Winenut
Go AVZ!
fuck that....they all need to be taken down
AVZ Discussion 2022
- Thread starter GazDix
- Start date
Winenut
Go AVZ!
yes....I threw up
Carlos Danger
Top 20
It is Cominiere that needed to inform us. As far as I can tell they told us that they were selling on July 21 2021 but didn't specify the price. We went back on August 4 2021 saying yes we want to exercise our FROR and asked what the price is. Cominiere didn't respond to that and when the 40 days lapsed they got the MoP to authorise the sale. We then submitted our offer on September 20 2021.
To my knowledge the correspondence documents between Cominiere and AVZ in early August 2021 are not publicly available... yet
And then straight to Europe for a lovely retirement with the proceeds of their offshore companies and accounts. Fuck me can I have some of that. And they are as dumb as dogshit. I don't think cong is that much of a smart business titan. It's just he in the middle of a mob of ret I mean extraordinarily intellectually challenged mob of cunts. Fuck this I'm on the next plane to drc. Cheers
I hope to christ your right
Thanks! Just what I was after. IcC should be interesting
Did AVZ receive a letter from Zinjin, which technically should have gone to AVZI so AVZ took no action? Surely not.
Carlos Danger
Top 20
Nah that's just an added legal point to further AVZ's case about Cominiere not following the rules
The problem is AVZ never knew the price during the 40 day window and Cominiere didn't respond when asked. Although I doubt AVZ would have accepted the 33m price considering it was below market value and management didn't submit the offer for 150m until after the 40 days just in case it was lower than Zijin's.
Mr Inappropriate
Regular
You’ll recall that as part of Cominiere’s defence to “The Great Shitfuckery” they stated that Dathcom had a confusing (opaque maybe?) structure. I took this as a reference to AVZ and AVZI.
Carlos Danger
Top 20
Are you referring to this?
These Cominiere clowns don't even understand that AVZ International is a private company headquartered in Singapore and it's parent company AVZ is the one that is listed on the ASX. Little wonder they weren't able to look up public documents about capital raises to confirm the amounts obtained.
"ZJININ waives 15%, but demands shares of PE13359 northeast"
NEWSECONOMY
Why ZIJIN buys 15% at 33.44 million $US of COMINIERE to give it up without consideration, mafia on PE13359 northeast?
April 10, 2023Kiki Kienge
By Kiki Kienge
The answer is in the very confidential letter of October 21, 2022 sent by the Chinese giant, ZIJIN to COMINIERE, which had leaked strict controls from the Chinese and Congolese leaders of the two companies.
It was a surprise for everyone to see the Exploitation Permit granted to the Australians of AVZ Minerals by the Minister of Mines in his decree of January 28, 2023, Antoinette Nsamba Kalambayi , but which was held in the drawers of the mining cadastre (CAMI) for unclear reasons. “Conflicts between shareholders”, here is the reason given by the Minister for the cancellation following a letter from the Director General ad Interim, Célestin Kibeya addressed to Nsamba Kalambayi.
As a reminder, the Australian group AVZ Minerals owns 60%, plus the 15% still in litigation with DATHOMIR of the Chinese Simon Cong, in the joint venture with the Congolese State, DATHCOM. The rest was made up of 20% of COMINIERE and 5% of Mauritians from MMCS.
In 2021, the Chinese group ZIJIN invites itself into the lithium dance and offers to buy the 20% of COMINIERE, the latter decides to sell only 15% to the Chinese. For a value of US$150 million according to the General Inspectorate of Finance (IGF) report, COMINIERE with the agreement of the Ministry of Portfolio, sells the 15% at US$33,440 million.
After the report of the IGF which judges the sale of COMINIERE to ZIJIN not in conformity with the laws of the DR Congo and the price on the market at the moment, ZIJIN proposes to the Congolese government the retrocession of 15% without any counterpart.
But in reality, the strategy of the Chinese e ZIJIN was already well planned, as demonstrated by his letter sent to COMINIERE.
Knowing that the Australians of AVZ Minerals should oppose being majority shareholder to the proposals of ZIJIN in the assembly of DATHCOM, the Chinese should propose to the Congolese government, to retrocede the 15% and not to ask to claim anything in return. But in reality ZIJIN had already planned in its strategy to create another joint venture with COMINIERE to recoup the US$33,440 million "reassigned" to the DRC, whose shares would be 71% for the Chinese and 29% for the COMINIERE for the northeast part of the same PR13359 which is worth billions of US dollars in lithium:
"Since COMINIERE's geologists have confirmed to Zijin Mining a certain mineralization potential within the perimeter of the Targeted Part". "JIN CHENG (subsidiary of the ZIJIN group) will retrocede its 15% of shares in DATHCOM to COMINIERE and will consider renouncing to claim from COMINIERE the payment it made for the acquisition of 15% in the capital of DATHCOM the “Retrocession of 15% of shares”. Letter from ZIJIN to COMINIERE.
