Winenut
GO AVZ!!!!
In my opinion it will be the best if BoD stop the TH and open the Market. So everybody of us can decide if he want to sell or not.
I is really goods at English for reals
Wiv a names like Peter Clark wot else is there eh...??
In my opinion it will be the best if BoD stop the TH and open the Market. So everybody of us can decide if he want to sell or not.
I don't like the colour of my fuchsia's against the backdrop of the deep green ivy and muted dark grey pallete of the distanced textured wallWhat's your problem ?
pretty sure he hasn't found the cheese yetI don't like the colour of my fuchsia's against the backdrop of the deep green ivy and muted dark grey pallete of the distanced textured wall
What's yours?
pretty sure he hasn't found the cheese yet
Hurry up Nut …running out of Time/Cash
If you want a view of where we could be headed, read the following:
In 2016, DIGOIL (a US oil and gas explorer) took the DRC govt to the International Court of Arbitration over the DRC's failure to honor two contracts for oil exploration and production, causing DIGOIL to incur significant losses and lose the opportunity to develop the oil fields (sound familiar?).
DIGOIL was vindicated, and awarded over $619 million in damages, including legal costs by the International Court of Arbitration in Paris (all good so far).
In 2019, the DRC govt appealed to the Paris Court of Appeal, which rejected the DRC's arguments and authorized enforcement of the arbitral award. DIGOIL then sought to confirm the award in the United States District Court for the District of Columbia, which entered a default judgment against the DRC and confirmed the arbitral award against them (three years later, still good).
Since the DRC is a signatory to the International Centre for Settlement of Investment Disputes (ICSID) Convention, and a Contracting State to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention), it is bound by its rules. If the DRC decides to not cough up any future settlement amount, the appellant can apply to have the DRC’s local assets forfeited in order to meet the arbital award (the appellant can also utilise the legal system of any other nation where the DRC has assets in order to get restitution).
If this is not resolved this year, we potentially risk a decade of court cases and appeals. Happy days…
Cheers
F
I don't think the DRC gives two shits about a ICC ruling or have any intention of abiding to any ruling or paying any fine.
The mentally of corruption is so engrained into the culture that I see little hope of change.
Absolute shit show. Tribalism, corruption, poverty, political instability, insurgency, warfare.
I feel sorry for the common people who have to put up with those higher up that just exploit them and their countries wealth for the benefit of the few.
Short sighted currupt fucking kunts running things.
Peter is a pet. He has his uses. If he didn’t say anything, it may have taken days before someone recognised the change on the CAMI portal.Peter Clark.
Turns up, posts rubbish in broken english, gets ridiculed, continues on with agenda.
Like ffs I think most of understand we invested in a country with MASSIVE sovereign risk. Our BoD followed all the rules, followed the mining code. Hired competent lawyers well versed in DRC laws . AVZ spent the money, did the exploration. We uncovered a monster deposit.
We then proceeded to get fucked over by corruption and the Chinese who wanted to take the resource illegally.
The law is on our side, corruption and dirty politics are not.
OMG PLEASE put this on twitter and tag him
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CODE | TYPE | OBSERVATION | JV EN COULEUR |
---|---|---|---|
12202 | PE | DECHU | MANOMIN |
12203 | PR | SEGMAL | |
12204 | PR | SEGMAL | |
12205 | PR | SEGMAL | |
12206 | PR | COMINIERE | |
12436 | PR | DATHCOM mining SAS | |
12437 | PR | COMINIERE | |
12438 | PR | UATT | |
12439 | PR | UATT | |
12440 | PR | UATT | |
12441 | PR | UATT | |
12442 | PR | TANbGANIKA | |
12443 | PR | SOMIMI | |
12444 | PR | SOMIMI | |
12445 | PR | SOMIMI | |
12447 | PR | UNITED COMINIERE SAS | |
12448 | PR | UNITED COMINIERE SAS | |
12449 | PR | DATHCOM mining SAS | |
12450 | PR | DATHCOM mining SAS | |
12452 | PR | LOND HAO COM | |
12453 | PR | COMFORCE | |
12454 | PR | DATHCOM mining SAS | |
12455 | PR | UATT | |
12456 | PR | SOMIMI | |
12457 | PE | COMINIERE | |
12458 | PR | TANbGANIKA | |
12459 | PR | DATHCOM mining SAS | |
12460 | PR | UNITED COMINIERE SAS | |
12461 | PR | COMINIERE | |
12462 | PR | UNITED COMINIERE SAS | |
12463 | PR | COMINIERE | |
12707 | PR | MURUMBI mineral | |
12708 | PR | MURUMBI mineral | |
13065 | PE | SEGMALE | |
13244 | PE | UATT | |
13245 | PE | UATT | |
13246 | PE | UATT | |
13247 | PE | COMFORCE | |
13348 | PR | MINOCOM mining SAS | |
13359 | PR | DATHCOM mining SAS | |
13698 | PER | MINOCOM mining SAS |
If you want a view of where we could be headed, read the following:
In 2016, DIGOIL (a US oil and gas explorer) took the DRC govt to the International Court of Arbitration over the DRC's failure to honor two contracts for oil exploration and production, causing DIGOIL to incur significant losses and lose the opportunity to develop the oil fields (sound familiar?).
