AVZ Discussion 2022
- Thread starter GazDix
- Start date
Lol, looks like SCHMI1000 has been reading the " anchor " posts on TSE and actually believes it........
Xerof
Flaming 1967
Hey…..I forgave you pricks just over 12 months ago,
speaking of cricket, settling in to watch the morning session now
Oh fuck it’s raining in England
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Samus
Top 20
China accused of scores of abuses linked to ‘green mineral’ mining
Watchdog identifies 102 violations over past two years as country extracts ‘transition minerals’ for green-energy technology
Nina Lakhani Climate justice reporter, and Amy Hawkins Senior China correspondent
Thu 6 Jul 2023 09.02 AEST
A new report into China’s dominance in the green-energy market has identified more than a hundred allegations of environmental and human rights violations linked to its overseas transition mineral investments over the past two years.
China dominates the processing and refining of lithium, cobalt, copper, manganese, nickel, zinc, chromium, aluminium and rare-earth elements – and the manufacturing of technologies like solar panels, wind turbines and batteries for electric vehicles (EV), which require so-called transition minerals.
China floods: Xi Jinping urges action as rains kill 15 and displace thousands
The Business & Human Rights Resource Centre (BHRRC), a corporate watchdog that tracks the local impact of thousands of global businesses, identified 102 alleged abuses in 2021 and 2022 linked to Chinese mining interests spanning 18 countries.
Copper is the mineral most frequently associated with allegations of harm, followed by nickel. The abuses include Indigenous rights violations, attacks against grassroots leaders, water pollution, ecosystem destruction and unsafe working conditions.
The highest number of alleged abuses – 27 – were recorded in Indonesia, which has the world’s largest nickel reserve, followed by Peru, the Democratic Republic of the Congo, Myanmar and Zimbabwe. More than 70% of the alleged violations were documented in these five countries where weak governance and human rights abuses have been widely reported, and where China is a major economic partner.
The findings underline growing concerns that the transition to renewable energy is repeating unjust business practices that have long dominated fossil-fuel and mineral extractions, with Indigenous people, and marginalised rural and communities of colour most likely to bear the brunt of violations and least likely to benefit from the extracted natural resources.
China is not alone. Allegations of human rights violations, environmental harms and labour abuses are rife in mining operations linked to Canadian, US, UK, Australian and European companies and investors – which has long been taking place alongside the extraction of fossil fuels, according to data collated by the watchdog and multiple other human rights and environmental groups.
But experts have warned that the global dash for transition minerals needed for green-energy technologies threatens to provoke a new wave of land-grabs, water shortages, environmental damage and community conflicts as countries rush to meet their climate-action goals with little thought about the collateral damage.
“The energy and land needed for exploration, extraction and processing of transition minerals leaves behind a significant carbon footprint, characterised by human rights abuses and puts more strain on scarce surface and ground water resources,” said Eric Ngang from Global Witness, which documented more than 300 assassinations of anti-mining activists between 2012 and 2021, the worst violence linked to any environmentally harmful industry.
“While mining is needed for green transition, it will ramp up the [negative] impacts if appropriate regulations are not developed and implemented … as transnational companies and business enterprises seem to take advantage of weak governance,” Ngang added.
China has been buying up overseas mines and investing heavily in mineral-rich countries like Indonesia and Zimbabwe, and is set to dominate the supply chain for years to come despite US and European efforts to diversify the market.
Mining for transition minerals is often “the defining project for China’s relationship with these countries,” said Antonia Timmerman, an editor for the China Global South Project, a website, who has investigated Chinese involvement in Indonesia’s nickel mines. That means that abuses can be exacerbated by a lack of accountability from local partners and governments, who are keen to court investment from Chinese companies.
“This is a dirty business,” Timmerman said. In Indonesia, for example, the government “can be very brutal when it comes to defending and protecting these companies, especially the large ones. This happened long before the EV phenomenon.”
The report only includes alleged harms published by the media, academics and nonprofits related to the transition mineral supply chain, so the true number could be higher.
It also suggests Chinese companies are failing to comply with Beijing’s commitments on transparency and human rights policies, with less than one in five of the Chinese firms responding to the allegations when approached by the Centre – compared to 56% of mining companies globally.
