No news from the man with the three nuts ?
The compound interest rate time bomb is ticking.
I wonder if Celestine, FT, DRC Minister of Finance and mates have done a rough calculation.
Current interest rate figure used by ICSID for damages calculation is 2% above US Prime rate of 8.25%, or 10.25%, to be paid in US dollars, not DRC Francs.
On Cominiere/Zijin assessment of US$ 5.66 billion for AVZ's 75%...
First year interest US$ 580,000,000
second year interest US$ 640,000,000
third year interest US$ 705,000,000
Or after 3 years the total interest accrued due to the delay will be US$ 1,925,000,000, or AUD$ 2,860,550,000, or AUD$0.72 per AVZ share.
And there is more, fourth year interest US$ 777,460,000, etc, etc, etc.
The penalty interest rate pays easily for building the mine and start working and developing CdL simulteaniously, plus paying a dividend while in construction phase.
Maybe Felix gets the hint now to hurry up
To be honest I would not be surprised that if not negotiating now, they are shitting themself.
Felix got from Xi a pat on the back and a bunch of roses, but not the open cheque book he had hoped for.