AVZ Discussion 2022
- Thread starter GazDix
- Start date
Winenut
Go AVZ!
Maybe some sacramental wine would be more appropriateWe need to get a couple slabs over to Franck.. doing gods work
DiscoDanNZ
Regular
We need to get a couple slabs over to Franck.. doing gods work
The Holy Gent you mean? I love his terminology... Reminds of Lord of War
Frank
Top 20
We need to get a couple slabs over to Franck.. doing gods work
Thanks mate, that would be much appreciated
Oh, Crap, you mean that other Bloke
*Accordingly the Company requests an extension to the voluntary suspension until the commencement
of trade on 1 June 2022 or an announcement to the market regarding its mining and exploration rights
for the Manono Project.
So the "Fat Lady" is Booked for a Gig on the 1st June
But could Drop in for a quick Singalong any day
Fingers crossed for a Night at the Opera this week
Food for thought
Frank
Last edited:
investinvest
Regular
Just thought I'd spend my Sunday afternoon typing and translating the IGF report:
(ORIGINAL IN FRENCH) :
INSPECTION GENERALE DES FINANCES
FEUILLE D'OBSERVATIONS DEFINITIVES ADRESSEES AU DIRECTEUR GENERAL ai DE LA COMINIERE SA
1. INTRODUCTION
1. Cadre juridique de la mission
Par l'ordre de mission n°54/I'R/IGF/IG-CS/JAK/BRF/2022 du 16 fevrier 2022 complete par l'ordre de mission n°73/PR/IGF/IG-CS/JAK/BEP/2022 du 22 fevrier 2022 de Monsieur l'Inspecteur General des Finances-Chef de Service, nous avons ete charges d'une mission officielle aupres des Societes COMINIERE S.A. et DATHCOM Mining S.A. a Lubumbashi (Annexes 1 et 2)
La mission a pour objet:
- Verefier la regularite la motivation et l'opportunite de la cession partielle des parts detenues par la societe COMINIERE SA dans le capital social de DATHCOM Mining SA;
- Determiner la valeur comptable des parts cedees en examinant les etats financiers certifies des cinq (5) dernieres annees et al valeur des gisements;
- Determiner la valeur venale des parts cedees;
- Examiner les differenis proces-verbaux notaries des Conseils d'Administration et Assemblees Generales en rapport avec cette cession;
2. Jestifications de la feuille d'observations
Pour accomplir la mission nous assignee, l'equipe de controle a, par ses lettres n°02&04/PR/IGF/OM54/NML&JNM/2022 des 17&22 fevrier 2022 adressees au Directeur General de la COMINIERE SA, demande les documents des societes COMINIERE SA et DATHCOM Mining SA dont la synthese est ci-apres:
- Statuts et Organigrammes;
- Rapports d'expertise relatifs a l'evaluation technique et patrimoniale (gisement et autres reserves) avant la prise de participation par la COMINIERE et apres la cession partielle des parts sociales;
- Proces-verbaux notaries des Conseils d'Administration et des Assemblees Generales;
- Actesadministratifs de nomination des organes de gestion;
- Rapports annuels d'activite de la periode;
- Principaux contrats et conventions signes;
- Etats financiers certifies assortis des commentaires de la Direction et les rapports des commissaires aux comptes;
- Convention de cession des parts de la COMINIERE;
- Previsions budgetaires, leurs etats d'execution et les plans des tresorerie;
- Balance generale des comptes et balances auxiliares des comptes des tiers;
- Grands livres et/ou fiches de comptes aux 31 decembre;
- Dossiers de prise d'inventaire physique aux 31 decembre, proces-verbaux des caisses, rapports d'inventaire physique des immobilisations, rapports d'inventaire physique des stocks...
- Liste des acquisitions et des cessions des immobilisations des exercises sous controle.
Aucun argument valable n'a ete avance par le Directeur General ai pour justifier le recours au marche de gre a gre avec ces deux Consultants tout comme d'ailleurs avec FOCUS PLAIDOIRIE, consultant qui aurait mis en contact ZIJIN Mining et la COMINIERE SA. L'attribution de ces trois marches aux Consultants susmentionnes denote l'existence d'un interet pouvant justifier une presomption de corruption. Ces marches ont ete passes en violation de la Loi n*10/10 du 27 avril 2010 relative aux marches publics. Cela rend le Directeur General ai passible des peines prevues par les articles 77 et 78 de la loi precitee.