In May, China’s mining industry business association launched a pilot mediation scheme for communities, workers and other stakeholders to file complaints against companies involved in any part of the minerals supply chain. It is the first grievance mechanism established by a Chinese industry association.
But participation is voluntary and the scheme has no enforcement powers. “The core function of this mechanism is to promote and facilitate the parties to a dispute to have open communication channels … and facilitate problem resolution by providing professional advice and services,” said Li Yanling, one of the scheme’s principal researchers.
But Chinese companies do not work in a vacuum, according to Betty Yolanda, director of regional programmes at BHRRC. “Many are suppliers to western buyers like Tesla, Ford and BMW … [who] need to be examined to check whether they have fulfilled their own due diligence responsibility across their supply chains.”
amp.theguardian.com
Watchdog identifies 102 violations over past two years as country extracts ‘transition minerals’ for green-energy technology
Nina Lakhani Climate justice reporter, and Amy Hawkins Senior China correspondent
Thu 6 Jul 2023 09.02 AEST
A new report into China’s dominance in the green-energy market has identified more than a hundred allegations of environmental and human rights violations linked to its overseas transition mineral investments over the past two years.
China dominates the processing and refining of lithium, cobalt, copper, manganese, nickel, zinc, chromium, aluminium and rare-earth elements – and the manufacturing of technologies like solar panels, wind turbines and batteries for electric vehicles (EV), which require so-called transition minerals.
China floods: Xi Jinping urges action as rains kill 15 and displace thousands
The Business & Human Rights Resource Centre (BHRRC), a corporate watchdog that tracks the local impact of thousands of global businesses, identified 102 alleged abuses in 2021 and 2022 linked to Chinese mining interests spanning 18 countries.
Copper is the mineral most frequently associated with allegations of harm, followed by nickel. The abuses include Indigenous rights violations, attacks against grassroots leaders, water pollution, ecosystem destruction and unsafe working conditions.
The highest number of alleged abuses – 27 – were recorded in Indonesia, which has the world’s largest nickel reserve, followed by Peru, the Democratic Republic of the Congo, Myanmar and Zimbabwe. More than 70% of the alleged violations were documented in these five countries where weak governance and human rights abuses have been widely reported, and where China is a major economic partner.
The findings underline growing concerns that the transition to renewable energy is repeating unjust business practices that have long dominated fossil-fuel and mineral extractions, with Indigenous people, and marginalised rural and communities of colour most likely to bear the brunt of violations and least likely to benefit from the extracted natural resources.
China is not alone. Allegations of human rights violations, environmental harms and labour abuses are rife in mining operations linked to Canadian, US, UK, Australian and European companies and investors – which has long been taking place alongside the extraction of fossil fuels, according to data collated by the watchdog and multiple other human rights and environmental groups.
But experts have warned that the global dash for transition minerals needed for green-energy technologies threatens to provoke a new wave of land-grabs, water shortages, environmental damage and community conflicts as countries rush to meet their climate-action goals with little thought about the collateral damage.
“The energy and land needed for exploration, extraction and processing of transition minerals leaves behind a significant carbon footprint, characterised by human rights abuses and puts more strain on scarce surface and ground water resources,” said Eric Ngang from Global Witness, which documented more than 300 assassinations of anti-mining activists between 2012 and 2021, the worst violence linked to any environmentally harmful industry.
“While mining is needed for green transition, it will ramp up the [negative] impacts if appropriate regulations are not developed and implemented … as transnational companies and business enterprises seem to take advantage of weak governance,” Ngang added.
China has been buying up overseas mines and investing heavily in mineral-rich countries like Indonesia and Zimbabwe, and is set to dominate the supply chain for years to come despite US and European efforts to diversify the market.
Mining for transition minerals is often “the defining project for China’s relationship with these countries,” said Antonia Timmerman, an editor for the China Global South Project, a website, who has investigated Chinese involvement in Indonesia’s nickel mines. That means that abuses can be exacerbated by a lack of accountability from local partners and governments, who are keen to court investment from Chinese companies.
