This popped up in my feed today https://www.aljazeera.com/amp/news/...-votes-on-december-20-a-guide-to-the-election
AVZ Discussion 2022
- Thread starter GazDix
- Start date
Cumquat Cap
Regular
Veracity we're doing the reports on Marius for the benefit of our detractors - surprised to see DLA Piper being included in this? good luck suing them Marius you grifter
Of course lies and racism are not acceptable . However I'm getting the feeling Marius doesn't take too kindly to criticism either. Do I recall him months ago tweeting AVZ would soon be getting it's ML ?
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Cumquat Cap
Regular
I feel like saying, DLA Piper were concerned you couldn't achieve what we wanted for the price you wanted to be paid? Guess what, you didn't achieve any of it? how's that racist that's good business
Carlos Danger
Top 20
Cumquat Cap
Regular
Anyone know how these shorts are closing/who they are?
Carlos Danger
Top 20
Anyone got a copy of the Veracity report produced by DLA Piper?
DLA Piper approved Marius as a consultant. As far as I'm aware their beef was with the 6m amount proposed by Nigel. They capped it at 1m and insisted on tight controls and reporting plus got AVZ to bring in their corruption policy. I really can't see what they did wrong for him to claim he suffered losses from alleged missed contracts when he ended up getting the job. Especially since he didn't fucking deliver the licence after being paid more than anyone involved with AVZ in the last year or so.
Being a shit consultant is far more likely to mean you don't get work in the future rather than a law firm following the law
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Cumquat Cap
Regular
DLA i'm sure would've presented a balanced view as opposed to using 'rumuors etc' - also, how about doing what you say you would which will help procure more work in future.
Marius has fallen big time in my book and was a waste of money (prove me othewise MArius)
Marius has fallen big time in my book and was a waste of money (prove me othewise MArius)
There was a pic of someone on a plane with el' presidento. Was that Marius? Was a few years ago now.Nigel took a punt . Someone must have recommended him . Do we know apart from the television interview if Marius had any face time with the President /MoM or anyone important ? Could have asked Nigel these questions if Fat Tail hadn't f--ked our AGM . Water under the bridge now . Time now for Nigel to negotiate a settlement and get us the f--k out of dodge . Giddy Up Nigel.
obe wan
Regular
just my opinion @Cumquat Cap , but it might be wise to just let that lie; no point in potentially aggravating someone / something which does have the potential to bite if it was provoked; Marius doesn't take too well to being criticized / name called . Im sure NF will reach out to Marius again as they do have a pretty good relationship still ; just doesn't need AVZ shareholders spitting
9cardomaha
Regular
my dirty jokes keep getting modded.
Cumquat Cap
Regular
Yeah fair enough and largely agree (have deleted my question to him on twitter).
Country full of thin skin grifters it seems to me but yeah, not worth rocking the boat
Sparrowhawk12
Regular
I have a great source who reads the forum. All I will say is I was told, like: "Marius was key to our best tactic of 2023 ... and this cost him greatly in his relationship with President Felix". If what I was told is true, the $1M to Marius was well spent. Sorry, can't add more, "loose lips, sink ships". IMO, Br Sparrowhawk12.
Carlos Danger
Top 20
9cardomaha
Regular
It's not fluff, MM did help.... No need to attack MM, remember this all stems from Tommy the twat's understanding which was likely funded by ZJ.
Bin59
Regular
Billions at stake for Aussie investors amid Congo election chaos
Elections in the Democratic Republic of the Congo this month could determine whether Australian investors, or Chinese interests, win the battle for control of what could be the world’s largest source of lithium.
From the article published a few hours ago:
“We need to have our rights reinstated,” he says.
Tshisekedi, assuming he wins the election, is expected to help fix the problem – even if it ultimately requires concessions from AVZ.
“If he [Tshisekedi] feels like he needs to go ahead with some sort of a deal on the north with Zijin, then we’ll sit down and talk about it,” Ferguson says.
Cumquat Cap
Regular
Message above is confusing and a touch concerning noting MM most likely helped broker the MoU, in which case, why has his relationship with Felix broken down (denotes that Felix doesn't wish to help avz at all). all very confusing.