18) Le bureau d'etudes Knight Piesold consulting que vous avez vous-meme choisi pour certifier l'Etude definitive de faisabilite du projet Lithium et Etain de Manono a fixe ses prestations a 55.081,69 $US. Comment pouvez-vous expliquer que les deux Consultants qui n'ont fait que tirer un petit extrait de ladite Etude soient aussi exagerement payes?
REPONSE DE LA COMINIERE
Le travail effectue par le Bureau d'etudes Knight Piesold Consulting ne saurait etre compare a la prestation des consultants, les deux travaux etant differents.
POSITION IGF
Il va de soi que la travail effecture par le Bureau Knight Piesold Consulting est de loin plus important et plus fouille que celui des deux Consultants charges simplement de determiner le prix de cession des 15% des parts sociales. Le Directeur General ai n'a pas repondu a la question.
En l'absence des justifications motivees probantes, l'Equipe de controle se verra dans l'obligation de rejecter cetter depense de 70.000,00$US et mettra le montant a votre charge et ce, d'autant plus que vous avez depasse les plafonds des depenses d'exploitation fixed par l'Assemblee Generale ordinaire du 03 aout 2018.
19) Il ressort du contrat de cession des 15% des parts sociales a ZIJIN Mining que la valeur venales des parts cedees a ete fixee a 33.440.000,00 $US sue base des calculs faits par les deux consultants en prenant en compte environ un tiers des gisements estimes extraits de l'Etude definitive de faisabilite du projet Lithium et Etain de Manono. Qu'est-ce qui a bien pu justifier cette precipitation au moment ou la certification de toute l'Etude n'est pas encore terminee et en l'absence des etudes de faisabilite propres a la COMINIERE pour des projets a financer?
REPONSE DE LA COMINIERE
Cette evaluation n'a pas ete faite dans la precipitation il s'agit plutot d'une valeur provisoire qui pourra etre reveu. (Cfr le contrart avec clause laissant une ouverture...)
POSITION IGF
.....
20) La base de negociation pour la cession des 15% d'actions de la COMINIERE SA dans DATHCOM Mining SA devait, au regard des analyses objectives qui precedent, lesquelles ne prennent en compte qu'un seul produit, se situait a 434.306.714,85 $US. Porquoi des lors vous etes-vous contente des calculs simplistes faits par vos consultants? N'etes-vous pas manifestement coupable de bradage du patrimoine de l'Etat?
REPONSE DE LA COMINIERE
Techniquement, en matiere miniere, les cauculs different selon que l'on a affaire a un gisement certifie, a un gisement non certifie ou a une mine en phase d'exploitation. La COMINIERE emet des reserves quant a l'exactitude des calculs qui ont conduit a ce montant. Cependant, faute pout les inspecteurs d'avoir mis a sa disposition le document exposant les < due diligences > realisees pour obtenir ce resultat, il est difficile a la COMINIERE de rencontrer les preoccupations quant a ce, car ne sachant pas sur quelle base des calculs ont ete faits. Quoiqu'il en soit, il importe de preciser que la Societe COMINIERE SA n'etant pas encore en phase de production, la valeur des 15% des parts sociales de la Societe COMINIERE SA a ete faite sur base de la valeur maechande du Lithium, compte tenu des ressources evaluces provisoirement.
POSITION IGF
Des lors que le processus de certificatin est en cours, la precipitation a ventre 15% des parts sociales etait done injustifiee. La mise en ouvre des <due diligences > comptables et financieres a permis d'estimer la valeur de 15% de parts sociales de la COMINIERE dans DATHCOM MINING cedees a la societe ZIJING, sur base des donnees tirees de l'annexe 1 du rapport de AVZ Minerals Limited sur l'etude de faisabilite du projet Lithium et Etain de Manono, pour l'exploitation de contres de Spodumene SC6 et du sulfate primaire, aux valeurs reprises dans le tableau ci-dessous, en fonction de la base de negociation qui integre ou non le taux d'actualisation de 10% retenu dans le modele financier du projet.
Telles sont les observations definitives que l'Equipe de controle retient a charge du Directeur General ai de la COMINIERE SA, le Proces-verbal de debat contradictoire faisant foi.
