AVZ Discussion 2022

[antimatter]

Close but no cigar

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I hope those shareholders who had already voted NO for Resolution 1 reconsider changing their votes to avoid the situation where there are >25% NO vote for resolution 1 this AGM and consequently causing an overhang for the BoD over the next 12 months, and giving #FUCKZJ and #FUCKMMGA ammunition to continue to attack/undermine us.

 

[TheCount]

How the fuck can this be legal? Surely you cannot represent a company you have no authority ( or even employment ) in!
I cant just go negotiate a new sub deal for the Aussie Gov ffs.

It's Tommy the turdburgler style of reporting the news. Nowhere does it say they were talking about or on behalf of AVZ so they can say whatever they want - even if it it attempting to lead you to fill in the gaps..

"it is believed .." is just bullshit journalism but they can get away with it..

TC.

 

[Bin59]

Are COMINIERE (CK) & others next?

As Franck Fwamba keeps saying, no one is above the Law!

HEADLINES

DRC: Several Gécamines executives involved in the embezzlement of more than USD 10 million from SIMCO​

Last updated: 2023/10/26 at 1:45
MinesPublished October 26, 2023

A total of 10,156,754 US dollars (ten million, one hundred and fifty-six thousand, seven hundred and fifty-four USD) are no longer traceable in the accounts of the Société Immobilière du Congo (SIMCO) - 99% owned by Gécamines. The revelation is contained in an information note sent to the General Inspectorate of Finance (IGF) by a Chief Inspector of Brigade, a copy of which has been consulted by MINES.CD.

While indicating that this colossal sum would have disappeared between October and December 2022, the said source also revealed that several executives of the General of Quarries and Mines (Gécamines), including the current Chairman of the Board of Directors, Guy Robert Lukama Nkunzi and several other executives are "directly involved" in the orchestration of this diversion.

"Mr. Kasongo Mabwisha who received a total of USD 1,391,125.00 was the President of the Intersyndicale de la GECAMINES. Mr. Lukama Nkunzi Guy who received in a single payment of USD 1,157,625.00 was Administrator of the Gécamines at the time of this operation and currently he holds the functions of PCA, Mr. Mwine Kabiena who received in several payments USD 1,019,700.00 was DGA at the time. He is currently an Administrator at the Gécamines. Mr. Ntambwe Ngoy Kasongo who received a total of USD 913,000.00 was CEO at that time. Mr. Masangu a Mwanza who had received USD 385,875.00 was Director at the time but currently, he is one of two DGAs of the Gécamines, "said this document signed by the inspector, Muzeze Nzonzimbu.

According to him, considering that it is a case of granting oneself and others "illegal benefits, constitutin embezzlement", the case law of the former Supreme Court is constant on this subject. Therefore, and taking into account the seriousness of the facts and the quality of certain beneficiaries, he requested Jules Alingete's authorization to summon them to the IGF in order to hear them and "tied up the file".

In addition, the Inspector General Chief of Brigade, explained that the withdrawal of this amount of money (more than USD 10 million), was motivated either by "a special endowment" or by "a special snack not specified".


Surely it must be time for MoJ to revisit the l’IGF report highlighting Cominiere’s and others questionable actions - impunity should be withdrawn for those acting against the president’s orders.

Post in thread 'Corruption'
https://thestockexchange.com.au/threads/corruption.95501/post-154774

 

[tonster66]

Anyone have thoughts as to why $avz haven’t come out disputing CDL going to Zijin? Furiously working through the court systems or don’t want to give any air to this bullshit? Either way what a shit few weeks it’s been

They are very busy

 

[TheCount]

Anyone knows last year % of NO vote for Remuneration and if this was under or above 25%?

22.47% voted NO to last year's Remuneration Report, which is why I am voting a big fat No to this years.

If they do a better job in the ensuing 12 months I'll change my tack at next year's AGM.

We have only $15M in the bank - no time to hand out cash.
TC.

 

[Carlos Danger]

I hope those shareholders who had already voted NO for Resolution 1 reconsider changing their votes to avoid the situation where there are >25% NO vote for resolution 1 this AGM and consequently causing an overhang for the BoD over the next 12 months, and giving #FUCKZJ and #FUCKMMGA ammunition to continue to attack/undermine us.

