AVZ Discussion 2022

[DoubleA]

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

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:

https://africabriefing.org/us-court-ruling-could-allow-sa-oil-firm-to-seize-drc-assets/

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.

 

[Dijon101]

@MoneyBags1348

just feed me mushrooms and i'll be fine.. I just feel like having a good rant today

 

[cruiser51]

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:

https://africabriefing.org/us-court-ruling-could-allow-sa-oil-firm-to-seize-drc-assets/

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.

DRC is shipping goods (diamond, gold, bulk materials, etc) out of the DRC which can be confiscated and sold on the open market.
Where there is a will there is always a way.

The brown bag contents of the corrupt individuals, are they stored under the bed or overseas banks?
Wouldn't be smart to put it in a DRC account.

 

[Flight996]

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:

https://africabriefing.org/us-court-ruling-could-allow-sa-oil-firm-to-seize-drc-assets/

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.

Great context and detail DoubleA

Felix Tshisekedi is just another fat African leader strutting the world stage selling fairy dust. Meanwile back at Kinshasa his lieutenants plunder the treasury, and give away the county's heritage and future to similarly corrupt Chinese rodents. The DRC should be a wealthy nation, but instead it's just another basket case.

I honestly don't know what the future holds for us, but the Chinese seem to have millions of people slaving away furiously on devising new and novel ways to fuck over AVZ and steal Manono. You couldn't invent this shit.

Cheers
F

 

[cruiser51]

Council of minister has been and uneventful, chaired by the PM.

President was missing in action.

Still waiting for youtube availability of translation.

Translation available, settings, subtitles, translate to english.

 

[cruiser51]

Translation available, settings, subtitles, translate to english.

Mmmmm, this is the original one

 

[Flight996]

The top 25 shareholders in AVZ collectively hold 32.56% of SOI. That's approximately 1.1 billion shares, which is a lot of invested wealth. By comparison, AVZ board members, including Nigel Ferguson hold approx 85 million shares. Nigel Ferguson individually holds 54 million shares.

Among the top 25 shareholders are a number of Chinese entities and individuals. Yibin Tianyi Lithium company and Hau You International Mining are the two largest shareholders with 7.13 and 6.14 percent of shares respectively. They are both Chinese. I am not aware aware of their views or how they are managing their investments in AVZ. Maybe they like getting bent over and reamed by their more powerful corporate countrymen.

Just thinking out aloud and waiting for the footy to start.

Cheers
F

 

[Xerof]

But like me, those chinese shareholders (and probably most of the others too) paid very little for their shares - well under 10 cents, so the economic value to lose is zippo (even though the theoretical market value has been massive). Opportunity cost only, if they never see their funds again.

The current Chinese shareholders would see it as a sacrifice for the greater good - Zijin has little to lose, CATH has even less, but CHINA has everything to win by trying to screw us

Kunts

don't mean to be seen as taking their side, just having an Eyore moment

 

[Frank]

I kinda think you are right Dijon 101

I don't know how this will play out, but suspect that a negotiated settlement of least worst outcomes is on the cards. Even the DRC govt, corrupt to the bone marrow as it is, doesn't want Manono tied up forever in litigation. After all it's destined for greatness through its principle place in the global electric revolution (haha).

Cheers
F

*To add, Did you see where,

DRC-Botswana Business Forum: Tshisekedi invites Botswana economic operators to forge partnerships with those of the DRC

The President of the Republic, Félix Tshisekedi invites Botswana economic operators to come and invest in his country.

Invitation launched during the DRC-Botswana business forum, held in Gaborone on Thursday, May 11, 2023.

On an official mission to Gaborone since the beginning of the week, the Head of State Félix Tshisekedi took part in this business meeting with the aim of intensifying relations at all levels between Botswana and the DRC.

According to him, these two countries have considerable assets to build strong, prosperous and robust economies for their respective populations.

Speaking specifically about his country, Felix Tshisekedi said that the Democratic Republic of Congo has, in addition to natural resources, an important geostrategic position in Africa.

“The geographical position makes the DRC a gateway to Central Africa and West Africa.

The DRC is a market of nearly 100 million consumers.

The risk associated with investing in the DRC is often overestimated.

It's not, it's totally false.

It is a country where it is good to invest.

The DRC has a significant potential in natural resources, large oil and gas deposits.

Finally, the great Inga project, which if developed in all its phases, can transport electrical energy to the depths of Southern Africa”, he listed.

He indicated that his vision, since his accession to power, based on the change of the economy of the Congolese, formerly focused on the mining sector, in particular with the export of minerals in raw state.

According to him, this new policy is to locally transform minerals and other products in order to create wealth and jobs for the benefit of the Congolese.

This is how the Congolese President invited Botswana economic operators to invest in the DRC and to forge advantageous partnerships with their Congolese counterparts.

