AVZ Discussion 2022

[Samus]

I cannot figure out how these clowns have spent 7 fucking million on exploration costs..

53 Drill holes, rigs run around 10-15k a day.. Say 1.5 million total to drill all 53 holes...

5.5 Million unaccounted for wtf are they doing?!

In Africa, it costs more; you've got to pay the chiefs, the governor, the guys who barricade the road, the local council, the local police, the local rebels, the security, pay twice when the workers go on strike, the people who are supposed to be your jv partners, the minister of finances, the minister of mines, the minister of portfolio, and so on.

 

[Bray]

this image couldve been high quality but both these fuckers hold my money ransom so i could only afford 30 seconds of paint

 

[Samus]

April 28, 2023
Author :Innocent Olenga

Financial patrol: The IGF flushes out an industrial quantity of duplicates, forgers and cheats among civil servants and agents of the State!​

IGF Jules Alingete
This is a shortfall for the Public Treasury of the order of 148,999,749,440.95 FC monthly, or 64,782,499 USD at the rate of 2,300 FC that the General Inspectorate of Finance unearthed in the pay of civil servants and agents of the 'State. The conclusions of the report of its audit mission of the payroll file were made public, this Thursday, April 27, 2027, before the payroll officials of the Armed Forces of the Democratic Republic of Congo (FARDC), the Congolese National Police (PNC), the Teacher Payroll Control Service (SECOPE) and the Secretaries General of Public Administration.
According to the IGF, 145,604 paid agents have incorrect, fanciful and fabricated registration numbers for payroll purposes; 53,328 agents alone have more than one registration number in the file with the same name; 93,356 agents share the same registration number with other equally paid agents; 43,725 agents are paid without their names appearing on the declarative lists from their original departments; while 961 payroll officers are on the payrolls of several departments and many of them are on more than 15 payrolls.
The IGF informs that already, certain cases of obvious irregularities are the subject of deactivation and warns at the same time that the list of 961 agents responsible for processing the payroll involved in the mafia network will be transmitted to the judicial authorities for embezzlement of public funds.
It should be remembered that the control of the number of civil servants and agents of the State remains a cancer that has seriously eaten away at the public treasury for decades. Despite all the efforts made by successive Ministers of Public Service, the problem remains very deep. Perhaps with the involvement of the IGF requested by the Deputy Prime Minister, Minister of Public Service, Jean-Pierre Lihau, the work of cleaning the file of civil servants and agents of the State will be able to give expected results. .

Patrouille financière : L’IGF débusque en quantité industrielle des doublons, des faussaires et tricheurs parmi les fonctionnaires et agents de l’Etat ! - Scoop RDC

Actualité - C’est un manque à gagner pour le Trésor public de l’ordre de 148.999.749.440,95FC mensuellement, soit 64.782.499 USD au taux de 2300FC que l’Inspection générale des finances a déniché dans la paie des fonctionnaires et agents de l’Etat. Les conclusions du rapport de sa mission...

scooprdc.net

 

[Onthefm]

In Africa, it costs more; you've got to pay the chiefs, the governor, the guys who barricade the road, the local council, the local police, the local rebels, the security, pay twice when the workers go on strike, the people who are supposed to be your jv partners, the minister of finances, the minister of mines, the minister of portfolio, and so on.

Couldn't agree more. But didn't pay 50 m to sure up 75%. 15 months ago. It would be nice to have 75% locked away. But no icc. Especially when you know its worth 10× that. But everyone wants to save drc from corruption.and that will happen eventually with good governance from western companies.but imo that's 20 years away. Imo play the game then your in the game to make a difference. Just a bogons thoughts. Don't have a keyboard. Just a phone.