“This is a dirty business,” Timmerman said. In Indonesia, for example, the government “can be very brutal when it comes to defending and protecting these companies, especially the large ones. This happened long before the EV phenomenon.”
The report only includes alleged harms published by the media, academics and nonprofits related to the transition mineral supply chain, so the true number could be higher.
It also suggests Chinese companies are failing to comply with Beijing’s commitments on transparency and human rights policies, with less than one in five of the Chinese firms responding to the allegations when approached by the Centre – compared to 56% of mining companies globally.
In May, China’s mining industry business association launched a pilot mediation scheme for communities, workers and other stakeholders to file complaints against companies involved in any part of the minerals supply chain. It is the first grievance mechanism established by a Chinese industry association.
But participation is voluntary and the scheme has no enforcement powers. “The core function of this mechanism is to promote and facilitate the parties to a dispute to have open communication channels … and facilitate problem resolution by providing professional advice and services,” said Li Yanling, one of the scheme’s principal researchers.
But Chinese companies do not work in a vacuum, according to Betty Yolanda, director of regional programmes at BHRRC. “Many are suppliers to western buyers like Tesla, Ford and BMW … [who] need to be examined to check whether they have fulfilled their own due diligence responsibility across their supply chains.”
China accused of scores of abuses linked to ‘green mineral’ mining
Watchdog identifies 102 violations over past two years as country extracts ‘transition minerals’ for green-energy technology
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then it would be a ridiculous situation for FIRB to say nah all of you must continue to be stuck in a shitshow.
Not disputing your vast knowledge, but how confident are you of that statement or is it just your opinion ?
FIRB and critical minerals: what you need to know
In this Insight, we outline the extent to which the FIRB regime currently regulates foreign investment in critical minerals and consider the potential future direction of the regulatory framework.
Not sure FIRB would give 2 fucks about the shit show, but would give a HUGE fuck if AVZ ( which potentially has 2b tonnes of high grade spod ) was taken over by chinese entities in particular, in any shape or form..........not to mention the loss of massive tax revenue.
Would the FIRB stance be different if the US took control ?
food for thought.
Sparrowhawk12
Regular
Carlos Danger
Top 20
My theory for the TIA is that the RCCM shows AVZ at 60%. Yes we have good legal title to 75% but the 15% from Dathomir hasn't been transferred and is subject to 'dispute'. Therefore AVZ promising CATH 24% on paper could hypothetically mean losing control. This indicates to me that FIRB weren't asked for advice or we should have had announcements about the FIRB process like with the Yibin deal.then it would be a ridiculous situation for FIRB to say nah all of you must continue to be stuck in a shitshow.
Not disputing your vast knowledge, but how confident are you of that statement or is it just your opinion ?
FIRB and critical minerals: what you need to know
In this Insight, we outline the extent to which the FIRB regime currently regulates foreign investment in critical minerals and consider the potential future direction of the regulatory framework.www.allens.com.au
Not sure FIRB would give 2 fucks about the shit show, but would give a HUGE fuck if AVZ ( which potentially has 2b tonnes of high grade spod ) was taken over by chinese entities in particular, in any shape or form..........not to mention the loss of massive tax revenue.
Would the FIRB stance be different if the US took control ?
food for thought.
The only possible reason I could see for FIRB intervention is on national security grounds. But that would be a stretch. FIRB mainly looks at investment in Australian companies and land. There is a provision for tenements on foreign land under Section 56 of the Foreign Acquisitions and Takeovers Regulations 2015 that Frydenberg cited in his letter so they could potentially intervene but I'm not sure it would apply to an asset that is indirectly owned through a JV that is based outside Australia.
In a situation where everyone is happy with the deal and the gringos aren't willing to come to the table then what right would the Australian government have to force AVZ to conduct business in a hostile environment when its bod and shareholders don't want to. If the Australian government cared that much about securing this asset then they can buy us out themselves in that situation.
As for the gringos taking control of AVZ or Dathcom no FIRB wouldn't care at all. Their beef is with China.
Frank
Top 20
For the newbies and anyone else wondering where is a safe sovereign juristiction to invest, ISCID pending cases tells you all you want to know........
I have been in the investing caper for over 30 yrs and still learning........
