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Dunno if you noticed DRC did not source finance from China....Jeez did they really need to mention china in the building of those railway lines
I think that is an important part of this story.
Dunno if you noticed DRC did not source finance from China....Jeez did they really need to mention china in the building of those railway lines
Dunno if you noticed DRC did not source finance from China....
I think that is an important part of this story.
In the case of Canada's First Quantum Minerals , their Copper project (drc) was ripped off them and handed to Zijin .Agree on:
- FT number 1 priority
- purpose of trip to China
- DRC fucking us around.
It is a possibility that this has to go the way of Sundance resources and AVZ seek compensation from DRC. I really hope it does not happen. I have been searching around for examples where companies who have been stripped of resources in corrupt jurisdictions have sought compensation.
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ASX miners demand Congo pay billions in compensation
ASX-listed Equatorial Resources has filed a $1.6 billion claim, while Sundance Resources is seeking up to $8.5 billion from the government.www.afr.com
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ENRC pays $1.25bn to settle dispute over Congo mining deal
First Quantum to be paid for its share in Kolwezi project and two other DRC mines in return for dropping legal claimswww.theguardian.com
Does anyone have any good examples where large payouts have happened?
What sort of time frame would we be looking at? 5 years?
Hi WombatIn the case of Canada's First Quantum Minerals , their Copper project (drc) was ripped off them and handed to Zijin .
Equatorial Minerals project is in the Republic Congo but still the same sh1t .
"A campaign by the government to dispossess foreign mining companies of their iron-ore interest in Congo in favour of granting them to a Chinese-linked companies."
It's cheaper for these scumbags to steal projects and be sued than pay to take over projects legitimately .
Cheers . "Renegotiating the contract ." Zijin now hold 72 % of that copper project. (cu grade over 4% ). There's always the middle guy who's job is to hand ball to the intended recipient (The Chinese ). A certain German c--t comes to mind . Zijin want total control of Manono . If there is a reasonable offer $$ on the table for AVZ to move on Nigel should consider it IMO .Hi Wombat
According to Perplexity.AI, the reason for the revocation of First Quantum Minerals' (FQM) DRC license was a dispute over renegotiating the contract with the DRC government. The government revoked its license in August 2009, which led to FQM suspending operations at its Frontier mine.
FQM took the matter to international arbitration, including the government's sale of the asset to a company controlled by Israeli mining entrepreneur Dan Gertler, who later sold it to Eurasian Natural Resources Corp (ENRC).
FQM then launched $2 billion in legal claims against ENRC, accusing the company of plotting with the government to expropriate the project. The dispute was settled in January 2012 for $1.25 billion.
Prior to the dispute, FQM spent US$750m on aquiring and developing the property. In 2010 the copper mine produced 322,700 tonnes of copper concentrate. If you subtract FQM's sunk costs from the settlement amount = $US500m compensation for lost future production and revenue.
Just substitute Zijin for ENRC, and it's groundhog day. However, Zijin and the DRC government better have deep deep pockets because Manono is worth an eye-watering amount.
Cheers
F
Cheers . "Renegotiating the contract ." Zijin now hold 72 % of that copper project. (cu grade over 4% ). There's always the middle guy who's job is to hand ball to the intended recipient (The Chinese ). A certain German c--t comes to mind .
$12Cheers . "Renegotiating the contract ." Zijin now hold 72 % of that copper project. (cu grade over 4% ). There's always the middle guy who's job is to hand ball to the intended recipient (The Chinese ). A certain German c--t comes to mind . Zijin want total control of Manono . If there is a reasonable offer $$ on the table for AVZ to move on Nigel should consider it IMO .
Fucking Zijin are spreading a whole heap of shit all over twitter at the moment.
Good opportunity to put em in their place given their track record of corruption, human rights abuses and environmental damage.
Upon his appointment, the Inspector General of Finance, head of service, Jules Alingete Key, found a service known only to the high political sphere but totally unknown to the average Congolese, while this institution was created by ordinance n ° 87- 323 of September 15, 1987 of Marshal Mobutu in 1987. At its creation and during the long reign of Mobutu (32 years) as during the 21 years of the reign of the Kabila (father and son), the IGF was a service without actions of great wingspan.“The revitalization of the IGF remains one of the great successes of the Head of State's five-year term in the fight against corruption: in four years, the IGF has revealed how deeply corruption is rooted in the system Congolese, thus paralyzing the country's economic development. But these efforts remain incomplete due to the absence of effective justice,” confirms Jacques Mukena, principal researcher in the governance pillar.
Fucking Zijin are spreading a whole heap of shit all over twitter at the moment.
Good opportunity to put em in their place given their track record of corruption, human rights abuses and environmental damage.
I updated it when the new dates were announced. If it's not showing refresh browser.
I updated it when the new dates were announced. If it's not showing refresh browser.
Are you using this link?![]()
Struggling to find it mate.....is it me?