 

[Samus]

#RDC_MINES 20.04.2023 |
@anskalambayi
participated in the first meeting of the national consultation framework for stakeholders in the mining sector Chaired by the Head of Government, Jean-Michel
@LukondeSama
Kyenge, the meeting of the National Consultation Framework for stakeholders in the mining sector took place on Thursday, April 20, 2023 at the Congo River Hotel in Kinshasa-Gombe. This Forum, which aimed to reflect on the modernization of artisanal mining in the DRC, saw the remarkable participation of the National Minister in charge of Mines. In her speech, the boss of the mines raised the various challenges to be met in artisanal mining in the DRC. She reminded the assembly of the existence of a consultation framework that deals with artisanal mining issues and hopes that the resolutions resulting from this new support structure will be incorporated into the formal framework. It should be recalled that through pillar 5 of its 2021-2023 Action Program, the Government had made a commitment to improve the governance of natural resources for the well-being of the population. More than 150 participants, including the Coordinator of the Presidential Council for Strategic Watch, the main mining operators in the DRC, public and specialized services of the State, decentralized territorial entities (ETD), civil society organizations as well as technical and financial partners of the Government discussed the challenges of modernizing artisanal mining in the DRC.

 

[Samus]

I’m going a bit more crazy, my bet @The Fox is svetlana

If not then I’m a fuckin bad columbo.

Well I'm sure he appreciates more distraction from his true identity that I've reluctantly disclosed.

 

[Samus]

But in the end it doesn’t even matter.
Didn’t get us our money back, I was just bored for a few minutes and gave it a try

We're still in the game Schemozzle!
It's just a shit game...

 

[Mr Inappropriate]

A$7.3 million was capitalised as exploration and project development works

AVZ BOD paying themselves brown paper bags

Capitalised does not necessarily equate to expenditure - it means they’ve added $7.3m to the value of the asset, which may have come from prior opex drilling and sampling costs.

If there are any real accountants out there, please correct me if I’m wrong. @Carlos Danger?

 

[Frank]

April 28, 2023
Author :Innocent Olenga

Financial patrol: The IGF flushes out an industrial quantity of duplicates, forgers and cheats among civil servants and agents of the State!​

View attachment 35253
IGF Jules Alingete
This is a shortfall for the Public Treasury of the order of 148,999,749,440.95 FC monthly, or 64,782,499 USD at the rate of 2,300 FC that the General Inspectorate of Finance unearthed in the pay of civil servants and agents of the 'State. The conclusions of the report of its audit mission of the payroll file were made public, this Thursday, April 27, 2027, before the payroll officials of the Armed Forces of the Democratic Republic of Congo (FARDC), the Congolese National Police (PNC), the Teacher Payroll Control Service (SECOPE) and the Secretaries General of Public Administration.
According to the IGF, 145,604 paid agents have incorrect, fanciful and fabricated registration numbers for payroll purposes; 53,328 agents alone have more than one registration number in the file with the same name; 93,356 agents share the same registration number with other equally paid agents; 43,725 agents are paid without their names appearing on the declarative lists from their original departments; while 961 payroll officers are on the payrolls of several departments and many of them are on more than 15 payrolls.
The IGF informs that already, certain cases of obvious irregularities are the subject of deactivation and warns at the same time that the list of 961 agents responsible for processing the payroll involved in the mafia network will be transmitted to the judicial authorities for embezzlement of public funds.
It should be remembered that the control of the number of civil servants and agents of the State remains a cancer that has seriously eaten away at the public treasury for decades. Despite all the efforts made by successive Ministers of Public Service, the problem remains very deep. Perhaps with the involvement of the IGF requested by the Deputy Prime Minister, Minister of Public Service, Jean-Pierre Lihau, the work of cleaning the file of civil servants and agents of the State will be able to give expected results. .