Note to ones self, never invest in the following countries.
1) Peru
2) Mexico
3) Spain
4) Tanzania / Nigeria / DRC........ lets just round it off with AFRICA continent in general.
5) Argentina .......( hmmm I am a big investor of GLN ....
6) Venezuala
7) Egypt.
I could list alot more , but you get the gist.
Whats the common denominators of all these countries ?
Banana republic and generally fucked up.
imo
Samus
Top 20
Zimbabwe opens its unit by #lithium and is ahead of DR Congo in the competition, still wondering how to eject the Australians from @AvzMinerals to give the market to the Chinese from #Zijin !
Zimbabwe inaugurates its lithium plant, unlike DR Congo which is still floundering over partnerships
July 8, 2023Kiki Kienge
By Kiki Kienge
Now lithium has become a war between the great powers of the planet and the multinationals, ready to be thrown even in the mud for this snatch.
But even more it is a race against time, because the high price recorded by the ore currently does not remain stable for long, even more the competition of new materials, ores and the discoveries of other deposits, risk penalizing more countries that can't play against time at the moment.
The Chinese mining giant, Zhejiang Huayou Cobalt, one of the world's leading producers of battery materials in a joint venture with the Zimbabwean state, has just inaugurated this Wednesday, July 05, 2023 a lithium processing plant worth $ 300 million US in Zimbabwe.
It should be remembered that Zimbabwe had adopted a law prohibiting any export of raw lithium; “Zimbabwe has banned the export of raw lithium, wanting the metal to undergo at least some primary processing in the country. »
Any company wishing to export lithium ore will have to obtain special authorization under a new statutory regulation and report exceptional circumstances before taking the lithium out of Zimbabwe without being processed first.
The new lithium production plant in Zimbabwe has a capacity to process 4.5
million metric tonnes of hard rock lithium in concentrate for export per year.
In 2021 the media, Reuters had written in its article:
Huayou, the world's largest producer of cobalt, another battery metal, said in a 2020 filing that it would pay $388.8 million for Australia-listed Prospect Resources Ltd (PSC). AX) 87% stake in Arcadia owner Prospect Lithium Zimbabwe.
It will pay an additional $44.2 million for the 6% stake held by Zimbabwean professor Kingston Kajese and the 7% held by Tamari Trust, which, according to previous Prospect filings, is linked to Prospect chief executive Paul Chimbodza. Lithium Zimbabwe. »
The DR Congo, which has one of the richest deposits of hard rock lithium in the world, in collaboration with the Australians of AVZ MINERALS, notably listed on the Australian stock exchange (Australia. AX), does not succeed following political maneuvers, to start the production of its lithium.
According to local sources in Zimbabwe, the lithium production plant has already created at least 1,000 direct and at least five times more indirect jobs, excluding the infrastructure, economic and social development that will result in the communities of areas around the plant and the mine, Goromonzi, Harare and throughout the country.
Le Zimbabwe inaugure son usine de lithium, contrairement à la RD Congo qui patauge encore sur les partenariats - Kongo Presse
Le géant minier Chinois, Zhejiang Huayou Cobalt l’un des principaux producteurs mondiaux de matériaux pour batteries en coentreprise avec l'État zimbabwéen, vient d'inaugurer ce mercredi 05 juillet 2023 une usine de traitement de lithium d'une valeur de 300 millions $US au Zimbabwe.
kongopress.com
Thanks for sharing!!
The TIA ( Cath ) transaction is incomplete still, so not a matter for the FIRB to consider at this stage is my view on that
Yibin was looking for a direct stake in AVZ, required FIRB approval, got dismissed on " contrary to national interest " as per
Foreign Acquisitions & Takeovers regulation 2015
Interesting to note way back in 2019 , when Frydenberg rejected YIBIN proposal, his reasoning were pretty clear and powerful...
" AVZ business is centred on mining lithium, identified as a critical mineral, the largest demonstrated hard rock deposit in the world, with potential to produce 300,000 tonne PA, equal to world output of 2018 alone. The Australian govt is committed to growing its critical minerals sector and to DIVERSIFYING GLOBAL SUPPLY CHAINS "
So the Australian govt knew all about AVZ potential back in 2019 when it was a pimple compared to now , do you or anyone else in the brain trust here at TSE think a potential " loop hole " in selling via DATHCOM is going to deter matters regards to the FIRB aka Chyna ?