A nice piece in the Age today with quotes from big Nige:
Unlocking the multibillion-dollar fortunes of 21,000 mostly Australian investors lies in the hands of voters more than 10,000 kilometres across the globe in the heart of Africa.
The volatile elections in the Democratic Republic of the Congo this month could determine whether the ASX-listed explorer AVZ Minerals still controls the country’s Manono deposit, one of the world’s biggest deposits of lithium – the magical metal that has soared in value as the crucial ingredient in batteries for powering the electric vehicle boom.
A digger gets ready to go into a mine shaft in Kawama, in the Democratic Republic of Congo.CREDIT:MICHAEL ROBINSON CHAVEZ/WASHINGTON POST
The Congo’s reigning president, Felix Tshisekedi – AVZ’s preferred candidate – is on track to win again on December 20 amid claims from rivals of vote-rigging.
“There’s always these prejudices about our countries — people always think that in Africa there’s cheating,” Tshisekedi told the Financial Times this week.
“They’ve got him on a 70 per cent [approval] rating at the moment, which is incredible. I just don’t understand that,” AVZ managing director Nigel Ferguson says.
It’s all part of the rough and tumble of life in a country of roughly 100 million people, which is mineral-rich but racked by corruption, violence and poverty. Transparency International ranks the Democratic Republic of the Congo 166th out of 180 countries on its Corruption Perceptions Index.
Whoever wins, Ferguson needs the election dust to settle so AVZ can pursue a political solution to a host of battles that are working their way through the courts in the local capital Kinshasa and Paris.
AVZ is seeking relief under International Criminal Court rules to maintain and preserve the rights of Dathcom Mining SA, through which it owns the Manono project. The company has pending legal challenges against Cominiere and another unit of Zijin.
Seven years have now passed since AVZ signed up to acquire a 60 per cent stake in the Manono project from Chinese businessman and Congo veteran Cong Maohuai – who is known locally as Simon Cong and is reputed to have strong connections in Beijing and Kinshasa.
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The other partner in this enterprise is the state-owned La Congolaise D’exploitation Miniere SA, which has a 25 per cent stake.
Democratic Republic of the Congo president Felix Tshisekedi Tshilombo, at the World Economic Forum in Davos this year.CREDIT:BLOOMBERG
AVZ subsequently agreed to buy out Cong – lifting its stake to 75 per cent – and agreed to sell 24 per cent of the project to a subsidiary of Chinese battery giant CATL in exchange for $US240 million ($364 million) to fund the mine’s development.
Everything was set to go, but the rise of lithium as a crucial component of the renewable energy boom created unwanted attention.
Ferguson says the first signs of trouble emerged in 2019 when its first drilling results highlighted that Manono might become a significant presence on the lithium map. Calls from Chinese interests came flooding in.
But it was in April 2021 that trouble really started, when AVZ disclosed the results of its definitive feasibility study to the ASX – confirming the size and quality of the Manono deposit at about 400 million tonnes.
Over the next year, the stock soared more than 700 per cent – along with the price of lithium – to a high of $1.30, valuing the company at more than $4.5 billion.
This was when Cong developed a case of “seller’s remorse”, according to Ferguson, and attempted to cancel the share sale.
Meanwhile, in July 2021 Cominiere agreed to sell part of its stake in the project – 15 per cent to be exact – to Chinese group Zijin, despite AVZ having first right of refusal to the stake.
Cominiere also announced it would split the original Manono project in two, with AVZ retaining the current area under development while Cominiere and Zijin developed the northern area.
This has triggered an avalanche of litigation by AVZ – which signed up for $US20 million in funding last month for its legal battles over shareholder issues and to retain its rights to the project and commence development.
With all this going on, AVZ shareholders have been left in the lurch.
That’s when AVZ was forced to call for a trading halt as doubts emerged over whether it was being muscled out of Manono by powerful interests.
Ferguson has no doubt as to what is behind the chaos: China’s imperative to control the critical minerals needed for the renewable power boom.
“[Chinese President] Xi Jinping has given the nod to everybody to go out and collect as many critical minerals as possible. And it’s just caused a feeding frenzy,” he says.