Fait a Kinshasa, le 30 mars 2022
(ENGLISH TRANSLATION BY GOOGLE TRANSLATE) :
GENERAL INSPECTION OF FINANCES
DEFINITIVE OBSERVATIONS SHEET ADDRESSED TO THE CHIEF EXECUTIVE OFFICER OF LA COMINIERE SA
1. INTRODUCTION
1. Legal framework of the mission
By mission order n°54/I'R/IGF/IG-CS/JAK/BRF/2022 of February 16, 2022 supplemented by mission order n°73/PR/IGF/IG-CS/JAK/ BEP/2022 of February 22, 2022 from the Inspector General of Finances-Head of Service, we were charged with an official mission to the companies COMINIERE S.A. and DATHCOM Mining S.A. in Lubumbashi (Appendices 1 and 2)
The purpose of the assignment is:
- Check the legality, motivation and timeliness of the partial sale of shares held by COMINIERE SA in the share capital of DATHCOM Mining SA;
- Determine the book value of the transferred shares by examining the certified financial statements of the last five (5) years and the value of the deposits;
- Determine the market value of the sold shares;
- Examine the different notarized minutes of the Boards of Directors and General Meetings in connection with this sale;
2. Justifications of the observation sheet
To accomplish the mission assigned to us, the control team, by its letters n°02&04/PR/IGF/OM54/NML&JNM/2022 of February 17&22, 2022 addressed to the Director General of the COMINIERE SA, requests the documents of the companies COMINIERE SA and DATHCOM Mining SA, the summary of which is below:
- Articles of Association and Organizational Charts;
- Expert reports relating to the technical and patrimonial evaluation (deposit and other reserves) before the acquisition of a stake by COMINIERE and after the partial transfer of shares;
- Notarized minutes of Boards of Directors and General Meetings;
- Administrative acts appointing management bodies;
- Annual activity reports for the period;
- Main contracts and agreements signed;
- Certified financial statements accompanied by the comments of the Management and the reports of the auditors;
- Agreement for the transfer of shares in COMINIERE;
- Budget forecasts, their states of execution and cash flow plans;
- General balance of accounts and auxiliary balances of third party accounts;
- Ledgers and/or account sheets as of December 31;
- Records of physical inventory taking on December 31, minutes of the cash desks, physical inventory reports of fixed assets, physical inventory reports of stocks...
- List of acquisitions and disposals of fixed assets for the fiscal years under control.
.
.
.
(The following is likely to be the IGF conclusion to whatever question 17 to COMINIERE was):
No valid argument has been put forward by the Acting Managing Director to justify the use of the over-the-counter market with these two Consultants as well as with ADVOCACY FOCUS, consultant who would have brought ZIJIN Mining and COMINIERE SA into contact. The awarding of these three contracts to the aforementioned Consultants denotes the existence of an interest which may justify a suspicion of corruption. These contracts were awarded in violation of Law No. 10/10 of April 27, 2010 relating to public contracts. This makes the Director General am liable to the penalties provided for by Articles 77 and 78 of the aforementioned law.
18) The Knight Piesold Consulting design office that you yourself have chosen to certify the final feasibility study for the Manono Lithium and Tin project has fixed its services at US$55,081.69. How can you explain that the two Consultants who only took a small extract from the said Study are also overpaid?
COMINIERE'S RESPONSE
The work carried out by Knight Piesold Consulting cannot be compared to the performance of consultants, the two works being different.
IGF POSITION
It goes without saying that the work carried out by the Knight Piesold Consulting Office is far more important and more detailed than that of the two Consultants charged simply with determining the price of sale of 15% of the shares. The Acting Director General did not answer the question.
In the absence of convincing reasoned justifications, the Control Team will be obliged to reject this expense of US$70,000.00 and will charge the amount to you, all the more the more that you have exceeded the operating expense ceilings set by the Ordinary General Meeting of August 3, 2018.
19) It appears from the contract for the transfer of 15% of the shares to ZIJIN Mining that the market value of the shares transferred was set at US$33,440,000.00 on the basis of calculations made by the two consultants taking into account approximately one third of the estimated deposits extracted from the final feasibility study of the Manono Lithium and Tin project. What could possibly have justified this haste when the certification of the entire Study is not yet complete and in the absence of COMINIERE's own feasibility studies for projects to be financed?
COMINIERE'S RESPONSE
This evaluation was not made in haste, it is rather a provisional value that can be reviewed. (Cfr the contract with clause leaving an opening...)
IGF POSITION
.....
20) The basis of negotiation for the sale of COMINIERE SA's 15% shareholding in DATHCOM Mining SA should, with regard to the objective analyzes which precede, which do not take taking into account only one product, stood at US$434,306,714.85. Why then were you satisfied with the simplistic calculations made by your consultants? Aren't you obviously guilty of selling off state assets?