DIGOIL was vindicated, and awarded over $619 million in damages, including legal costs by the International Court of Arbitration in Paris (all good so far).
In 2019, the DRC govt appealed to the Paris Court of Appeal, which rejected the DRC's arguments and authorized enforcement of the arbitral award. DIGOIL then sought to confirm the award in the United States District Court for the District of Columbia, which entered a default judgment against the DRC and confirmed the arbitral award against them (three years later, still good).
Since the DRC is a signatory to the International Centre for Settlement of Investment Disputes (ICSID) Convention, and a Contracting State to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention), it is bound by its rules. If the DRC decides to not cough up any future settlement amount, the appellant can apply to have the DRC’s local assets forfeited in order to meet the arbital award (the appellant can also utilise the legal system of any other nation where the DRC has assets in order to get restitution).
If this is not resolved this year, we potentially risk a decade of court cases and appeals. Happy days…
Cheers
F
DRC is shipping goods (diamond, gold, bulk materials, etc) out of the DRC which can be confiscated and sold on the open market.Good find. Looks to be a 14 year+ dispute. I wonder what assets DRC has internationally. You would not think they would have too much especially if DIGOIL takes $600 million of these assets. How much will be left for AVZ haha? DRC seem to have agreed to negotiate but nothing has been paid yet.
The possibility of taking Zijin's assets could be lucrative as they have billions all over the world. Especially given there is evidence that Zijin's purchase of the 15% was not legal under DRC law and has no legal effect. How satisfying would it be to take some of their established mines off them?
The question is how would AVZ fund the 10-15 year battle.
Another article on DIGOIL:
A US court has confirmed a $619 million international arbitration award against the Democratic Republic of Congo (DRC), potentially enabling a South African junior oil company to begin proceedings to seize DRC commercial assets in America.
A federal judge in Washington last week granted DIG Oil’s motion for recognition and confirmation of a decision made by the Paris-based International Court of Arbitration in November 2018. The ruling is the latest development in a 14-year dispute between the firm and the DRC over oil rights.
DIG Oil ‘is seriously considering commencing enforcement proceedings in various international jurisdictions, seeking the full amount due to us,’ CEO Andrea Brown said by email.
The French tribunal determined that the DRC’s government failed to honour two production-sharing contracts signed when former president Joseph Kabila was in power and should pay DIG Oil $617.4 million. With costs, the Johannesburg-based company says it’s owed $619 million.
The oil ministry granted DIG Oil a contract for blocks in the centre of the country in December 2007, and another permit on Lake Albert to a group of investors including the company a month later.
The arbitration court agreed with DIG Oil that the DRC violated the second agreement by reallocating the Lake Albert licence in 2010 to a company controlled by Israeli billionaire Dan Gertler and failed to deliver presidential approval for the other blocks ‘within a reasonable time.’
The DRC, one of the world’s poorest countries, only had $671 million in reserves at the end of February, according to the most recent central bank data.
The award is registered in DIG Oil’s favour ‘with the same force and effect’ as if it ‘were a final judgment of this court,’ district judge Richard Leon ordered. The company filed the lawsuit in the US in 2020 and the DRC government was subsequently declared in default for failing to respond to a summons.
Discussions on a potential out-of-court settlement have faltered, according to Brown.
The government of President Felix Tshisekedi decided in May 2020 ‘to negotiate formally’ with DIG Oil and both sides ‘approved in principle’ a draft deal in December, she said.
Nine months later, ‘we have been very disturbed that no settlement agreement has been signed,’ Brown said.
A spokesperson for DRC’s government and another spokesperson for Tshisekedi didn’t immediately reply to messages seeking comment.