AVZ Discussion 2022
- Thread starter GazDix
- Start date
Good news must be close when good 'ol blow job Tommy has something to say
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Bin59
Regular
% Dom …
Sorry to bore you, but I found it more informative than reading 3 pages of absolute wank about winker numero uno.The main piece of information I picked up from all that Cruiser, was that the author’s name was Alphonse
Even our most devoted librarian (and margarita drinker) @Xerof would have trouble getting through that!
I appreciate all the information that gets posted here but I have to say I much prefer your South Park posts
The article is about how the ruling class is getting a cut of the gold action, which is easier to move to the Middle East than 500,000 tonnes of SC6.
Ask the Pygmies who just robbed a small gold convoy and killed a couple of Chinese in the process.
Don't forget why the Manono project is still on hold.
Highly likely has something to do with sticky fingers.
Old Tommy Turd is fishing .
Xerof
Biding my Time 1971
I’m told his Math is underwhelming
Samus
Top 20
I reckon he fiddled with someones secret sausage and they spilled their load on him.Old Tommy Turd is fishing .
John25
Regular
So, old mate has winked one two many times and had an aneurysm and the titt is calling for a spill,,, interesting couple of days,
BRICK
Regular
antimatter
Regular
antimatter
Regular
antimatter
Regular
Post under what handle please?
Edit: NVM found it
Samus
Top 20
Starting out with a Trump slogan says it all!
Make Manono Great Again.
Change is coming.
What is happening?
As a result of the worrying decline in relations with both AVZ’s Joint Venture partners and government bodies in the Democratic Republic of Congo (DRC), we believe that steps need to be taken in order to restore confidence and faith in AVZ as a trusted partner. As such we have taken the decision to nominate 3 directors at the upcoming AVZ Minerals AGM which is due to be held in November. We believe that these directors, who have significant experience across all the areas in which AVZ Minerals will need support in the coming months, will be critical in shaping a bright future for the company. AVZ is currently in danger of fading into irrelevance and becoming a cautionary tale of how to work with in jurisdictions such as the DRC in addition to being a significant financial loss to thousands of Australian shareholders. Therefore, action needs to be taken.Manono is an incredible asset, and we fully believe AVZ can be the partner the DRC needs to create value for all stakeholders. We need support from all shareholders to help add the skills and experience of our proposed Directors to the AVZ Board, please get behind us and together we can MAKE MANONO GREAT AGAIN!
What can you do?
We want your support. No matter how many shares you hold in AVZ, we want to hear from you. We truly believe that change is in the best interests of all shareholders, we want to ensure our voice is heard and that the incumbent board members understand the need for new ideas and approaches. We would like the Board to publicly acknowledge our nominees experience and skills and support their election. In order to convince them of this we need to evidence the appetite for change from among shareholders. So please get in touch and register your details.Make Manono Great Again.
The Case
for Change.
How did we get here?
Since AVZ was put into a trading halt and subsequent suspension in May 2022, there has been a material deterioration in relationships with partners and stakeholders in DRC. This needs to be addressed and rectified immediately.There has not been sufficient disclosure by AVZ to shareholders over the current state of affairs to allow a determination that litigation is the best avenue to resolve these issues.
The Current board has been given clear instruction that it needs to resolve the impasse with the JV partners (see ASX press release dated 6 Feb 2023) but has not been able to. Indeed, the relationship with its JV partners has deteriorated further with AVZ resorting to suing both its JV partners and the DRC Government.
A reminder of the specific requirements;
- Requirement for a harmonious and healthy cooperation between the shareholder of Dathcom as a precondition to progress the development of the Manono Project; and
- Ongoing disagreements, conflicts and differences between the shareholders that have staled the development of the Manono Project and the resulting deadlock prevents the State from benefiting from the development of PE 13359
The current reality
AVZ, despite continuing to insist to the contrary, no longer has an interest in PR 13359. Recent documents show that ownership has been transferred 100% to Cominiere.