COMINIERE'S RESPONSE
Technically, in mining, the calculations differ depending on whether we are dealing with a certified deposit, a non-certified deposit or a mine in the exploitation phase. COMINIERE issues reservations as to the accuracy of the calculations which led to this amount. However, for lack of the inspectors having made available the document setting out the "due diligence" carried out to obtain this result, it is difficult for COMINIERE to meet the concerns about this, because it does not know on what basis the calculations were made. Anyway, it is important to specify that the Company COMINIERE SA is not yet in the production phase, the value of the 15% of the shares of the Company COMINIERE SA was made on the basis of the value lithium trade, taking into account the provisionally assessed resources.
IGF POSITION
Since the certification process is underway, the rush to sell 15% of the shares was therefore unjustified. The implementation of accounting and financial due diligence has allowed to estimate the value of 15% of the shares of COMINIERE in DATHCOM MINING sold to the company ZIJING, on the basis of data taken from appendix 1 of the AVZ Minerals Limited report on the feasibility study of the Manono Lithium and Tin project, for the exploitation of counters of Spodumene SC6 and primarysulphate, at the values shown in the table below below, depending on the basis of negotiation which integrates or not the discount rate of 10% retained in the financial model of the project.
These are the final observations that the Audit Team accepts from the Managing Director of COMINIERE SA, the minutes of the contradictory debate being authentic.
Done in Kinshasa, March 30, 2022
https://hotcrapper.com.au/posts/61541441/single
(ORIGINAL IN FRENCH) :
INSPECTION GENERALE DES FINANCES
FEUILLE D'OBSERVATIONS DEFINITIVES ADRESSEES AU DIRECTEUR GENERAL ai DE LA COMINIERE SA
1. INTRODUCTION
1. Cadre juridique de la mission
Par l'ordre de mission n°54/I'R/IGF/IG-CS/JAK/BRF/2022 du 16 fevrier 2022 complete par l'ordre de mission n°73/PR/IGF/IG-CS/JAK/BEP/2022 du 22 fevrier 2022 de Monsieur l'Inspecteur General des Finances-Chef de Service, nous avons ete charges d'une mission officielle aupres des Societes COMINIERE S.A. et DATHCOM Mining S.A. a Lubumbashi (Annexes 1 et 2)
La mission a pour objet:
- Verefier la regularite la motivation et l'opportunite de la cession partielle des parts detenues par la societe COMINIERE SA dans le capital social de DATHCOM Mining SA;
- Determiner la valeur comptable des parts cedees en examinant les etats financiers certifies des cinq (5) dernieres annees et al valeur des gisements;
- Determiner la valeur venale des parts cedees;
- Examiner les differenis proces-verbaux notaries des Conseils d'Administration et Assemblees Generales en rapport avec cette cession;
2. Jestifications de la feuille d'observations
Pour accomplir la mission nous assignee, l'equipe de controle a, par ses lettres n°02&04/PR/IGF/OM54/NML&JNM/2022 des 17&22 fevrier 2022 adressees au Directeur General de la COMINIERE SA, demande les documents des societes COMINIERE SA et DATHCOM Mining SA dont la synthese est ci-apres:
- Statuts et Organigrammes;
- Rapports d'expertise relatifs a l'evaluation technique et patrimoniale (gisement et autres reserves) avant la prise de participation par la COMINIERE et apres la cession partielle des parts sociales;
- Proces-verbaux notaries des Conseils d'Administration et des Assemblees Generales;
- Actesadministratifs de nomination des organes de gestion;
- Rapports annuels d'activite de la periode;
- Principaux contrats et conventions signes;
- Etats financiers certifies assortis des commentaires de la Direction et les rapports des commissaires aux comptes;
- Convention de cession des parts de la COMINIERE;
- Previsions budgetaires, leurs etats d'execution et les plans des tresorerie;
- Balance generale des comptes et balances auxiliares des comptes des tiers;
- Grands livres et/ou fiches de comptes aux 31 decembre;
- Dossiers de prise d'inventaire physique aux 31 decembre, proces-verbaux des caisses, rapports d'inventaire physique des immobilisations, rapports d'inventaire physique des stocks...
- Liste des acquisitions et des cessions des immobilisations des exercises sous controle.
Aucun argument valable n'a ete avance par le Directeur General ai pour justifier le recours au marche de gre a gre avec ces deux Consultants tout comme d'ailleurs avec FOCUS PLAIDOIRIE, consultant qui aurait mis en contact ZIJIN Mining et la COMINIERE SA. L'attribution de ces trois marches aux Consultants susmentionnes denote l'existence d'un interet pouvant justifier une presomption de corruption. Ces marches ont ete passes en violation de la Loi n*10/10 du 27 avril 2010 relative aux marches publics. Cela rend le Directeur General ai passible des peines prevues par les articles 77 et 78 de la loi precitee.