Patrouille financière : L’IGF débusque en quantité industrielle des doublons, des faussaires et tricheurs parmi les fonctionnaires et agents de l’Etat ! - Scoop RDC

Actualité - C’est un manque à gagner pour le Trésor public de l’ordre de 148.999.749.440,95FC mensuellement, soit 64.782.499 USD au taux de 2300FC que l’Inspection générale des finances a déniché dans la paie des fonctionnaires et agents de l’Etat. Les conclusions du rapport de sa mission...

scooprdc.net

 

[Samus]

"CDF 148,999,749,440.95 CDF per month, is the shortfall"

US$778 million per year diverted from the pay of state agents and civil servants according to the IGF​

April 28, 2023
Kiki Kienge

By Kiki Kienge
This is the report published by the General Inspectorate of Finance at the conclusion of the investigation the audit of the payroll file of agents and State officials, focused in particular on the payroll of the Armed Forces (FARDC) and the National Police (PNC).
This is a damning report that demonstrates a mafia well established for years in the payroll system of Congolese administrations. In a country at war where the army should not only be a priority, but also the object of the attention of the authorities of the country, especially on the social conditions of the soldiers, police officers and their families. To see his sums returned, must question the management of the governance of the country.
The report speaks of more or less than 65 million $US per month which escape the Congolese State following fictitious agents, duplication of registration numbers and other tricks, the General Inspectorate of Finance would have already submitted the list to the judicial authorities of the country.
REPORT OF THE GENERAL INSPECTION OF FINANCES :
The General Inspection of Finances has just made public, before the Heads of Payroll of the FARDC, the Congolese National Police, SECOPE as well as the Secretaries General of the Public Administration, the conclusions of its mission to audit the payroll file of State Agents and Civil Servants.
The following highlights emerge from this audit:

• 145,604 Paid agents with incorrect, fanciful andfabricated service numbers
  for payroll purposes.

• 53,328 Agents alone have more than one personnel number in the file
  with the same name.
• 93,356 Agents who share the same registration number with other
  equally paid agents.
• 43,725 Agents paid without their names appearing on the declarative lists
  from their original services.
• 961 payroll officers are found on the payrolls
  of several departments. Many of them on more than 15 payrolls
  

The monthly shortfall suffered by the Public Treasury is estimated at CDF 148,999,749,440.95 per month.
Already, certain cases of manifest irregularities are being deactivated.
The list of 961 Agents in charge of payroll processing involved in the mafia network will be transmitted to the Judicial Authorities.
On the instructions of His Excellency the Deputy Prime Minister, Minister in charge of the Public Service, the General Inspectorate of Finance will continue with the General Inspectorate of Public Administration the work of cleaning up the file of staff of the Agents of the 'State.
Done in Kinshasa, April 27, 2023 IGF Communication Officer, DIEUNIT KANYINDA

778 millions $US par an détournés sur les paies des agents et fonctionnaires de l’État selon l'IGF - Kongo Presse

Par Kiki Kienge C’est le rapport publié par l’Inspection Générale des Finances en conclusion de l’enquête l’audit du fichier de la paie des agents et Fonctionnaires de l’État, s’est concentré…

kongopress.com

 

[Winenut]

Capitalised does not necessarily equate to expenditure - it means they’ve added $7.3m to the value of the asset, which may have come from prior opex drilling and sampling costs.

If there are any real accountants out there, please correct me if I’m wrong. @Carlos Danger?

An accountant will respond with ....what would you like the numbers to say?

1+1 can definitely equal 3

And never mix your P&L with your Balance Sheet......or statement of financial position or whatever they choose to call it now

 

[DoubleA]

Capitalised does not necessarily equate to expenditure - it means they’ve added $7.3m to the value of the asset, which may have come from prior opex drilling and sampling costs.

If there are any real accountants out there, please correct me if I’m wrong. @Carlos Danger?

It was cash outflow in the current quarter. Otherwise it would not have appeared in the cash flow statement

 

[Bray]

So again, wtf has it been spent on as I know for a fact drilling and sampling/analysis would not cost them 7 million for 53 holes

Capitalised costs to me reads that they’re spending $$ on fuck knows what and putting it down as exploration costs

 

[Goat]

AVZ BOD need to reign in the spending. There are plenty of other companies doing more drilling in places all over the world running on the smell of an oily rag!
$27M aint going to cut it, they know it, we know it. Will be interesting to see how a cap raise plays out if it's still in suspension.
There is no freaking way anyone will put their hand in their pocket unless it's at a huge discount, so it may have to come from CATH..