Here is the link to the guidance of Foreign Acquisitions & Takeover regulations 2015 for everyones perusal , sections 56 and 67 all included, make of it as you will.
FOREIGN ACQUISITIONS AND TAKEOVERS REGULATION 2015
Here is the latest link for US critical mineral pact with Australia and other alliances
Australia-United States Climate, Critical Minerals and Clean Energy Transformation Compact
Australia and the United States commit to enhance bilateral cooperation under a Climate, Critical Minerals and Clean Energy Transformation Compact (the Compact), establishing climate and clean energy as a central pillar of the Australia-United States Alliance. Australia and the United States...
AVZ contacted the Australian embassy about this shit show , no doubt the US embassy was made aware too, hence ISCID.
Just reading between the lines here, if any take over of AVZ / Dathcom is going to occur with FIRB blessing , the logical suitor is going to be the gringos aka US and possibly our best bet for a decent price.
Interesting times ahead.
just my opinion.
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The Fox
Regular
Carlos Danger
Top 20
Clearly it is a question of control and influence on decision making rather than just minority ownership. Perhaps management are confident enough that they won't go below 51% that FIRB didn't need to be involved. Then again they have been confident of getting the licence on a fair few occasions so far.Thanks for sharing!!
The TIA ( Cath ) transaction is incomplete still, so not a matter for the FIRB to consider at this stage is my view on that
Yibin was looking for a direct stake in AVZ, required FIRB approval, got dismissed on " contrary to national interest " as per
Foreign Acquisitions & Takeovers regulation 2015
Interesting to note way back in 2019 , when Frydenberg rejected YIBIN proposal, his reasoning were pretty clear and powerful...
" AVZ business is centred on mining lithium, identified as a critical mineral, the largest demonstrated hard rock deposit in the world, with potential to produce 300,000 tonne PA, equal to world output of 2018 alone. The Australian govt is committed to growing its critical minerals sector and to DIVERSIFYING GLOBAL SUPPLY CHAINS "
So the Australian govt knew all about AVZ potential back in 2019 when it was a pimple compared to now , do you or anyone else in the brain trust here at TSE think a potential " loop hole " in selling via DATHCOM is going to deter matters regards to the FIRB aka Chyna ?
Here is the link to the guidance of Foreign Acquisitions & Takeover regulations 2015 for everyones perusal , sections 56 and 67 all included, make of it as you will.
FOREIGN ACQUISITIONS AND TAKEOVERS REGULATION 2015
classic.austlii.edu.au
Here is the latest link for US critical mineral pact with Australia and other alliances
Australia-United States Climate, Critical Minerals and Clean Energy Transformation Compact
Australia and the United States commit to enhance bilateral cooperation under a Climate, Critical Minerals and Clean Energy Transformation Compact (the Compact), establishing climate and clean energy as a central pillar of the Australia-United States Alliance. Australia and the United States...www.pm.gov.au
AVZ contacted the Australian embassy about this shit show , no doubt the US embassy was made aware too, hence ISCID.
Just reading between the lines here, if any take over of AVZ / Dathcom is going to occur with FIRB blessing , the logical suitor is going to be the gringos aka US and possibly our best bet for a decent price.
Interesting times ahead.
just my opinion.
The Yibin deal was altered after FIRB rejected the initial terms in April 2020 from them buying 11.7% of AVZ and crucially getting a seat on the bod to them buying 9% and not getting a bod seat.
Frydenberg's main concern was the deal was not in Australia's national interest of 'diversifying secure, resilient and sustainable global supply chains' for critical minerals. Which is code for China is asshole. The Yibin deal would have been approved before the Wuhan lab kerfuffle imo
My main point was centred on the hypothetical scenario where AVZ wants to sell all of their holdings in Dathcom and leave operations in the DRC. That's a completely different thing for FIRB to consider than an ASX listed company that wants to continue to operate in a foreign jurisdiction but could potentially be subject to sinister influence by a rival foreign government.