18) Le bureau d'etudes Knight Piesold consulting que vous avez vous-meme choisi pour certifier l'Etude definitive de faisabilite du projet Lithium et Etain de Manono a fixe ses prestations a 55.081,69 $US. Comment pouvez-vous expliquer que les deux Consultants qui n'ont fait que tirer un petit extrait de ladite Etude soient aussi exagerement payes?
REPONSE DE LA COMINIERE
Le travail effectue par le Bureau d'etudes Knight Piesold Consulting ne saurait etre compare a la prestation des consultants, les deux travaux etant differents.
POSITION IGF
Il va de soi que la travail effecture par le Bureau Knight Piesold Consulting est de loin plus important et plus fouille que celui des deux Consultants charges simplement de determiner le prix de cession des 15% des parts sociales. Le Directeur General ai n'a pas repondu a la question.
En l'absence des justifications motivees probantes, l'Equipe de controle se verra dans l'obligation de rejecter cetter depense de 70.000,00$US et mettra le montant a votre charge et ce, d'autant plus que vous avez depasse les plafonds des depenses d'exploitation fixed par l'Assemblee Generale ordinaire du 03 aout 2018.
19) Il ressort du contrat de cession des 15% des parts sociales a ZIJIN Mining que la valeur venales des parts cedees a ete fixee a 33.440.000,00 $US sue base des calculs faits par les deux consultants en prenant en compte environ un tiers des gisements estimes extraits de l'Etude definitive de faisabilite du projet Lithium et Etain de Manono. Qu'est-ce qui a bien pu justifier cette precipitation au moment ou la certification de toute l'Etude n'est pas encore terminee et en l'absence des etudes de faisabilite propres a la COMINIERE pour des projets a financer?
REPONSE DE LA COMINIERE
Cette evaluation n'a pas ete faite dans la precipitation il s'agit plutot d'une valeur provisoire qui pourra etre reveu. (Cfr le contrart avec clause laissant une ouverture...)
POSITION IGF
.....
20) La base de negociation pour la cession des 15% d'actions de la COMINIERE SA dans DATHCOM Mining SA devait, au regard des analyses objectives qui precedent, lesquelles ne prennent en compte qu'un seul produit, se situait a 434.306.714,85 $US. Porquoi des lors vous etes-vous contente des calculs simplistes faits par vos consultants? N'etes-vous pas manifestement coupable de bradage du patrimoine de l'Etat?
REPONSE DE LA COMINIERE
Techniquement, en matiere miniere, les cauculs different selon que l'on a affaire a un gisement certifie, a un gisement non certifie ou a une mine en phase d'exploitation. La COMINIERE emet des reserves quant a l'exactitude des calculs qui ont conduit a ce montant. Cependant, faute pout les inspecteurs d'avoir mis a sa disposition le document exposant les < due diligences > realisees pour obtenir ce resultat, il est difficile a la COMINIERE de rencontrer les preoccupations quant a ce, car ne sachant pas sur quelle base des calculs ont ete faits. Quoiqu'il en soit, il importe de preciser que la Societe COMINIERE SA n'etant pas encore en phase de production, la valeur des 15% des parts sociales de la Societe COMINIERE SA a ete faite sur base de la valeur maechande du Lithium, compte tenu des ressources evaluces provisoirement.
POSITION IGF
Des lors que le processus de certificatin est en cours, la precipitation a ventre 15% des parts sociales etait done injustifiee. La mise en ouvre des <due diligences > comptables et financieres a permis d'estimer la valeur de 15% de parts sociales de la COMINIERE dans DATHCOM MINING cedees a la societe ZIJING, sur base des donnees tirees de l'annexe 1 du rapport de AVZ Minerals Limited sur l'etude de faisabilite du projet Lithium et Etain de Manono, pour l'exploitation de contres de Spodumene SC6 et du sulfate primaire, aux valeurs reprises dans le tableau ci-dessous, en fonction de la base de negociation qui integre ou non le taux d'actualisation de 10% retenu dans le modele financier du projet.
Telles sont les observations definitives que l'Equipe de controle retient a charge du Directeur General ai de la COMINIERE SA, le Proces-verbal de debat contradictoire faisant foi.