Radio silence on the other hand is killing everyone.. A fortnightly update would be nice Nigel.

In regards to the DRC sweeping out the dog crap corruption - I'm still of the belief it will not happen in my lifetime. It requires a huge culture change both up and down the food chain of society.

The DRC seems to be having a shed load of meetings, agreements discussed, frameworks drawn up - BUT NO ACTION. These guys are typical governments with no drive to push things forward.

I want this mine to succeed, but I still think it's a long way off, there is no way AVZ will start digging up dirt before year end.

 

[Lucas Don Velor]

It was cash outflow in the current quarter. Otherwise it would not have appeared in the cash flow statement

View attachment 35292

An itemised breakdown would be interesting...

For comparison sake (not trying to justify...just interesting), check out LKEs cash flows...

Staff costs - $3,284,000
Administration & corporate costs - $7,582,000

Exploration & evaluation - $11,091,000

$7Mill+ for pens (maybe some snacks)...

AVZ cash flows 'seem' more reasonable...

 

[Retrobyte]

I cannot figure out how these clowns have spent 7 fucking million on exploration costs..

53 Drill holes, rigs run around 10-15k a day.. Say 1.5 million total to drill all 53 holes...

5.5 Million unaccounted for wtf are they doing?!

It's actually "exploration and evaluation" - so that includes transporting the cores to the lab (which will include brown paper bags at various stages of the journey) and paying the lab to do the assays. Still hard to work out how that's 7 mil, but it's certainly more than what you've calculated.

 

[Flight996]

AVZ BOD need to reign in the spending. There are plenty of other companies doing more drilling in places all over the world running on the smell of an oily rag!
$27M aint going to cut it, they know it, we know it. Will be interesting to see how a cap raise plays out if it's still in suspension.
There is no freaking way anyone will put their hand in their pocket unless it's at a huge discount, so it may have to come from CATH..

Radio silence on the other hand is killing everyone.. A fortnightly update would be nice Nigel.

In regards to the DRC sweeping out the dog crap corruption - I'm still of the belief it will not happen in my lifetime. It requires a huge culture change both up and down the food chain of society.

The DRC seems to be having a shed load of meetings, agreements discussed, frameworks drawn up - BUT NO ACTION. These guys are typical governments with no drive to push things forward.

I want this mine to succeed, but I still think it's a long way off, there is no way AVZ will start digging up dirt before year end.

You make a good point Goat.
Re: There is no freaking way anyone will put their hand in their pocket unless it's at a huge discount...

The board has form at offering discounted shares. The previous two AVZ CRs were pitched at such bargain basement rates that AVZ should have been registered as a charity. I wasn't around for the 'discount of the century' earlier (2017 I think), but I sure took advantage of it and bought at 4.5 and 4.8c.

I'm also mad at Nigel's 54 million free performance shares. Me thinks the board and I have a different definition of performance.

Nine thirty on a Saturday might be a bit early to start drinking. Nah, stuff it. It's past midday somewhere.

Cheers
F

 

[Frank]

AVZ BOD need to reign in the spending. There are plenty of other companies doing more drilling in places all over the world running on the smell of an oily rag!
$27M aint going to cut it, they know it, we know it. Will be interesting to see how a cap raise plays out if it's still in suspension.
There is no freaking way anyone will put their hand in their pocket unless it's at a huge discount, so it may have to come from CATH..

Radio silence on the other hand is killing everyone.. A fortnightly update would be nice Nigel.

In regards to the DRC sweeping out the dog crap corruption - I'm still of the belief it will not happen in my lifetime. It requires a huge culture change both up and down the food chain of society.

The DRC seems to be having a shed load of meetings, agreements discussed, frameworks drawn up - BUT NO ACTION.