Despite this AVZ’S Latest Quarterly Update continues to assert ownership. See relevant sections below.
Extract 1
The Company continued its discussions with the government of the (“DRC”) with respect to the grant of the Mining License (“ML”) or Permis d’Exploitation (“PE”) and Dathcom’s continuing exploration rights for the Manono Project.
Extract 2
Legal Action to affirm interests in Manono Project.
AVZ undertook substantial work during the June 2023 Quarter regarding arbitration proceedings before the ICC in Paris with respect to the Company’s legal rights to a 75% interest in Dathcom, the entity under which the Manono Project is held, and its pre-emptive rights over 15% out of Cominiere’s 25% interest in the Manono Project.
Shareholders require clarity around this.
Ownership of the Manono Project
The below appeared around October 2022 and shows that Dathcom held the exploration license for Manono:
Note that license 13359 is held by DATHCOM MINING SAS
Now go to the current DRC website mining map http://drclicences.cami.cd/EN/ and use the search function in the top right corner to enter the licence number 13359.
This is what you will see:
Note licence 13359 is held by LA CONGOLAISE D’EXPOITATION MINIERE
Material Corporate Governance Failures
In addition to the continuous disclosure issues regarding the ownership and interests AVZ currently has in Manono, we believe that there are additional material corporate governance issues relating to lack of oversight of management which has directly lead to the deterioration of our relationship with DRC.ICC and ICSID Arbitration
While we agree that AVZ needs to protect its rights in relation to Manono, we cannot see how arbitration will bring about a successful long-term solution where AVZ shareholders will be able to benefit from continued exposure to Manono.It is for this very reason, we are seeking to bring litigation experience and knowledge to the board in the form of Ty Ludbrook who can help advance these negotiations to provide a successful outcome for all stakeholders.
The change team
The change team is uniquely qualified to make an immediate impact on relationships with the key stakeholders in DRC and provide some positive momentum leading into the upcoming Presidential elections. It is critical that new team is in place and on the ground well ahead of these elections to repair and progress both AVZ’s interests and ultimately navigate towards getting this globally significant asset into production.The change team firmly believes there is an absolute and commercial imperative to immediately:
- Supplement and change the personnel responsible for the representation of AVZ not only at the highest levels of the company, but most importantly in-country,
- For AVZ to respectfully listen and respond to needs of the DRC and impacted communities,
- Align the interests of the DRC, local government and impacted communities, with that of AVZ and its shareholders,
- For AVZ to adopt the highest principles of environmental, social and corporate governance principles
- For AVZ to engage in, and deliver meaningful and sustainable community programs to earn a Social Licence, and
- Win the respect and trust of the Government of the DRC
We need the support of all shareholders to implement this change as expediently as possible, or face the reality that the Manono project may become lost to AVZ.
To support us and inform AVZ of your intention to do so click here.
Make Manono Great Again.
Directors.
Peter Huljich (the backstabbing treacherous cunt)
Peter Huljich was prior to his resignation in August of 2022 an Independent Non-executive Director of AVZ. He was the Chair of the audit and risk committee as well as the remuneration and nomination committee.He is currently Independent Non-Executive Chairman of three ASX Companies. Mr. Huljich is a seasoned senior African resources industry executive having worked in the legal, natural resources and banking sectors since 1993, with a particular expertise in capital markets, mining and commodities related matters.
Peter spent a number of years in private practice in Perth before moving to London in 1998. There he worked for several prestigious investment banks, including Goldman Sachs, Barclays Capital, Lehman Brothers and Macquarie Bank, with a focus on Commodities, Equity and Debt Capital Markets. Extensive African mining, oil and gas and infrastructure experience was gained from residing in Nairobi, Kenya from 2010 till Peter’s return to Perth in 2017. Whilst in Kenya he was the Senior Negotiator and Advisor for Power, Mining and Infrastructure at Industrial Promotion Services, the global infrastructure development arm of the Aga Khan Fund for Economic Development (“AKFED”) where he worked with the DRC, Rwandan and Burundi governments to put in place agreements to construct the Ruzizi III hydroelectric power plant in the northeast DRC .