Yeah that's why I'll be voting yes for remuneration

But hard questions need to be asked about the plan for 'medium term' capital raises in suspension outlined in the going concern if still no ML when funds get low. Especially with what they said last year about spending reviews and cutting costs if needed. And their recommendation to appoint more snouts to the trough

 

[JNRB]

Yeah that's why I'll be voting yes for remuneration

But hard questions need to be asked about the plan for 'medium term' capital raises in suspension outlined in the going concern if still no ML when funds get low. Especially with what they said last year about spending reviews and cutting costs if needed. And their recommendation to appoint more snouts to the trough

Won't that come from finalisation of the CATH deal? 240 million should cover our short-medium term opex, even at Nigel's salary

 

[Carlos Danger]

Won't that come from finalisation of the CATH deal? 240 million should cover our short-medium term opex, even at Nigel's salary

That won't happen until after ML. Management very clear capital raise in suspension may be needed if cash runs low before ML. Auditors have drawn attention to the material uncertainty this causes imo

 

[Pokok]

well the way I see it with all the brown paper bags , slant eyes , oz backstabbers , social media , and all the many pages of hope I read here and elsewhere , I think we will not not see a solution to our situation for many months to come , if any , so if you were around in the days of LAF mining you will see it is very hard to beat corruption , I will give it till AGM then truly speak my mind but funny no Jag or Frank spinning thoughts so much

 

[Dom1974]

Flood Leonard’s inbox with abuse.

And confirm you voted opposite

 

[SilentOne]

That won't happen until after ML. Management very clear capital raise in suspension may be needed if cash runs low before ML. Auditors have drawn attention to the material uncertainty this causes imo
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Carlos - dont we have a $50 million USD Bank Facility should we need it?

Or am I wrong?


Regards SilentOne

 

[Winenut]

Carlos - dont we have a $50 million USD Bank Facility should we need it?

Or am I wrong?


Regards SilentOne

I think it's an ATM facility (At The Market) meaning AVZ can raise up to $50m by issuing the required qty of shares at the market price

I believe it's all in place and ready to go.....just not sure how being in suspension might affect the process?

 

[Pokok]

Carlos - dont we have a $50 million USD Bank Facility should we need it?

Or am I wrong?


Regards SilentOne

there way of business is to do anything to bleed a company dry any pay peanuts for it , already happened to me but in a very small way

 

[JAG]

well the way I see it with all the brown paper bags , slant eyes , oz backstabbers , social media , and all the many pages of hope I read here and elsewhere , I think we will not not see a solution to our situation for many months to come , if any , so if you were around in the days of LAF mining you will see it is very hard to beat corruption , I will give it till AGM then truly speak my mind but funny no Jag or Frank spinning thoughts so much

WTF has that got to do with me not posting. I don’t spin any thoughts here anymore as they are shared privately with a group of friends so I don’t see the funny side to that as you say

 

[Chilla]

I think it's an ATM facility (At The Market) meaning AVZ can raise up to $50m by issuing the required qty of shares at the market price

I believe it's all in place and ready to go.....just not sure how being in suspension might affect the process?

Shares already issued for this facility and it expires around 27 Feb 2024. I too am not sure if it’s available to draw from while suspended?

 

[Carlos Danger]

Carlos - dont we have a $50 million USD Bank Facility should we need it?

Or am I wrong?


Regards SilentOne

As bad as dilution is taking on debt with no income or potential of generating income near term would be even worse for the company imo

But yeah I think it is maybe a possibility depending on the terms. Management say they are investigating conventional and alternative funding options. If needed then Nigel's track record at raising money doesn't give me much optimism.

 

[kron]

I can tell you snail mail from Australia to NZ is pathetically slow. I still haven't received my green toilet paper, and I'm dying for a crap

Perhaps I'll never get it, in which case I'll print out their email and use that instead

I returned from a holiday and found 2 in my letterbox. Not even the snails would touch that foul trash.

 

[geo_au]

Mines : Le dossier « Manono Lithium » livre ses dernières vérités

Dans son annonce publique ASX datée du 9 octobre 2023, AVZ Minerals avait affirmé que le Mémorandum Of Understanding « MOU » avec le Gouvernement de la RD Congo en rapport avec le projet « Manono Lithium » progresse. Cette annonce s’avère complètement fausse, d’autant plus que le Gouvernement de...

congoprofond.net

View attachment 48187
WHICH part of the RDC Government supports this!?

AVZ will not negotiate with a bunch of crooks, simple as that.

 

[Samus]

Anyone have thoughts as to why $avz haven’t come out disputing CDL going to Zijin? Furiously working through the court systems or don’t want to give any air to this bullshit? Either way what a shit few weeks it’s been

Dunno, but I think I'd like to see less silence and more push back moving forward. The enemies criminal activity and fraudulent behaviour seems to gain more traction and air time suggesting that it's legitimate the longer all this mounding shit is left unchecked.
Might feel differently if the law seemed to mean anything at all in the DRC.
Apart from their kangaroo court bullshit law that's paid for via snacks anyway.

 

[geo_au]

Mines : Le dossier « Manono Lithium » livre ses dernières vérités

Dans son annonce publique ASX datée du 9 octobre 2023, AVZ Minerals avait affirmé que le Mémorandum Of Understanding « MOU » avec le Gouvernement de la RD Congo en rapport avec le projet « Manono Lithium » progresse. Cette annonce s’avère complètement fausse, d’autant plus que le Gouvernement de...

congoprofond.net

View attachment 48187
WHICH part of the RDC Government supports this!?

That is what they wanted at first however corruption reared its ugly head and the board refused to deal with them, simple as that.