to sell their remaining chunk out for more snacks. The government may also be keen to push for more than the 10% - they have more equity in some other ventures (e.g 20% in Kamoa with Glencore). Maybe that's one of the sticking points in 'negotiations' that seem to have been running forever.
Or if as mentioned in the above posts if MMCS doesn't get settled, given the court cases i don't see how that 10% could be transferred at present. Let's hope that case does result in Cominiere's favor sometime soon, as otherwise we'll be stuck again.
Just thinking out loud.
Last edited:
Xerof
Biding my Time 1971
Shhhh, my brain hurts
I agree they are looking for a bigger slice, but I think that (may) come as gifted equity in AVZ
But they still need all the shit sorted out first
Frank
Top 20
*To remind,
Marius Mihigo | AVZ | lithium| DRC| subtitled Interview | March 8, 2023
This tells the amazing story of Zijin's (Chinese State Company and thus represents China in this dirty business) attempts to acquire for a criminal illegal fire sale price of US$33.4 million 15% of Dathcom's discovered and AVZ funded world class Tin and Lithium deposit in Manono.
Just unbelievable how he Chinese hung themself out to be seen, without any shame, as a bunch of cheap and nasty highway thieves.
Shame on you China!!
While the recent report by the General Inspectorate of Finance (IGF acronym) highlighted the poor management and selling off of the mining assets of the Cominière Portfolio company by the members of its board of directors, a letter, related documents and three audios that have reached our editorial office bring to light a plot hatched in the shadows: to sell at all costs, and in defiance of the prescriptions of the law to a Chinese investor, Cominière's stake in Dathcom Mining, the joint venture company venture that it holds with the Australian AVZ International Ltd and Dathomir SASU, a company under Congolese law belonging to the discreet but no less powerful Simon Cong Mao huai.
It all starts when the Chinese mining company ZijinMINING, through its subsidiary Jin Cheng tries around November 2021 to acquire the shares of Cominière within Dathcom Mining, i.e. 15% of the shareholding of the joint venture company in November 2021 Zijin and Cominière sign a share transfer agreement without having notified AVZ International or having previously given it the possibility of exercising its right of first refusal as prescribed by law.
Faced with AVZ's refusal to endorse this irregular transfer, Zijin and Cominière returned to the charge, no longer frontally but, like a crab, sideways.
In a letter dated October 22, 2022 addressed to Cominière with the aim of "advancing the Manono lithium mining project" , Chen Jinghe, Chairman of the Board of Directors of Zijin Mining made a proposal to his interim counterpart at within the Congolese company: do everything to acquire the northern portion of the northern concession covered by Dathcom Mining's Exploitation License 13359, a part which the company would have renounced.
Mr. Jinghe, who describes the exercise by AVZ International of its right of pre-emption on any sale proposal by a shareholder as an '' abusive use of its majority ' ', informs Cominière of his company's desire to acquire from now on '' the northeast part of PR 13359, the part referred to .''
In return, Cominière will be rewarded by receiving 29% of the share capital of the company to be created to exploit the coveted portion of PE 13359.
But the game does not look very simple: according to the mining code, any portion of a permit which its holder renounces is first returned to the public domain of the State, leaving it up to any interested person to make the request to the Mining Cadastre. And given the lusts fueled by lithium at the moment and the number of companies jostling at the gate of the DRC to have a piece of the cake, it is not certain that the northern portion of PE 13359 will automatically return to Zijin or its subsidiary.
This is why the letter, in unequivocal terms, requires that Cominière "be able" to obtain this portion of the concession and the rights attached thereto, failing which Zijin will not transfer the 15 % of Dathcom's shareholding that it illegally acquired from Cominière for the tidy sum of 33, 4 million US dollars but of which it is unable to avail itself by virtue of the exercise, by AVZ International, of its right of first refusal.
Like what, it is never good to put the proverbial cart before the horse...
As Zijin's letter so eloquently states: '' To avoid any ambiguity, it should be specified that if COMINIERE fails to legally and effectively transfer the mining right of the Target Party 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 DATHCOM on behalf of COMINIERE.' '
To tell the truth, Cominière would lose everything and would find itself in debt to the tune of 33.4 million dollars, an amount that this company, badly managed and without any income, would have all the trouble in the world to repay.
We therefore understand all of Cominière's despair, whose senior management, as the IGF report demonstrates, have already squandered part of the sum paid to it, and which it is already unable to repay to a Hard-pressed Zijin who was promised the moon to receive nothing but lead.
We also understand the peremptory tone of PCA de Zijin and the orders to the Board of Directors of Cominière to which she addresses herself as vulgar obedient and submissive lackeys.
Who hastened to put pressure on a Minister of Mines who granted them a Ministerial Order reporting PE 13359.
As detailed so well in the IGF report, Cominière perfectly illustrates the disastrous management of the companies in the Portfolio and the way in which they collude with a number of foreign companies to loot and sell off the natural resources which rightfully belong to the Congolese.
(Folder to follow)
By Mupungila Malu, New Congo and Leader.