Nigel mentioned that takeover offers had been received at the German roadshow in April 2022 but they weren't worthy to announce to shareholders. I can't imagine at that time they were from anyone but a Chinese entity. Surely that means management think they can sell to the Chinese if needed. That was Klaus's plan before bailing too so it must be possible.
Yeah on paper the gringos are the ideal buyers if we need to sell. But this is now all down to Felix wanting battery plants in the DRC and the law means fucking nothing. And that sort of attitude means the gringos won't touch it. All of the recent rumblings point to CATL agreeing to build the plants. Which points to AVZ either getting the licence or them buying us out completely at a price the bod is happy with. If it's the latter and FIRB try to stop it then the DRC government will just take the tenement off us and we will spend years in court thanks to our own government imo
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Zimbabwe opens its unit by #lithium and is ahead of DR Congo in the competition, still wondering how to eject the Australians from @AvzMinerals to give the market to the Chinese from #Zijin !
Zimbabwe inaugurates its lithium plant, unlike DR Congo which is still floundering over partnerships
July 8, 2023
Kiki Kienge
By Kiki Kienge
Now lithium has become a war between the great powers of the planet and the multinationals, ready to be thrown even in the mud for this snatch.
But even more it is a race against time, because the high price recorded by the ore currently does not remain stable for long, even more the competition of new materials, ores and the discoveries of other deposits, risk penalizing more countries that can't play against time at the moment.
The Chinese mining giant, Zhejiang Huayou Cobalt, one of the world's leading producers of battery materials in a joint venture with the Zimbabwean state, has just inaugurated this Wednesday, July 05, 2023 a lithium processing plant worth $ 300 million US in Zimbabwe.
It should be remembered that Zimbabwe had adopted a law prohibiting any export of raw lithium; “Zimbabwe has banned the export of raw lithium, wanting the metal to undergo at least some primary processing in the country. »
Any company wishing to export lithium ore will have to obtain special authorization under a new statutory regulation and report exceptional circumstances before taking the lithium out of Zimbabwe without being processed first.
The new lithium production plant in Zimbabwe has a capacity to process 4.5
million metric tonnes of hard rock lithium in concentrate for export per year.
Prospect Lithium Zimbabwe plant in Goromonzi 80 kilometers from the capital Harare, inaugurated this Wednesday 05 2023.
In 2021 the media, Reuters had written in its article:
Huayou, the world's largest producer of cobalt, another battery metal, said in a 2020 filing that it would pay $388.8 million for Australia-listed Prospect Resources Ltd (PSC). AX) 87% stake in Arcadia owner Prospect Lithium Zimbabwe.
It will pay an additional $44.2 million for the 6% stake held by Zimbabwean professor Kingston Kajese and the 7% held by Tamari Trust, which, according to previous Prospect filings, is linked to Prospect chief executive Paul Chimbodza. Lithium Zimbabwe. »
The DR Congo, which has one of the richest deposits of hard rock lithium in the world, in collaboration with the Australians of AVZ MINERALS, notably listed on the Australian stock exchange (Australia. AX), does not succeed following political maneuvers, to start the production of its lithium.
According to local sources in Zimbabwe, the lithium production plant has already created at least 1,000 direct and at least five times more indirect jobs, excluding the infrastructure, economic and social development that will result in the communities of areas around the plant and the mine, Goromonzi, Harare and throughout the country.
Le Zimbabwe inaugure son usine de lithium, contrairement à la RD Congo qui patauge encore sur les partenariats - Kongo Presse
Le géant minier Chinois, Zhejiang Huayou Cobalt l’un des principaux producteurs mondiaux de matériaux pour batteries en coentreprise avec l'État zimbabwéen, vient d'inaugurer ce mercredi 05 juillet 2023 une usine de traitement de lithium d'une valeur de 300 millions $US au Zimbabwe.
Great find Sammael, particularly an English version.
In addition, the top five companies developing lithium projects in Zimbabwe (below) are unsurprisingly Chinese, and they are getting traction. Zimbabwe ambitiously aims to produce up to 20% of the global lithium supply.