The level of corruption in the DRC remains high (GEC survey)

The latest thematic note on the Congo Study Group (GEC) and Ebuteli survey, with the Bureau d’études, de recherche et de consulting international, published in April 2023, also addresses the level of corruption in the DRC.

In this survey, 55.75% of Congolese find that the level of corruption has not changed in the last six months.

They express a negative view of the changes in the field of corruption.

And this, despite the change promised by President Tshisekedi and his government as well as the financial police of the General Inspectorate of Finance (IGF).

For some, the situation has gotten worse.

This is the case for 21.39% of Congolese interviewed in this survey.

To be honest, more than 77% of the public think that the country is affected by corruption.

The situation is worrying because the DRC is full of natural resources.

Good management of these can enable the country to emerge from poverty. But the problem arises at the level of governance, believes the opinion.

Civil society agrees with the poll

For some civil society actors, there are very few improvements.

According to Freddy Kasongo, member of the "Congo is not for sale" structure, what may have changed is the level of denunciation of corruption.

"Today, we are more in the process of denouncing cases of corruption...", explains Freddy Kasongo.

However, he notes that the courts are not getting to the end of the process.

“Because they do not arrive at sanctions ,but in addition, they do not manage to recover the diverted dividends, ”he adds.

For Patient, Tshamatshey of the citizens' movement Filimbi, compared to the last three years, "corruption is not at the same level as two or three years ago.

Currently, with the advent of the IGF, this has dampened corruption in the DRC, but what is true is that it still exists,” he says.

This survey also reveals that even the level of involvement of the institutions remains very low.

mediacongo

 

[geo_au]

We will be going mining some day so don't fret and don't abuse the congolese government or its people, all will work out in the end. Patience is required here but your imagination is not welcome.

Oh! that includes our management.

Patience is required here but your imagination is not welcome.

geo_au




tendoji
401 Posts.
659
29/04/23
08:07
Post #: 67520253
Share

My HKTD has seen many street dogs come and go and has been a keen observer at the wheel of fortune on the street namedThe Markets and he says:Every dog has its day until the bitch, Karma, bites. ===In my view, ASX did the minimum in asking AVZ BoD questions. There are many more tricky questions with hard to formulate answers. Anyone following closely can see that.When the ASX asked about what a reasonable person (keyword/concept in CD rules and at law) would do, they asked the wrong version of the question. The right question is contained in ASX publications on tests for continuous disclosure obligation.I can not see, Bomber, how you've done any real digging except shallow grabs. And It's not my job to spell that (ASX gaps) out to you. But suffice to say, the ASX has known about AVZ disputes since October 2021. How?Simon Cong and his lawyer had been lodging submissions to ASIC since that time. We know there was an attempt here on hotcrapper by a Cong agent to stir chaos among shareholders with a "memorandum".So the question of disclosure also applies to the ASX and ASIC, why didn't they seek a public disclosure from AVZ at that time.I say October 2021, as that irrefutable and doesn't rely on a company shill it management itself to tip off. All that's required is a dig in the hotcrapper archives.Arguably then the 1000s of eyes on this platform should have been scratching around to find out more on what that hotcrapper account was saying.Consider that a close associate of Simon Cong (Dathomir) is Klaus Eckhof. Think then, what could have been discerned much earlier.Luckily for the genii here, they kept their ostrich heads in the back seat cleft and the share price ascended astonishingly with the lithium sector. AVZ retail share holders deserved that after all the hard times.Back to ASIC. It is my strongly held view that ASIC and ASX know about the attempts of sabotage since mid 2021-- why? Because an explanation was needed for why Zijin executives were buying AVZ shares on market via Bellamel and not in the July 2021 capital raise. They bought up to 70 million shares.The spooks (the same ones behind FIRB and Treasury knocking back Yibin early 2020) would clearly see a red flag and wonder why. Also bear in mind here, the USA is trying to get a foothold in the Congo -- and has been "bitterly disappointed" in 2022 in the Tshisekedi administration however the EV deal between Zambia and the DRC should give us hope here that AVZ will come out of this fiasco favourably because the geopolitics is ripe for the West led by USA hawks to get it right after 4 years of neglect under Trump. A little bit of googling on the USA plans with DRC will show this is not cheap talk.So, considering the strategic value of the world's best hard rock lithium project at Manono (yes better than Greenbushes), if AVZ shareholders lose so does the West. That can't be right....So for the ASX, AVZ is no longer a little upstart that all the other lithium stooges and stocks are jealous of, it's a resource in the National Interest for Australia for diversifying global supply chains.That would mean a different set of discretions apply, and of course, ASX still needs to be careful for the integrity of it's exchange and walk through the process but be mindful this query comes very very late when likely answers to questions are needed. But as I started out here, there are lots of questions ASX didn't ask, and one wonders if the reason is, Australian authorities with its US allies realise Manono is too important to lose.Again, all the clues are there since July 2021, and as we saw in October 2021, stirrings of a guy from the Congo, perhaps Simon Cong himself.The question is, why did ASIC not respond to Cong or act? My HKTD says Australian authorities are not dogs and do care for their Aussie battlers. And Nigel and team are one of those.And yes, Nigel has a plan to hand over the gauntlet and has for years, but as one can see it's a specialised field in the Congo...