Fait a Kinshasa, le 30 mars 2022
(ENGLISH TRANSLATION BY GOOGLE TRANSLATE) :
GENERAL INSPECTION OF FINANCES
DEFINITIVE OBSERVATIONS SHEET ADDRESSED TO THE CHIEF EXECUTIVE OFFICER OF LA COMINIERE SA
1. INTRODUCTION
1. Legal framework of the mission
By mission order n°54/I'R/IGF/IG-CS/JAK/BRF/2022 of February 16, 2022 supplemented by mission order n°73/PR/IGF/IG-CS/JAK/ BEP/2022 of February 22, 2022 from the Inspector General of Finances-Head of Service, we were charged with an official mission to the companies COMINIERE S.A. and DATHCOM Mining S.A. in Lubumbashi (Appendices 1 and 2)
The purpose of the assignment is:
- Check the legality, motivation and timeliness of the partial sale of shares held by COMINIERE SA in the share capital of DATHCOM Mining SA;
- Determine the book value of the transferred shares by examining the certified financial statements of the last five (5) years and the value of the deposits;
- Determine the market value of the sold shares;
- Examine the different notarized minutes of the Boards of Directors and General Meetings in connection with this sale;
2. Justifications of the observation sheet
To accomplish the mission assigned to us, the control team, by its letters n°02&04/PR/IGF/OM54/NML&JNM/2022 of February 17&22, 2022 addressed to the Director General of the COMINIERE SA, requests the documents of the companies COMINIERE SA and DATHCOM Mining SA, the summary of which is below:
- Articles of Association and Organizational Charts;
- Expert reports relating to the technical and patrimonial evaluation (deposit and other reserves) before the acquisition of a stake by COMINIERE and after the partial transfer of shares;
- Notarized minutes of Boards of Directors and General Meetings;
- Administrative acts appointing management bodies;
- Annual activity reports for the period;
- Main contracts and agreements signed;
- Certified financial statements accompanied by the comments of the Management and the reports of the auditors;
- Agreement for the transfer of shares in COMINIERE;
- Budget forecasts, their states of execution and cash flow plans;
- General balance of accounts and auxiliary balances of third party accounts;
- Ledgers and/or account sheets as of December 31;
- Records of physical inventory taking on December 31, minutes of the cash desks, physical inventory reports of fixed assets, physical inventory reports of stocks...
- List of acquisitions and disposals of fixed assets for the fiscal years under control.
.
.
.
(The following is likely to be the IGF conclusion to whatever question 17 to COMINIERE was):
No valid argument has been put forward by the Acting Managing Director to justify the use of the over-the-counter market with these two Consultants as well as with ADVOCACY FOCUS, consultant who would have brought ZIJIN Mining and COMINIERE SA into contact. The awarding of these three contracts to the aforementioned Consultants denotes the existence of an interest which may justify a suspicion of corruption. These contracts were awarded in violation of Law No. 10/10 of April 27, 2010 relating to public contracts. This makes the Director General am liable to the penalties provided for by Articles 77 and 78 of the aforementioned law.
18) The Knight Piesold Consulting design office that you yourself have chosen to certify the final feasibility study for the Manono Lithium and Tin project has fixed its services at US$55,081.69. How can you explain that the two Consultants who only took a small extract from the said Study are also overpaid?
COMINIERE'S RESPONSE
The work carried out by Knight Piesold Consulting cannot be compared to the performance of consultants, the two works being different.
IGF POSITION
It goes without saying that the work carried out by the Knight Piesold Consulting Office is far more important and more detailed than that of the two Consultants charged simply with determining the price of sale of 15% of the shares. The Acting Director General did not answer the question.
In the absence of convincing reasoned justifications, the Control Team will be obliged to reject this expense of US$70,000.00 and will charge the amount to you, all the more the more that you have exceeded the operating expense ceilings set by the Ordinary General Meeting of August 3, 2018.
19) It appears from the contract for the transfer of 15% of the shares to ZIJIN Mining that the market value of the shares transferred was set at US$33,440,000.00 on the basis of calculations made by the two consultants taking into account approximately one third of the estimated deposits extracted from the final feasibility study of the Manono Lithium and Tin project. What could possibly have justified this haste when the certification of the entire Study is not yet complete and in the absence of COMINIERE's own feasibility studies for projects to be financed?
COMINIERE'S RESPONSE
This evaluation was not made in haste, it is rather a provisional value that can be reviewed. (Cfr the contract with clause leaving an opening...)
IGF POSITION
.....