- Zhejiang Huayou Cobalt (The Chinese company mentioned in the Kongo Press article)
- Sinomine Resource Group,
- Chengxin Lithium Group,
- Yahua Group, and
- Canmax Technologies.
Zimbabwe's rapid evolution from global basket case to global battery metals player is rather embarrassing for the DRC government, whose lithium industry remains moribund due to endless corruption and incompetence at every level of government.
As someone here recently said, lithium under a layer of dirt is worth nothing.
Cheers
F
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cruiser51
Top 20
LEGISLATION: The shadow of the IGF and Alingete hangs over Zijin at Dathcom Mining
July 3, 2023 Abel
Share
Jin Cheng (Zijin) Further Postpones the Hearing of His ICC Arbitration Case Against AVZ International
By means of a press release, a copy of which reached the media including Mining News Magazine, AVZ Minerals Limited referred to the evolution of the CCI action brought against its subsidiary AVZ International Pty Ltd by Jin Cheng Mining Company (Jin Cheng) , a subsidiary of Zijin Mining Group Company Limited (Zijin), regarding a 15% stake that Jin Cheng allegedly acquired from La Congolaise d'Exploitation Minière (Cominière) in Dathcom Mining SA (Dathcom).As noted in the company's April 17, 2023 announcement, the matter of the jurisdictional challenge of the arbitral tribunal hearing was scheduled to be heard in July 2023 after being postponed from its original date in April 2023.
Unfortunately, Jin Cheng (Zijin) argued that they need to postpone the hearing dates again, mainly because they require more time to respond to the allegations raised in the IGF report dated 30 November 2022 ( “Conclusions de l'Inspection générale des finances de la RDC contre Cominière et Dathomir” dated December 6, 2022) which was referred to in the company's submission to the ICC dated May 5, 2023.
The Sole Arbitrator determined that a short extension was appropriate, strictly limited to addressing the issues raised in the IGF report, and that the parties should discuss and agree to a "narrow" procedural timeline in bearing in mind that a hearing should be held in September and at the latest at the beginning of October.
Australian company AVZ Minerals is surprised and disappointed by plaintiff Jin Cheng's (Zijin) continued delaying tactics, but remains confident that her court challenge will be successful, confirming that Jin Cheng has no right to bring the ICC arbitration proceedings against AVZI because it is not a shareholder of Dathcom.
It was through an announcement authorized for publication by the board of directors of AVZ Minerals Limited that the Australian company informed the public on June 21, 2023.
Furthermore, considering that AVZ Minerals violated the joint venture agreements (Dathcom JVA), COMINIERE and ZIJIN seized the International Chamber of Commerce in Paris (ICC) to claim damages, provisionally estimated at US$850 million for Jin Cheng . (ZIJIN) and US$566 million for COMINIERE , for a total of US$1,416,000,000, on a value of the Manono lithium project which they estimated at US$5.66 billion.
The two groups are asking the International Chamber of Commerce in Paris (ICC) for an order declaring the termination of the Dathcom joint venture.
''How and by what magic can COMINIERE include the Chinese group ZIJIN in the joint venture DATHCOM, if the sale of 15% of COMINIERE has not yet been validated, since the case is still in court? And if Zijin is in Dathcom to claim damages jointly with Cominière, why then are the two looking to saw off the board they're sitting on or kill their common golden-egg hen?
The Chinese group ZIJIN, which had paid a sum of 33 million $US for the 15% in the illegal purchase, is now asking for 850 million $US for the same shares, so the Chinese group should make profits of more or less 817 million US dollars with this transaction?
Isn't this a kind of plunder from the Congolese people, ask Kiki Kitenge and Kongopress?
''It appears at first glance that the amount of the damages claims is based on the fact that Jin Cheng holds a 15% stake and COMINIERE a 10% equity stake in DATHCOM, which suggests that the claimants assess the entire ownership of DATHCOM's Manono project, at US$5.66 billion ,” reads a press release from the AVZ Minerals group.
By Perfect Barack and The Editor.
And the US$5.66 billion is based on prior new drilling results and updated DFS information!!!!
Winenut
GO AVZ!!!!
JAG's left nut is replaced with a crystal ball
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