 

[FilthyRich2]

In relation to Capitalisation of Costs queries posted before and Xerof's callout yesterday

The technical answer of what can be capitalised is below (sorry for posting the boring stuff, but this is what the company must comply with in reporting), I have a 2nd post I will do later today which will be much more interesting. Those who know me , will know I do like the boring stuff like Auditing and Accounting standards.

Noting the items below detailed as (a) to (f) is still open to a bit of interpretation (and may incorporate all in country costs including lobbyists, etc especially under section (f)

Accounting Standard AASB 6 Exploration for and Evaluation of Mineral Resources Elements of cost of exploration and evaluation assets

From AASB 6 Standards section 9

9 An entity shall determine an accounting policy specifying which expenditures are recognised as exploration
and evaluation assets and apply the policy consistently. In making this determination, an entity considers
the degree to which the expenditure can be associated with finding specific mineral resources. The Authorised Version F2021C00708 registered 26/07/2021 AASB 6-compiled 7 STANDARD

following are examples of expenditures that might be included in the initial measurement of exploration and
evaluation assets (the list is not exhaustive):
(a) acquisition of rights to explore;
(b) topographical, geological, geochemical and geophysical studies;
(c) exploratory drilling;
(d) trenching;
(e) sampling; and
(f) activities in relation to evaluating the technical feasibility and commercial viability of extracting a
mineral resource.

Aus9.1 In accordance with paragraph 9, where an entity recognises exploration and evaluation assets,
direct and indirect costs associated with the exploration for and evaluation of mineral resources
and which specifically relate to an area of interest are allocated to that area of interest. In making
this allocation, no distinction is drawn between costs incurred within the entity and the cost of
services performed by outside contractors or consultants on behalf of the entity.


Aus9.2 The costs of acquiring leases or other rights of tenure in the area of interest are included in the
cost of the exploration and evaluation asset if they are acquired as part of the exploration for and
evaluation of mineral resources.

Aus9.3 Indirect costs that are included in the cost of an exploration and evaluation asset include, among
other things, charges for depreciation of equipment used in exploration and evaluation activities.

Aus9.4 General and administrative costs are allocated to, and included in, the cost of an exploration and
evaluation asset, but only to the extent that those costs can be related directly to operational
activities in the area of interest to which the exploration and evaluation asset relates. In all other
cases, these costs are expensed as incurred. For example, general and administrative costs such as
directors’ fees, secretarial and share registry expenses, and salaries and other expenses of general
management are recognised as expenses when incurred since they are only indirectly related to
operational activities.

Filthy