20) The basis of negotiation for the sale of COMINIERE SA's 15% shareholding in DATHCOM Mining SA should, with regard to the objective analyzes which precede, which do not take taking into account only one product, stood at US$434,306,714.85. Why then were you satisfied with the simplistic calculations made by your consultants? Aren't you obviously guilty of selling off state assets?
COMINIERE'S RESPONSE
Technically, in mining, the calculations differ depending on whether we are dealing with a certified deposit, a non-certified deposit or a mine in the exploitation phase. COMINIERE issues reservations as to the accuracy of the calculations which led to this amount. However, for lack of the inspectors having made available the document setting out the "due diligence" carried out to obtain this result, it is difficult for COMINIERE to meet the concerns about this, because it does not know on what basis the calculations were made. Anyway, it is important to specify that the Company COMINIERE SA is not yet in the production phase, the value of the 15% of the shares of the Company COMINIERE SA was made on the basis of the value lithium trade, taking into account the provisionally assessed resources.
IGF POSITION
Since the certification process is underway, the rush to sell 15% of the shares was therefore unjustified. The implementation of accounting and financial due diligence has allowed to estimate the value of 15% of the shares of COMINIERE in DATHCOM MINING sold to the company ZIJING, on the basis of data taken from appendix 1 of the AVZ Minerals Limited report on the feasibility study of the Manono Lithium and Tin project, for the exploitation of counters of Spodumene SC6 and primarysulphate, at the values shown in the table below below, depending on the basis of negotiation which integrates or not the discount rate of 10% retained in the financial model of the project.
These are the final observations that the Audit Team accepts from the Managing Director of COMINIERE SA, the minutes of the contradictory debate being authentic.
Done in Kinshasa, March 30, 2022
Did any one see what David and Jcar say in Twitter?
Looks like that is the reason for the suspension.
My interpretation is the mining license only covers the area Dathcom explored. Those unexplored area is still explore permit and required to be renew. The license area include Roche Dure and maybe a little part of the CDL. A large part of CDL is not included.
But maybe I am wrong and it is another unreasonable move by DRC?
Looks like that is the reason for the suspension.
My interpretation is the mining license only covers the area Dathcom explored. Those unexplored area is still explore permit and required to be renew. The license area include Roche Dure and maybe a little part of the CDL. A large part of CDL is not included.
But maybe I am wrong and it is another unreasonable move by DRC?
Frank
Top 20
While some things ( ML) may have ground to a halt while we wait for the "Fat Lady" to turn up to sing our praises, I see where other DRC Projects are powering ahead, as
SOSIDER will be reborn from its ashes nearly 22 years after the shutdown of its machines
Stopped for nearly 22 years, the machines of the Maluku Iron and Steel Company will be running again, as part of the expansion of the Maluku Special Economic Zone (SEZ).
The President of the Republic, Félix Tshisekedi, informed the Council of Ministers at its 54th meeting that following the mission conducted from April 25 to 28, 2022 in Gabon and Benin by the Deputy Prime Minister, Minister of environment and sustainable development, Eve Bazaiba Masudi, an investor expressed the wish to work with the government of the republic, for the revival of the activities of the SOSIDER, company which aspired, at its creation, the production of steel in the upper segment of industries in the steel sector, as part of the operationalization of the Maluku Special Economic Zone.
The President of the Republic said he encouraged this initiative, insofar as the revival of SOSIDER constitutes a winning bet for the government in its strategy of reindustrialising its economy.
To do this, the ministers of the portfolio, Adèle Kahinda; finance, Nicolas Kazadi; of Industry, Julien Paluku under the coordination of the Prime Minister, in collaboration with the Office of the Head of State, were instructed to begin negotiations with the interested partner in order to concretize the SOSIDER revival project.
The Deputy Prime Minister, Minister of the Environment and Sustainable Development was responsible for ensuring compliance with environmental standards.
As a reminder, the Maluku steel company (SOSIDER) is a portfolio company of which the State is the sole shareholder. Its facilities are in Maluku, Kinshasa. She is looking for funding for her revival.
In April 2022, this company was visited by the Deputy Prime Minister and Minister of the Environment and Sustainable Development, Eve Bazaiba Masudi, who was made aware of the problems that undermine this state company.
This is the stoppage of production for several years, the spoliation of its land by third parties and the non-payment of wages for 210 months.
Jose Wakadila
Julien Paluku welcomes the construction work of the economic zone of Maluku
The Minister of Industry, Julien Paluku carried out on Saturday May 21 an inspection visit of the construction works of the pilot Special Economic Zone of Maluku.