Were the officials of COMINIERE and the Congolese authorities aware of this scheme by ZIJIN? Is the revocation of DATHCOM's operating license by the portfolio minister a consequence planned by ZIJIN?
FULL LETTER FROM ZIJIN TO LA COMINIERE :
ZUIN MINING GROUP COMPANY LIMITED
AI, 2022 10H 21
XIAMEN, October 21, 2022
X COMINIERE
Copy sent for information to:
- Her Excellency the Minister of State, Minister of
Portfolio ; - Her Excellency the Minister of Mines ;
(All) in Kinshasa/Gombe, DRC
Mr. General Manager,
Concerns: Offer of partnership to advance the Manono lithium exploitation project. We are honored to send you this letter in relation to the object taken up.
As a large international mining group, Zijin Mining Group Company Ltd (abbreviated as "Zijin Mining"), focuses on the exploration and exploitation of gold, copper and other metallic mineral resources as well as on engineering technology application and study, headquartered at No. 1 Zijin Avenue, Shanghang Township, Longyan City, Fujian Province, China.
It is listed on both the Hong Kong Stock Exchange (Stock Code: 2899) and the Shanghai Stock Exchange (Stock Code: 6011899).
JIN CHENG Mining Mining Limited (abbreviated as “JIN CHENG”), is a subsidiary of Zijin Mining, whose head office is located at Vista Corporate Service Center, Wickhams cay II, Road Town Tortola, VG 1110.
Given that COMINIERE and JIN CHENG entered into a share transfer agreement on September 10, 2021 (the "Transfer Agreement"), 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 "DATHCOM"), 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 made 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, filed at the One-Stop Shop for Business Creation in Lubumbashi on November 23, 2021, and its resolutions were entered in the Register of Commerce and Credit Mobilier RCCM of the DATHCOM company.
Given that the company AVZ International Pty Ltd, which is the majority shareholder in DATHCOM, contested 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 Meeting of November 20, 2021, have not yet been signed to date;
Since Zijin Mining, the parent company of JIN CHENG, which is one of the shareholders of DATHCOM, is keen to see the Manono lithium mining project develop successfully, given that the financial, technical and have been demonstrated by Zijin Mining, this proves that it could move forward effectively in the construction and 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 Targeted Party;
Considering that on August 15, 2022, Her Excellency Madam Minister of State, Minister of Portfolio held a meeting with Zijin Mining to discuss the joint development of the Affected Party between Zijin Mining and COMINIERE;
In view of the foregoing, Zijin Mining presents an Offer in the following terms (“the Present Offer”):
1. A joint venture agreement (the “Joint Venture Agreement”) will be entered into between a designated subsidiary of Zijin Mining and COMINIERE, whereby the parties will create a joint venture (the “Joint Venture”), in which the subsidiary of Zijin Mining will hold 71% of shares and COMINIERE 29% of shares. After the creation of the Joint-Venture, COMINIERE will assign the mining right on the Targeted Party legally held by it to the Joint-Venture, free of any lien, charge, claim, dispute and default. The research, development and operation of the Affected Party will be carried out on behalf of the Joint Venture.
2. On the date when COMINIERE assigns 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 owner and effective 100% of the rights and interests of the Affected Party, JIN CHENG
will retrocede its 15% of shares in DATHCOM to COMINIERE and will consider waiving to claim from COMINIERE the payment it made for the acquisition of 15 % in the capital of DATHCOM (the " Retrocession of 15% of shares ").
To avoid any ambiguity, it should be specified that if COMINIERE does not manage 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 CHENGG 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.
3. Pursuant to this Offer, 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 at the following the aforementioned “15% share retrocession”.
4. Both parties and its directors, officers, employees and agents shall keep this letter and this Offer in strict confidence. No information, knowledge, discussion, negotiation or development 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. .
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.
Please accept, Mr Director General, the expression of our highest consideration.
Zijin Mining Group Co, Ltd
Chairman of the Board of Directors
Signature page
On behalf of COMINIERE, acknowledges and undertakes to accept this Offer:
Signature (with seal):
Name:
Function:
Surely after the tsunami of information coming to light last few weeks we get some form of statement from a government official?
5-10-15 years ago Zijin would have gotten away with this easily. Now with social media and the likes they have been caught out.
You gave it a go Zijin but have been caught with your hand in the cookie jar.
Cut your loses and just fuck off
5-10-15 years ago Zijin would have gotten away with this easily. Now with social media and the likes they have been caught out.
You gave it a go Zijin but have been caught with your hand in the cookie jar.
Cut your loses and just fuck off
Mr Inappropriate
Regular
Yeah, that’s probably the one I was thinking of.
Mr Inappropriate
Regular
They could just make us an offer ($4billion + USD ) . End of story . My question is , when does this become a time / money issue for AVZ ? We have a very limited supply of both .
