This hasn't helped clarify anything for me:
ChatGPT translation:
According to the media outlet Géopolis, Célestin Kibeya Kabemba, General Manager of COMINIERE, allegedly certified the following in a letter:
"She (COMINIERE) found itself in a favorable position in the Manono lithium mega project, from which it had already been excluded by the majority shareholder (AVZ MINERALS) due to multiple abuses. Today, COMINIERE SA is once again the holder of PR 13359, which has allowed it to negotiate favorably with the other two shareholders. In fact, COMINIERE, which previously held 10% of shares in DATHCOM MINING, now holds 85%, with the possibility of restructuring the joint venture to move on to the production phase with a reliable partner. 'COMINIERE SA, which had been operating under an imbalanced contract in DATHCOM MINING SA, has managed to terminate that contract and now has the opportunity to negotiate a win-win contract.'"
It's worth noting that these statements were made at least a month before Céléstin Kibeya's appointment as General Manager by the head of state, Félix Tshisekedi.
It was no longer a secret to anyone informed and interested in the Manono lithium project that negotiations were underway after the cancellation of exploitation permit 13359 by DATHCOM, led by the Minister of Mines, Adèle Kayinda. These negotiations involved COMINIERE, representatives of the Kinshasa government, and AVZ MINERALS, aiming to find a compromise between the conflicting parties within DATHCOM MINING.
However, an official veto was imposed by the government representatives, particularly on AVZ MINERALS, to prevent the disclosure of information and the existence of these negotiations. This was due to concerns that aggressive AVZ shareholders on social media might use the information to criticize Congolese authorities.
Recall the accusations of insults directed at the head of state and the Democratic Republic of Congo by COMINIERE executives and certain media outlets not favorable to the Australian position, against Twitter profiles defending their shareholder positions in AVZ MINERALS, which were negatively affected by the downturn in the Manono lithium project.
Last January, due to alleged opacity on COMINIERE's part, it sent a formal notice to AVZ INTERNATIONAL, requesting evidence of foreign fundraising, project assignments within DATHCOM, and notably repayment guarantees.
Célestin Kibeya's accusations against AVZ MINING were based on the violation of Article 18.3 of the DATHCOM joint venture contract.
According to COMINIERE, since AVZ INTERNATIONAL didn't provide the requested data within 90 days of receiving its correspondence, AVZ INTERNATIONAL failed to fulfill its contractual obligations. This automatically led to the unilateral termination of the DATHCOM joint venture contract.
Having observed the serious and persistent violation of the DATHCOM contract that occurred on April 4, 2023, COMINIERE drew its conclusions on April 7, 2023, to terminate the joint venture and engaged the mining cadastre (CAMI) with the Kalemie Court of First Instance.
On May 9, 2023, the Kalemie court decreed that PR 13359, which was previously transferred to DATHCOM MINING SA through the contract signed on January 13, 2017, had been fully restored to COMINIERE SA.
In anticipation of the outcome of the Paris International Chamber of Commerce (CCI) arbitration, COMINIERE and DATHOMIR, led by Chinese national Simon Cong, signed a commitment on May 19, 2023. This aimed to confirm the restoration of PR 13359 to COMINIERE based on the Kalemie Court of First Instance's decision RC381S/RH 0242 pronounced on May 3, 2023. This also included announcing to DATHOMIR the dissolution of the joint venture, DATHCOM MINING SAS.
On the occasion, COMINIERE and DATHOMIR committed to continue their mining cooperation and safeguard their mutual interests in the future joint venture, which will cover the entirety of PR 13359. COMINIERE would hold 85% and DATHOMIR its 15% stake as it did in DATHCOM SA.
They also committed to refraining from any legal proceedings at the CCI and Congolese courts against COMINIERE SA regarding the 2017 DATHCOM contract termination. Being aware of the ongoing arbitration in Paris, DATHOMIR demanded that COMINIERE be held accountable at the CCI in Paris for the termination of the DATHCOM SA contract, as well as for conducting the AVZ feasibility study independently. This included excluding AVZ MINERALS from the new joint venture to be formed by both partners.
At the same time, COMINIERE initiated negotiations for future collaboration on lithium with the Chinese group ZIJIN (JIN CHENG). This was after alleged attempts by ZIJIN to make an illegal purchase of 15% of COMINIERE's shares in DATHCOM SA, according to the General Finance Inspection.
Sources close to the matter informed Kongopress that COMINIERE might propose two options to ZIJIN:
1. Creating a new joint venture.
2. Selling a portion of the 85% stake that COMINIERE should hold in the future joint venture, in order to involve the Chinese in the new phase of the Congolese lithium venture.
COMINIERE's urgency in negotiating with both DATHOMIR and ZIJIN is driven by a desire to sign new joint venture agreements for the Manono lithium project before the CCI in Paris makes a decision on conservatory measures related to DATHCOM SA. Such measures could potentially block COMINIERE's moves in the Manono lithium project.
The potential consequences of a decision on purely conservatory measures by the CCI include maintaining the project's status quo, which could result in the non-commencement of the Manono lithium exploitation. Additionally, there is a demand for a $10 billion USD payment by the claimants, AVZ MINERALS. The other potential measures include restraining COMINIERE SA from taking actions related to the modified JV contract's termination or its consequences, and enjoining COMINIERE SA to comply with Article L1.1 of the modified JV contract. In any case, these measures are often accompanied by financial penalties for non-compliance and the requirement for COMINIERE SA to bear the costs of the arbitration.