Félix Tshisekedi was accompanied, at this business forum, by the Minister of Industry, Julien Paluku Kahongya.

The latter presented on the various steps taken by the DRC and the Republic of Zambia in the Pan-African project for the installation of the factory of electric battery precursors in the province of Haut-Katanga.

At the end of this forum chaired by the Botswanan President, Mokgweetsi Masisi, a memorandum of understanding was signed between the National Agency for the Promotion of Investments (ANAPI) and the Botswana Investment Agency.

mediacongo


*Sounds like Felix and the DRC is a "Solution Country" after all, some might say a "Win-Win"

For who exactly is up for debate, unless you're a Politician or Chinese of course

Food for thought

Frank

 

[Flight996]

*To add, Did you see where,

DRC-Botswana Business Forum: Tshisekedi invites Botswana economic operators to forge partnerships with those of the DRC

The President of the Republic, Félix Tshisekedi invites Botswana economic operators to come and invest in his country.

Invitation launched during the DRC-Botswana business forum, held in Gaborone on Thursday, May 11, 2023.

On an official mission to Gaborone since the beginning of the week, the Head of State Félix Tshisekedi took part in this business meeting with the aim of intensifying relations at all levels between Botswana and the DRC.

According to him, these two countries have considerable assets to build strong, prosperous and robust economies for their respective populations.

Speaking specifically about his country, Felix Tshisekedi said that the Democratic Republic of Congo has, in addition to natural resources, an important geostrategic position in Africa.

“The geographical position makes the DRC a gateway to Central Africa and West Africa.

The DRC is a market of nearly 100 million consumers.

The risk associated with investing in the DRC is often overestimated.

It's not, it's totally false.

It is a country where it is good to invest.

The DRC has a significant potential in natural resources, large oil and gas deposits.

Finally, the great Inga project, which if developed in all its phases, can transport electrical energy to the depths of Southern Africa”, he listed.

He indicated that his vision, since his accession to power, based on the change of the economy of the Congolese, formerly focused on the mining sector, in particular with the export of minerals in raw state.

According to him, this new policy is to locally transform minerals and other products in order to create wealth and jobs for the benefit of the Congolese.

This is how the Congolese President invited Botswana economic operators to invest in the DRC and to forge advantageous partnerships with their Congolese counterparts.

Félix Tshisekedi was accompanied, at this business forum, by the Minister of Industry, Julien Paluku Kahongya.

The latter presented on the various steps taken by the DRC and the Republic of Zambia in the Pan-African project for the installation of the factory of electric battery precursors in the province of Haut-Katanga.

At the end of this forum chaired by the Botswanan President, Mokgweetsi Masisi, a memorandum of understanding was signed between the National Agency for the Promotion of Investments (ANAPI) and the Botswana Investment Agency.

mediacongo


*Sounds like Felix and the DRC is a "Solution Country" after all, some might say a "Win-Win"

For who exactly is up for debate, unless you're a Politician or Chinese of course

Food for thought

Frank

Hi Frank

Felix has more spin than a Westinghouse front-loader.

Not many investors would consider being land-locked in the centre of Africa, and a thousand kms to the nearest port is a geostrategic attribute.

Still, I guess it's his job to spin it.

Cheers
F

 

[Azzler]

Graeme has given us a wink too ....

View attachment 36352

What forum is this from @Retrobyte ?

 

[Rediah]

What forum is this from @Retrobyte ?

LinkedIn

 

[Samus]

Hopefully it's a wink and not a wank. We've been wanked raw.

 

[John Reed]

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:

https://africabriefing.org/us-court-ruling-could-allow-sa-oil-firm-to-seize-drc-assets/

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.

We can safely say the PRC Chinese government is complicit as well.

 

[TDITD]

Don't be fuckin' stupid.

 

[Juba1845]

Let's not rule out fact that CKK's days are numbered.He is a filthy grub and an embarrassment to his country .

 

[Spikerama]

Put it this way.

Replace the captions with
1. Posting hard hitting but factful arguments and communications on twitter to call out rampant DRC corruption.
2. Posting lowball disgusting, demeaning memes about specific officials.

 

[Dijon101]

Hopefully it's a wink and not a wank. We've been wanked raw.

With a cheese grater

 

[Winenut]

Hopefully it's a wink and not a wank. We've been wanked raw.

Yeah that grater thing.....whoah!

 

[MoneyBags1348]

Put it this way.

Replace the captions with
1. Posting hard hitting but factful arguments and communications on twitter to call out rampant DRC corruption.
2. Posting lowball disgusting, demeaning memes about specific officials.

Definitely 1. Spike

I think they are on Facebook as well (and probably Chinese porn forums like peter clark, who I suspect is that bloke in the photo in bed with teabag but that’s just between us)