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I imagine they still think there's a reasonable chance of pressuring the government to strip our licence through various underhand strategies, which they can then swoop in themselves with enough promises of infrastructure, brown bags, and greater ownership weighting for DRC. Until that chance is gone I can't see them spending 4b$ on something they may be able to get a hold of anyway
Frank
Top 20
Biden’s Groundbreaking E.P.A. Proposal Set to Skyrocket EV Sales and Ignite a Battery Metals Bonanza
Introduction: Groundbreaking Auto Pollution Limits
In a bid to combat climate change and drastically reduce greenhouse gas emissions, the Biden administration is planning to implement some of the most stringent auto pollution limits in the world.The proposed Environmental Protection Agency (E.P.A.) legislation aims to ensure that all-electric cars account for as much as 67% of new passenger vehicles sold in the United States by 2032, marking a significant increase from the mere 5.8% of vehicles sold last year.
This ambitious proposal would not only exceed President Biden’s earlier goal of having all-electric cars account for half of those sold in the country by 2030 but also make the United States a global leader in the fight against climate change.
Impact on EV Market and Infrastructure
This groundbreaking legislation will have far-reaching effects on the electric vehicle (EV) market and battery metals industry.The rapid adoption of electric vehicles would require a massive overhaul of infrastructure, including the construction of millions of new EV charging stations, an upgrade of electric grids to accommodate the power needs of those chargers, and securing supplies of minerals and other materials needed for batteries.
Investment Challenges in Mining and Refining
Critical minerals such as lithium, nickel, and graphite are essential for the energy transition, and massive investments in mining and refining are needed to meet the growing demand.Tesla’s Master Plan estimates a total investment of $3.4 trillion for mining, refining, chemicals, battery production, and Gigafactories, with lithium and graphite requiring the most significant capital expenditures (capex).
However, raising funds for mines remains more challenging than funding Gigafactories, despite both being crucial for the transition.
Balancing the Supply Chain: Addressing the Gigafactory and Mining Investment Discrepancy
The process of building a mine takes approximately ten years, compared to just two years for a Gigafactory.This discrepancy highlights the need for a more synchronized upstream and downstream supply chain in the face of rapidly increasing demand for electric vehicles.
Conclusion The Path to a Cleaner, Sustainable Future
In conclusion, while the Biden administration’s E.P.A. proposal is set to significantly boost EV sales and ignite a battery metals bonanza, it is crucial to address the challenges and imbalances in the supply chain.By addressing these challenges and fostering a more balanced investment landscape, the United States can lead the global transition to a cleaner, more sustainable future.
Indonesia to propose limited free trade deal with US on critical minerals
Indonesia will propose a free trade agreement for some minerals shipped to the United States so that companies in the electric vehicle battery supply chain operating in the country can benefit from US tax credits, a senior minister said on Monday.
Washington has issued a new guidance for EV tax credits under the Inflation Reduction Act (IRA), requiring a certain value of battery components to be produced or assembled in North America or a free trade partner.
The rules are aimed at weaning the United States off dependence on China for the development of its EV battery supply chain.
Indonesia does not have a free trade agreement with the United States, but its nickel products have increasingly become important in the supply chain.
The Southeast Asian country has been trying to leverage its nickel reserves, the world’s biggest, to attract investment from battery and EV makers, including US companies such as Tesla and Ford.
Asked about the new IRA guidelines, Indonesian minister Luhut Pandjaitan, who has been spearheading efforts to attract US companies, told a news conference Jakarta will propose a limited free trade agreement (FTA) with Washington.
“We do not have an FTA with them. Now we’re proposing a limited FTA with them,” Luhut said, adding that he would meet with Ford and Tesla executives to discuss the matter when he travels to the United States later this week.
Luhut’s deputy, Septian Hario Seto, said the FTA proposal, which was still at an early stage, will likely be similar to the one the United States has signed with Japan for the critical mineral trade.
The United States and Japan in March agreed on a swiftly negotiated trade deal on EV battery minerals, including lithium, nickel, cobalt, graphite and manganese.
“It’s the same in essence, that for critical minerals there will be free trade with requirements on processing, such as for nickel, aluminium, cobalt, copper,” he said.
Since Indonesia banned exports of nickel ore in 2020, many Chinese companies invested in refining facilities, including high pressure acid leach (HPAL) plants, that produce mixed hydroxide precipitate, a material extracted from nickel ore used in EV batteries.
Last month, Ford signed an agreement with an Indonesian unit of Brazilian nickel miner Vale and China’s Zhejiang Huayou Cobalt to partner in a $4.5 billion HPAL plant in Indonesia’s Sulawesi island.
Luhut led an Indonesian delegate last week on a trip to China to promote investment opportunities.
Seto said officials will hold talks with Chinese EV company BYD Group in May on potential investment. He declined to comment on the progress of talks with Tesla, citing a non-disclosure agreement.
mining.com
Food for thought
Frank
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