It is precisely about tracing and drilling carried out by the Chinese company CERAMIC, specialized in the production of building materials including tiles.
During this inspection visit, the companies Vurun Beverage / Pespi and Unique Pharma also presented to Minister Julien Paluku their respective plans to begin with the installation works of their factories.
The Minister of Industry says he is satisfied to see that fourteen days after the signing of the contract for the occupation of the plots, the company has started the work.
Within 45 days, he estimated, the CERAMIC company will complete the earthworks for the foundation work to begin, for the DRC to start producing "one year after today's date" its own materials. of construction by the end of 2022 or the beginning of 2023.
This would help reduce the price of building materials by almost 40%.
Before leaving the site, the minister spoke with the first group of Congolese already recruited.
Julien Paluku recommended that they respect the rules and ethics because 2,000 direct jobs will be created with CERAMIC alone, he specified.
www.mediacongo.net
What's Not to Love about AVZ Felix
Food for thought
Frank
SOSIDER will be reborn from its ashes nearly 22 years after the shutdown of its machines
Stopped for nearly 22 years, the machines of the Maluku Iron and Steel Company will be running again, as part of the expansion of the Maluku Special Economic Zone (SEZ).
The President of the Republic, Félix Tshisekedi, informed the Council of Ministers at its 54th meeting that following the mission conducted from April 25 to 28, 2022 in Gabon and Benin by the Deputy Prime Minister, Minister of environment and sustainable development, Eve Bazaiba Masudi, an investor expressed the wish to work with the government of the republic, for the revival of the activities of the SOSIDER, company which aspired, at its creation, the production of steel in the upper segment of industries in the steel sector, as part of the operationalization of the Maluku Special Economic Zone.
The President of the Republic said he encouraged this initiative, insofar as the revival of SOSIDER constitutes a winning bet for the government in its strategy of reindustrialising its economy.
To do this, the ministers of the portfolio, Adèle Kahinda; finance, Nicolas Kazadi; of Industry, Julien Paluku under the coordination of the Prime Minister, in collaboration with the Office of the Head of State, were instructed to begin negotiations with the interested partner in order to concretize the SOSIDER revival project.
The Deputy Prime Minister, Minister of the Environment and Sustainable Development was responsible for ensuring compliance with environmental standards.
As a reminder, the Maluku steel company (SOSIDER) is a portfolio company of which the State is the sole shareholder. Its facilities are in Maluku, Kinshasa. She is looking for funding for her revival.
In April 2022, this company was visited by the Deputy Prime Minister and Minister of the Environment and Sustainable Development, Eve Bazaiba Masudi, who was made aware of the problems that undermine this state company.
This is the stoppage of production for several years, the spoliation of its land by third parties and the non-payment of wages for 210 months.
Jose Wakadila
Julien Paluku welcomes the construction work of the economic zone of Maluku
The Minister of Industry, Julien Paluku carried out on Saturday May 21 an inspection visit of the construction works of the pilot Special Economic Zone of Maluku.
It is precisely about tracing and drilling carried out by the Chinese company CERAMIC, specialized in the production of building materials including tiles.
During this inspection visit, the companies Vurun Beverage / Pespi and Unique Pharma also presented to Minister Julien Paluku their respective plans to begin with the installation works of their factories.
The Minister of Industry says he is satisfied to see that fourteen days after the signing of the contract for the occupation of the plots, the company has started the work.
Within 45 days, he estimated, the CERAMIC company will complete the earthworks for the foundation work to begin, for the DRC to start producing "one year after today's date" its own materials. of construction by the end of 2022 or the beginning of 2023.
This would help reduce the price of building materials by almost 40%.
Before leaving the site, the minister spoke with the first group of Congolese already recruited.
Julien Paluku recommended that they respect the rules and ethics because 2,000 direct jobs will be created with CERAMIC alone, he specified.
www.mediacongo.net
What's Not to Love about AVZ Felix
Food for thought
Frank
Winenut
Go AVZ!
Why is that the reason for the suspension?
The Ministerial Decree to award the Mining Licence covers the entirety of the Roche Dure JORC Mineral Resource and Reserve2&3 and the Carriere de l’Este exploration target4
• An area which was excluded under the Ministerial Decree to award the Mining Licence, will be renewed under a 5-year Exploration Licence to Dathcom, with discussions regarding the terms of the ongoing joint venture under discussion with the DRC Government.
It is in the ASX announcement mate, no tricks, all above board.
At the end of the day AVZ is not Zijin.
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