The fact that this has pitted AVZ partner CATL against Zijin and Cong is not of concern to China as long as its interests prevail.
“They’ve got the rare earth market dominated … the majority of the copper and cobalt production coming out of the DRC [Democratic Republic of the Congo] is Chinese,” Ferguson says.
Chinese interests also control lithium projects in Zimbabwe and Namibia.
“We’re the only one, at the moment, that isn’t [controlled by China]. And when you’re talking about a globally significant asset such as ours, that could potentially supply up to 40 per cent of the world’s requirements, they need it. They want it.”
He says AVZ’s troubles even stretched into its shareholder meeting late last month, when rebel investors attempted a board coup led by former AVZ director Peter Huljich.
The town of Manono in the Democratic Republic of Congo
The Congolese government was watching to see who would emerge victorious, according to AVZ. Ferguson and AVZ chairman John Clarke prevailed with a strong protest vote.
“On behalf of the board and management of AVZ Minerals Limited, thank you to our shareholders for your overwhelming vote to return the current board, and thank you for your endorsement of our strategy,” AVZ said after the meeting.
“We understand your concerns, and we share your desire to expedite the development of the globally significant Manono lithium and tin project and to reinstate AVZ securities for trading.”
Having seen off the AVZ rivals with the election victory in Perth, Ferguson holds out hope that a settled political environment in the Congo – following its elections – could help finalise the company’s future.
“We need to have our rights reinstated,” he says.
Tshisekedi, assuming he wins the election, is expected to help fix the problem – even if it ultimately requires concessions from AVZ.
“If he [Tshisekedi] feels like he needs to go ahead with some sort of a deal on the north wit
A nice piece in the Age today with quotes from big Nige:
Unlocking the multibillion-dollar fortunes of 21,000 mostly Australian investors lies in the hands of voters more than 10,000 kilometres across the globe in the heart of Africa.
The volatile elections in the Democratic Republic of the Congo this month could determine whether the ASX-listed explorer AVZ Minerals still controls the country’s Manono deposit, one of the world’s biggest deposits of lithium – the magical metal that has soared in value as the crucial ingredient in batteries for powering the electric vehicle boom.
A digger gets ready to go into a mine shaft in Kawama, in the Democratic Republic of Congo.CREDIT:MICHAEL ROBINSON CHAVEZ/WASHINGTON POST
The Congo’s reigning president, Felix Tshisekedi – AVZ’s preferred candidate – is on track to win again on December 20 amid claims from rivals of vote-rigging.
“There’s always these prejudices about our countries — people always think that in Africa there’s cheating,” Tshisekedi told the Financial Times this week.
“They’ve got him on a 70 per cent [approval] rating at the moment, which is incredible. I just don’t understand that,” AVZ managing director Nigel Ferguson says.
It’s all part of the rough and tumble of life in a country of roughly 100 million people, which is mineral-rich but racked by corruption, violence and poverty. Transparency International ranks the Democratic Republic of the Congo 166th out of 180 countries on its Corruption Perceptions Index.
Whoever wins, Ferguson needs the election dust to settle so AVZ can pursue a political solution to a host of battles that are working their way through the courts in the local capital Kinshasa and Paris.
AVZ is seeking relief under International Criminal Court rules to maintain and preserve the rights of Dathcom Mining SA, through which it owns the Manono project. The company has pending legal challenges against Cominiere and another unit of Zijin.
Seven years have now passed since AVZ signed up to acquire a 60 per cent stake in the Manono project from Chinese businessman and Congo veteran Cong Maohuai – who is known locally as Simon Cong and is reputed to have strong connections in Beijing and Kinshasa.
Advertisement
The other partner in this enterprise is the state-owned La Congolaise D’exploitation Miniere SA, which has a 25 per cent stake.
Democratic Republic of the Congo president Felix Tshisekedi Tshilombo, at the World Economic Forum in Davos this year.CREDIT:BLOOMBERG
AVZ subsequently agreed to buy out Cong – lifting its stake to 75 per cent – and agreed to sell 24 per cent of the project to a subsidiary of Chinese battery giant CATL in exchange for $US240 million ($364 million) to fund the mine’s development.