AKFED is an international development agency focused on sub-Saharan Africa and is dedicated to promoting entrepreneurship and building economically sound enterprises in the developing world. AKFED often works in parts of the world that lack sufficient direct foreign investment and operates as a network of affiliates with more than 90 separate project companies employing over 47,000 people. It had revenues of US$4.3 billion in 2017. From 2010 to 2018 he was also the owner of African Resource Consulting, a mining, resources and infrastructure consultancy specialising in Sub-Saharan African transactions.
Peter is a graduate of UWA with dual degrees in Commerce and Law. He is a graduate of the Securities Institute of Australia where he earned National Prizes in Applied Valuation and Financial Analysis. Peter is also a graduate of the AICD Company Directors Course and a Fellow of the Governance Institute of Australia.
Michael J Carrick
Michael Carrick is a Chartered Accountant with over 30 years of experience in the resources sector. He is currently Chairman of RTG Mining Inc. and was previously Chairman and CEO of CGA Mining, Chairman of AGR and CEO of Resolute, all companies in which he was instrumental in forming. Whilst CEO of Resolute, Mr Carrick oversaw the growth in the company from a junior explorer/producer to a company producing over 300,000 ounces a year and one of only 23 companies globally listed in the FT Gold Index, through the successful development of five gold mines.Prior to that, Mr Carrick, at 27 was the youngest partner in Australia in KMG Australia on his admission and the youngest partner in the world on admission as a full equity partner in Arthur Andersen S.C., the world’s largest professional services firm at the time. He represented the Asia Pacific Region on the firm’s Corporate Finance Global Oversight Committee.
Mr Carrick has been responsible for the development of seven major gold mines in five countries, including the development of the first ever major gold mines in Tanzania and Mongolia, and most recently the largest gold mine in the Philippines. That mine was merged with B2 Gold of Canada in a US$3billion merger (at the time). The Mabilo Project will be the eighth mine Mr Carrick has been responsible for developing. These projects have won numerous awards (47 to date) for environmental management, safety & community programs.
Mr Carrick also has had considerable International Arbitration experience, including in the two most preferred seats for arbitration globally, in London and Singapore. These matters were referred principally to defend title, and as applicants, prevailed in every material respect.
Mr Carrick holds a degree in Commerce from the University of Natal, and an Accounting and Finance degree from the University of the Witwatersrand, and is a member of the Institute of Chartered Accountants both in South Africa and in Australia.
Ty Ludbrook
Ty is the Managing Director and Founder of Allegiance Capital. In his role, Ty leads the business, its deal sourcing and acts as the principal liaison between claimants and legal advisers. Prior to Allegiance Capital, Ty was the Investment Officer of Tenor Capital, a leading arbitration fund headquartered in New York. In his role at Tenor, Ty was responsible for sourcing new claims, managing key stakeholders and leading the financial modeling side to the business.Prior to litigation funding, Ty had 15 years commercial experience across the corporate sector in various roles in both the finance and energy sectors. Ty was involved in several successful corporate finance projects including a private equity transaction where Ty advised a prominent Australian marine services company on securing a strategic investor to provide significant capital for expansion. Ty also acted as a corporate advisor to the Board of DMT Energy during its acquisition by an International NASDAQ listed company.
Before that, Ty spent several years in the investment industry in various roles. At Patersons Securities he was Head of Managed Accounts and responsible for the re-engineering and launch of an investment administration platform with over a billion dollars in funds under administration. He also worked closely with the executive team to develop Patersons’ Funds Management division. Before Patersons, Ty was a Research Analyst with Cygnet Capital and an Associate with Goldman Sachs JB Were.Ty holds a Master of Commerce from the University of Western Australia and a Bachelor of Asian Studies with majors in both Economics and Indonesian.
Make Manono Great Again.
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