Azzler
Top 20
Yeah its all a set up AVZ are shit, Marius is a stooge, its all a con, we are destined to fail. YAY! Oh I mean, Oh No!
AVZ Discussion 2022
- Thread starter GazDix
- Start date
Carlos Danger
Top 20
I haven't seen that in the mining code. The specific part of the legislation only mentions the applicant. I reckon AVZ would have cited the mining code as well as the Dathcom JV if the state owned entity had to do it.Maybe it's in the mining code AND appropriately reflected in the Dathcom JVA???
Also there would have been no need to put that clause in the JV if it was Cominiere's responsibility automatically in the mining code
Carlos Danger
Top 20
It's definitely in the May 4th 2022 ministerial decree announcement. Screenshot of the relevant part in my post above yours.I'm sure this ceding of 10% by Cominière has been stated by AVZ in asx announcements too. But I cbf looking though unfortunately, I'm rather enjoying this wine instead.
All good Azzler . I'm just asking questions . For someone who has the inside running you are very emotional . IMO
Azzler
Top 20
I know right, those emotions, just keep taking me over, I just don't know what to do with myself.
No but go on, have another crack at the "emotional" angle, it might work next time.
Doug? is it?
Azzler
Top 20
Anyway I distracted us for a moment there, lets get back on track, where were we.. oh right, turning shareholder sentiment negative on BoD's activities, in particular, hiring MMM.
BOO! come on holders, BOO!!!
Samus
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Thank you sir. Carry on.
Ok Azzler . I apologise . I didn't mean to tip you over the edge . We all want AVZ to succeed . I'll admit I do get over critical at times , but sometimes it does feel like we are all being f--ked over with the pointy end of the pineapple . imo
Azzler
Top 20
Thank you my dear wombles, you've brought be back from the edge with your rationale and wisdom of words.
May we all meditate in the warmth of your healing words.
MoneyBags1348
Top 20
I had a look at these two sites and found these bits of information Carlos, probably not much help
III Mining rights and required licences and permits
i Title
Underground minerals belong exclusively to the state. However, any private party may be authorised by the state to engage in mining activities (from exploration to exploitation and distribution), provided that specific objectives of eligibility, priority and capacity criteria set forth in the Mining Code are met. The types of mining permits available in the DRC are research permits, exploitation permits (including small-scale mines) and tailing exploitation permits. Specific legislation regarding artisanal mining and quarry rights also exists.Companies that wish to develop mining activities in the DRC are required either to incorporate a Congolese company or to elect domicile with a 'mining agent' as a condition of eligibility to obtain an exploitation permit. In addition, to be eligible for a mining permit, companies are obliged to either form a joint venture with a state-owned company (such as Gécamines) that already holds the necessary permits, or freely assign a mandatory 10 per cent stake of its share capital to the DRC.
Mining Law: Democratic Republic of the Congo
Mining Law: Democratic Republic of the Congo
Attachments
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I think the squirrels may have misplaced there nuts and are frantically looking for them. Ha Ignorance is bliss.
Mr Inappropriate
Regular
Need to be a bit careful here - this extract is from the 2003 REGULATIONS and is out of date. Also the mining code (legislation) takes precedence over these regulations.I had a look at these two sites and found these bits of information Carlos, probably not much help
III Mining rights and required licences and permits
i Title
Underground minerals belong exclusively to the state. However, any private party may be authorised by the state to engage in mining activities (from exploration to exploitation and distribution), provided that specific objectives of eligibility, priority and capacity criteria set forth in the Mining Code are met. The types of mining permits available in the DRC are research permits, exploitation permits (including small-scale mines) and tailing exploitation permits. Specific legislation regarding artisanal mining and quarry rights also exists.
Companies that wish to develop mining activities in the DRC are required either to incorporate a Congolese company or to elect domicile with a 'mining agent' as a condition of eligibility to obtain an exploitation permit. In addition, to be eligible for a mining permit, companies are obliged to either form a joint venture with a state-owned company (such as Gécamines) that already holds the necessary permits, or freely assign a mandatory 10 per cent stake of its share capital to the DRC.
View attachment 41995Mining Law: Democratic Republic of the Congo
Mining Law: Democratic Republic of the Congothelawreviews.co.uk
Edit: The regs are more procedural in nature.
I’ve scoured the whole fucking internet for the english version of the 2018 regs, but to no avail. Even wrote to law firms in Africa and they were of no help.
I do have the French version of the 2018 regs and can translate bits as required (it’s about 500 pages long from memory so it’s not fun…).
Also, @Carlos Danger ’s earlier post is on the money. Per the Mining Code the applicant (Dathcom) has to cede 10% of its issued capital. Who’s share that comes from will be described in the Dathcom JVA.
Winenut
Go AVZ!
That is correct (10% must be ceded per the mining code from the applicant Dathcom) and the Dathcom JVA (thank you Carlos) then seems to indicate in clause 5.1(i) that it must come from Cominiere
The ceding provision was originally 5% under the 2002 Code, amended to 10 % in the 2018 updated Code:
The 2002 Mining Code included a requirement for 5 per cent State ownership in all mining companies awarded a mining licence, which has been doubled to 10 per cent. As before, the State share is free-carried and non-dilutable.3
The State interest has also been clarified in the context of a transfer of a mining right, with an explicit right of the State to a minimum 10 per cent free-carried interest in the acquiring company.4
Upon each renewal of a mining licence, the State will be entitled to an additional 5 per cent interest in the holder of the right, in addition to its existing shareholding.5
https://www.herbertsmithfreehills.c...cratic-republic-of-congos-revised-mining-code
Remark
Top 20
If / when it happens, no one here will believe it anyway
Mr Inappropriate
Regular
So i think we‘re all on the same page - 10% of this issued capital of Dathcom has to be ceded to the DRC government by Cominere.
Can someone tell Celestin?
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