Just unbelievable how he Chinese hung themself out to be seen, without any shame, as a bunch of cheap and nasty highway thieves.
Shame on you China!!
Manono lithium certified by Dathcom Mining: the underside of a plot revealed
February 17, 2023 Mining
While the recent report by the General Inspectorate of Finance (IGF acronym) highlighted the poor management and selling off of the mining assets of the Cominière Portfolio company by the members of its board of directors, a letter, related documents and three audios that have reached our editorial office bring to light a plot hatched in the shadows: to sell at all costs, and in defiance of the prescriptions of the law to a Chinese investor, Cominière's stake in Dathcom Mining, the joint venture company venture that it holds with the Australian AVZ International Ltd and Dathomir SASU, a company under Congolese law belonging to the discreet but no less powerful Simon Cong Mao huai.
It all starts when the Chinese mining company ZijinMINING, through its subsidiary Jin Cheng tries around November 2021 to acquire the shares of Cominière within Dathcom Mining, i.e. 15% of the shareholding of the joint venture company in November 2021 Zijin and Cominière sign a share transfer agreement without having notified AVZ International or having previously given it the possibility of exercising its right of first refusal as prescribed by law.
Faced with AVZ's refusal to endorse this irregular transfer, Zijin and Cominière returned to the charge, no longer frontally but, like a crab, sideways.
In a letter dated October 22, 2022 addressed to Cominière with the aim of "advancing the Manono lithium mining project" , Chen Jinghe, Chairman of the Board of Directors of Zijin Mining made a proposal to his interim counterpart at within the Congolese company: do everything to acquire the northern portion of the northern concession covered by Dathcom Mining's Exploitation License 13359, a part which the company would have renounced.
Mr. Jinghe, who describes the exercise by AVZ International of its right of pre-emption on any sale proposal by a shareholder as an '' abusive use of its majority ' ', informs Cominière of his company's desire to acquire from now on '' the northeast part of PR 13359, the part referred to .''
In return, Cominière will be rewarded by receiving 29% of the share capital of the company to be created to exploit the coveted portion of PE 13359.
But the game does not look very simple: according to the mining code, any portion of a permit which its holder renounces is first returned to the public domain of the State, leaving it up to any interested person to make the request to the Mining Cadastre. And given the lusts fueled by lithium at the moment and the number of companies jostling at the gate of the DRC to have a piece of the cake, it is not certain that the northern portion of PE 13359 will automatically return to Zijin or its subsidiary.
This is why the letter, in unequivocal terms, requires that Cominière "be able" to obtain this portion of the concession and the rights attached thereto, failing which Zijin will not transfer the 15 % of Dathcom's shareholding that it illegally acquired from Cominière for the tidy sum of 33, 4 million US dollars but of which it is unable to avail itself by virtue of the exercise, by AVZ International, of its right of first refusal.
Like what, it is never good to put the proverbial cart before the horse...
As Zijin's letter so eloquently states: '' To avoid any ambiguity, it should be specified that if COMINIERE fails to legally and effectively transfer the mining right of the Target Party 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 DATHCOM on behalf of COMINIERE.' '
To tell the truth, Cominière would lose everything and would find itself in debt to the tune of 33.4 million dollars, an amount that this company, badly managed and without any income, would have all the trouble in the world to repay.
We therefore understand all of Cominière's despair, whose senior management, as the IGF report demonstrates, have already squandered part of the sum paid to it, and which it is already unable to repay to a Hard-pressed Zijin who was promised the moon to receive nothing but lead.
We also understand the peremptory tone of PCA de Zijin and the orders to the Board of Directors of Cominière to which she addresses herself as vulgar obedient and submissive lackeys.
Who hastened to put pressure on a Minister of Mines who granted them a Ministerial Order reporting PE 13359.
As detailed so well in the IGF report, Cominière perfectly illustrates the disastrous management of the companies in the Portfolio and the way in which they collude with a number of foreign companies to loot and sell off the natural resources which rightfully belong to the Congolese.
(Folder to follow)
By Mupungila Malu, New Congo and Leader.
Winenut
Go AVZ!
This tells the amazing story of Zijin's (Chinese State Company and thus represents China in this dirty business) attempts to acquire for a criminal illegal fire sale price of US$33.4 million 15% of Dathcom's discovered and AVZ funded world class Tin and Lithium deposit in Manono.
Just unbelievable how he Chinese hung themself out to be seen, without any shame, as a bunch of cheap and nasty highway thieves.
Shame on you China!!
Manono lithium certified by Dathcom Mining: the underside of a plot revealed
February 17, 2023 Mining
While the recent report by the General Inspectorate of Finance (IGF acronym) highlighted the poor management and selling off of the mining assets of the Cominière Portfolio company by the members of its board of directors, a letter, related documents and three audios that have reached our editorial office bring to light a plot hatched in the shadows: to sell at all costs, and in defiance of the prescriptions of the law to a Chinese investor, Cominière's stake in Dathcom Mining, the joint venture company venture that it holds with the Australian AVZ International Ltd and Dathomir SASU, a company under Congolese law belonging to the discreet but no less powerful Simon Cong Mao huai.
