Few tidbits from me:
- I have confirmed that Zijin and Comniniere's joint case for damages was submitted on/around the 28th of April to the ICC - it is not impacted by the emergency arbitration ruling.
- The favourable AVZ ruling at ICC emergency arbitration stops Cominiere from terminating JVA at DRC local court, it also stops them from any shenanigans like when MMCS had their license revoked (ie, Cominiere sold to Dathomir, new JV was established, and new licenses were issued for a new tenement)
- The acknowledgement by Zijin on the value of the project will bite them in the ass and is proof that they underpaid for their supposed 15% - they supposedly even cited our feasibility study in the ICC claim to justify the value.
- If the original ICC case by Zijin flops then this second case would also flop, since the precedence would be that Zijin as a non-shareholder, doesn't even have the right to bring either ICC case. (the conflict in schedule seems even more suspect now...)
- In this event, not sure if the case would be then trimmed down to just Cominiere's damages, but this is a pretty nifty way for Zijin to bankroll the legal proceedings IMO - the lead counsel for the newest case are Zijin's legal team
Thanks for the great backgrounder
What you have revealed is that AVZ received this submission late April, but due to, in their words, viewing it as spurious, decided not to inform shareholders. Where have I read that before
They were very happy to tell us about the successful injunction asap, but not the new challenge from C/Z, so why today I ponder. Breaking story from someone from the dark side?
Was this the reason for the emergency hearing to injunct COMINIERE? I would think so - MMCS experience, although different circumstances entirely, could have been seen as another avenue to delay delay delay by revocation of the JVA via DRC courts, and set us back years more, with yet another court case
As you say, these late April filings make a mockery of the delay to the first Z case, but good on the lawyers for recognising the possibilities
No trigger of fines then.....
and yes, clever way of legitimately bankrolling COMINIERE's legal costs
Again, as you said somewhere else, their mutual complicity is now exposed before the eyes of the global mining fraternity