Everything was set to go, but the rise of lithium as a crucial component of the renewable energy boom created unwanted attention.
Ferguson says the first signs of trouble emerged in 2019 when its first drilling results highlighted that Manono might become a significant presence on the lithium map. Calls from Chinese interests came flooding in.
But it was in April 2021 that trouble really started, when AVZ disclosed the results of its definitive feasibility study to the ASX – confirming the size and quality of the Manono deposit at about 400 million tonnes.
Over the next year, the stock soared more than 700 per cent – along with the price of lithium – to a high of $1.30, valuing the company at more than $4.5 billion.
This was when Cong developed a case of “seller’s remorse”, according to Ferguson, and attempted to cancel the share sale.
Meanwhile, in July 2021 Cominiere agreed to sell part of its stake in the project – 15 per cent to be exact – to Chinese group Zijin, despite AVZ having first right of refusal to the stake.
Cominiere also announced it would split the original Manono project in two, with AVZ retaining the current area under development while Cominiere and Zijin developed the northern area.
This has triggered an avalanche of litigation by AVZ – which signed up for $US20 million in funding last month for its legal battles over shareholder issues and to retain its rights to the project and commence development.
With all this going on, AVZ shareholders have been left in the lurch.
Technically, they hold shares worth $2.7 billion, but the problem is, the stock hasn’t traded since May 2022.
That’s when AVZ was forced to call for a trading halt as doubts emerged over whether it was being muscled out of Manono by powerful interests.
Ferguson has no doubt as to what is behind the chaos: China’s imperative to control the critical minerals needed for the renewable power boom.
“[Chinese President] Xi Jinping has given the nod to everybody to go out and collect as many critical minerals as possible. And it’s just caused a feeding frenzy,” he says.
The fact that this has pitted AVZ partner CATL against Zijin and Cong is not of concern to China as long as its interests prevail.
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“They’ve got the rare earth market dominated … the majority of the copper and cobalt production coming out of the DRC [Democratic Republic of the Congo] is Chinese,” Ferguson says.
Chinese interests also control lithium projects in Zimbabwe and Namibia.
“We’re the only one, at the moment, that isn’t [controlled by China]. And when you’re talking about a globally significant asset such as ours, that could potentially supply up to 40 per cent of the world’s requirements, they need it. They want it.”
He says AVZ’s troubles even stretched into its shareholder meeting late last month, when rebel investors attempted a board coup led by former AVZ director Peter Huljich.
The town of Manono in the Democratic Republic of Congo
The Congolese government was watching to see who would emerge victorious, according to AVZ. Ferguson and AVZ chairman John Clarke prevailed with a strong protest vote.
“On behalf of the board and management of AVZ Minerals Limited, thank you to our shareholders for your overwhelming vote to return the current board, and thank you for your endorsement of our strategy,” AVZ said after the meeting.
“We understand your concerns, and we share your desire to expedite the development of the globally significant Manono lithium and tin project and to reinstate AVZ securities for trading.”
Having seen off the AVZ rivals with the election victory in Perth, Ferguson holds out hope that a settled political environment in the Congo – following its elections – could help finalise the company’s future.
“We need to have our rights reinstated,” he says.
Tshisekedi, assuming he wins the election, is expected to help fix the problem – even if it ultimately requires concessions from AVZ.
“If he [Tshisekedi] feels like he needs to go ahead with some sort of a deal on the north wit
I believe MM had already indicated that he was no longer a consultant for AVZ by the time of the MoU's development, so I doubt he had much if any involvement in brokering it.
His dispute seem to be with Veracity who I seem to recall were instructed by the AVZ board to do DD on Marius after they were told about the 1M payment and wider incentive plans. I think DLA partly referenced this Veracity report when instructing AVZ to tighten up their policies and not engage in the planned success payment. I believe that our adversaries used this issue of engaging Marius to subsequently undermine us, likely after being told of the situation and all of the findings of the report by Peter Huljich, using various channels including Tommy. Was also referenced in responses to the ICC and no doubt was used behind the scenes to position us poorly with the DRC government.
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