It all starts when the Chinese mining company ZijinMINING, through its subsidiary Jin Cheng tries around November 2021 to acquire the shares of Cominière within Dathcom Mining, i.e. 15% of the shareholding of the joint venture company in November 2021 Zijin and Cominière sign a share transfer agreement without having notified AVZ International or having previously given it the possibility of exercising its right of first refusal as prescribed by law.
Faced with AVZ's refusal to endorse this irregular transfer, Zijin and Cominière returned to the charge, no longer frontally but, like a crab, sideways.
In a letter dated October 22, 2022 addressed to Cominière with the aim of "advancing the Manono lithium mining project" , Chen Jinghe, Chairman of the Board of Directors of Zijin Mining made a proposal to his interim counterpart at within the Congolese company: do everything to acquire the northern portion of the northern concession covered by Dathcom Mining's Exploitation License 13359, a part which the company would have renounced.
Mr. Jinghe, who describes the exercise by AVZ International of its right of pre-emption on any sale proposal by a shareholder as an '' abusive use of its majority ' ', informs Cominière of his company's desire to acquire from now on '' the northeast part of PR 13359, the part referred to .''
In return, Cominière will be rewarded by receiving 29% of the share capital of the company to be created to exploit the coveted portion of PE 13359.
But the game does not look very simple: according to the mining code, any portion of a permit which its holder renounces is first returned to the public domain of the State, leaving it up to any interested person to make the request to the Mining Cadastre. And given the lusts fueled by lithium at the moment and the number of companies jostling at the gate of the DRC to have a piece of the cake, it is not certain that the northern portion of PE 13359 will automatically return to Zijin or its subsidiary.
This is why the letter, in unequivocal terms, requires that Cominière "be able" to obtain this portion of the concession and the rights attached thereto, failing which Zijin will not transfer the 15 % of Dathcom's shareholding that it illegally acquired from Cominière for the tidy sum of 33, 4 million US dollars but of which it is unable to avail itself by virtue of the exercise, by AVZ International, of its right of first refusal.
Like what, it is never good to put the proverbial cart before the horse...
As Zijin's letter so eloquently states: '' To avoid any ambiguity, it should be specified that if COMINIERE fails to legally and effectively transfer the mining right of the Target Party 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 DATHCOM on behalf of COMINIERE.' '
To tell the truth, Cominière would lose everything and would find itself in debt to the tune of 33.4 million dollars, an amount that this company, badly managed and without any income, would have all the trouble in the world to repay.
We therefore understand all of Cominière's despair, whose senior management, as the IGF report demonstrates, have already squandered part of the sum paid to it, and which it is already unable to repay to a Hard-pressed Zijin who was promised the moon to receive nothing but lead.
We also understand the peremptory tone of PCA de Zijin and the orders to the Board of Directors of Cominière to which she addresses herself as vulgar obedient and submissive lackeys.
Who hastened to put pressure on a Minister of Mines who granted them a Ministerial Order reporting PE 13359.
As detailed so well in the IGF report, Cominière perfectly illustrates the disastrous management of the companies in the Portfolio and the way in which they collude with a number of foreign companies to loot and sell off the natural resources which rightfully belong to the Congolese.
(Folder to follow)
By Mupungila Malu, New Congo and Leader.
"it is not certain that the northern portion of PE 13359 will automatically return to Zijin or its subsidiary."
I find that statement odd and probably wrong????
Zijin didn't pay for the northen part of PE 13359 or buy it in any way....so how can it be returned or not returned??
Zijin purchased a 15% interest in Dathcom from Cominiere
Or have I lost my mind
Or did it purchase a 15% interest in the JV??
Sorry I've lost the plot on all this
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What is clear is that Felix is resolute inDRC-Mines: the government suspends the activities of the Chinese company JIANG MINING SPRL following the pollution of the Aruwimi River
March 28, 2023 NEWSCD No comment
The government of the Republic suspends the activities of the Chinese mining company JIANG MINING SPRL, accused of illicit exploitation and of being at the root of the water pollution of the Aruwimi river (La Lohale), in the province of Tshopo.
This is what emerges from a decision signed on March 25 by the Minister of Mines, a copy of which has reached our editorial office. In her letter, Antoinette Kalambayi, who cites her sources, notes that this company engaged in the exploitation and extraction of gold ore, diamonds and rare metals on the bed of the Aruwimi river, without authorisation.
Qualifying this behavior as a repeat offender, the Minister of Mines decided, on behalf of the Congolese government, to suspend all activities of JIANG MINING SPRL.
To this end, it instructs the head of the provincial mining division in the Tshopo to take all necessary measures to ensure that the minerals exploited by this company are confiscated in compliance with the legal provisions.
This decision also follows the visit in January 2022 of the Deputy Prime Minister, Minister of the Environment and Sustainable Development, Ève Bazaïba Masudi to Basoko to get an idea of this pollution.
JJ KITENGE
Mute22
Regular
Can you give us any hint what you know Geo, losing my mind over here. How much longer?
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