AVZ Discussion 2022
- Thread starter GazDix
- Start date
If anyone wants to read it in English:If everyone could post the French version to every single 7sur7 twitter post past and present to get the message around that would be of great benefit to discredit the blatant bullshit being spread by these dogs
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To Mr. the Editor-in-Chief of the Website 7su7.cd, N°644/15, Avenue Bakongo. Massamba Building, Commune of Gombe, Kinshasa, Democratic Republic of Congo
Mr Editor-in-Chief,
Subject: Article by Mr. Christian Kakule from February 7, 2024
I am writing this in my capacity as advisor to AVZ Minerals Ltd and its Managing Director, Mr Nigel Ferguson.
My clients consider themselves seriously aggrieved by the publication on February 7, 2024 of a column by Mr. Christian Kakule entitled: "Subscription report and seizure of shares: No salvation for AVZ through arbitration", an article downloadable from from the URL www.7/7.cd.
This op-ed contains a number of damaging and highly defamatory imputations against AVZ and Mr. Ferguson. The seriousness and effect of these imputations cannot be underestimated.
The article incorrectly states, among other things, that AVZ is "the main provocateur of the unrest (which caused the paralysis of the Manono lithium-tin mining project), that it is showing signs of exhaustion and that she is on the verge of bankruptcy, paying a heavy price for her illegal and fraudulent acts in Congo.”
Despite the blatant nature of these claims, the article does not explain how AVZ is the "primary provocateur" or, more importantly, what "fraudulent acts" she allegedly committed in Congo.
Since its entry into the capital of the joint venture DATHCOM Mining SA in January 2017, AVZ finance
only the lithium-tin project and diligently keeps the public informed of the progress of the campaign
drilling at Manono, which revealed the existence of a world-class lithium deposit.
Deposit which was then evaluated and certified. Following this, a feasibility study approved by the
Congolese regulatory authorities was carried out and DATHCOM and AVZ were rewarded for their
efforts by the Minister of Mines by granting an operating permit in May 2022.
Under no circumstances do any of these actions constitute illegal and fraudulent acts.
The article also falsely claims that AVZ declared victory too soon after the interim order
ICSID demanded that the Congolese government re-establish DATHCOM Mining as holder of the
research permit 13359. Given the provisional nature of the orders, AVZ has taken care to issue a neutral press release reflecting the ICSID provisional measures in their entirety. At no point did AVZ's announcement take a triumphalist tone or speculate on the final outcome. of the arbitration procedure.
The article in question does not specify that AVZ, as a listed company, has a duty to inform its shareholders via the Australian Securities Exchange (ASX) of all major developments in the arbitration proceedings. This omission leads readers of your publication to believe that AVZ is publishing misleading and self-serving information in the marketplace, in violation of its legal obligations. Such a suggestion is not only false, but falsely asserts that the directors of AVZ are not discharging their legal duties as directors of a listed company.
The column also claims that on January 31, 2024, AVZ “hid revealing revealing details” about the dire state of its financial situation. Specifically, it states that "as of December 31, 2023, AVZ's cash position stood at just A$6.4 million (approximately US$4.2 million)" and that to "reinvigorate investor confidence and strengthen its position in arbitrations and negotiations", the company disclosed new evaluations of the mineral reserves of the Manono site, which constitutes "a fraud against the Congolese government and the public company Cominière".
AVZ publishes consolidated annual accounts which are audited. These published accounts disclose the precise statement of the Company's current financial position, the most recent of which was published in the Annual Report dated 30 June 2023 (available at www.avzminerals.com.au). These accounts give an overall and comprehensive assessment of AVZ's financial position (not just its cash reserves) and reveal that the company's net assets stand at $51,896,824.00.
The allegations that Mr. Ferguson is the "architect" of AVZ's fraudulent acts of "knowingly concealing the amount of resources from shareholders and the public, with a flagrant lack of transparency in the disclosure of information, seriously transgressing the joint venture agreement" are serious. Claims that should never be published without clear and unequivocal evidence. It should be noted that the disclosure of new evaluations of mineral reserves on the Manono site is part of the normal framework of AVZ's activities, given that drilling continued (despite obtaining the operating permit). The information thus collected was processed to generate the data which was recently published. The publication of AVZ data is based on strict compliance with procedures.
According to a decision of the High Court of Australia in the authoritative case of Dow Jones & Co Inc v Gutnick [2002] HCA 56A, editors of websites can be prosecuted in Australia, regardless of their jurisdiction abroad. The effect of this decision allows my clients to pursue legal action on Australian soil against any media outlet which publishes false and defamatory material concerning them which was published on the internet in the DRC. Justice Callian said at paragraph 186 of the Dow Jones judgment: "If people wish to do business, or even travel, live or use the
infrastructure of different countries, they can hardly expect to be excused from complying with the laws of those countries.”
Any decision of an Australian court can be legally enforced in the DRC.
Given the serious and unfounded allegations raised against them, my clients demand the publication of a retraction and an apology, the terms of which they must approve.
Salutations,
Jonelle Di Lena
Law One (WA) Pty Ltd t/as Di Lena Defamation & Litigation | ABN 30633116971 | Level 1, 21 Howard Street
PERTH WA 6000 | (08) 6383 6006 | jonelle@law-one.com.au
Normally when 7sur7 writes this type of crap, they know they are losing and can't come up with anything factual.
Soooo AVZ must have scored another goal.
Just watched an interview with Kazadi (finance minister) from yesterday, and to be honest the DRC is very heavy reliant on the IMF and the Worldbank this year.
Without them the DRC has difficulties paying its Public Servants, which is a great way if you want to hang on to your Government and not have a revolt on your hands.
Something for El Presidente to consider...
Azzler
Top 20
I see a similar outlook.
If this is the best shit they can come up with (as in easily disproven lies) to try to steal the worlds #1 Lithium and Tin mine...
Then they got fucking NOTHING else.
And that gives me a wicked grin...
I was speculating on another channel that the rantings from Alain of Cominiere the other night on X might have been him lashing out after being informed of a defeat. A pouty attempt at saving face, the lies he spouted about AVZ and the west were so over the top I sensed emotion behind them. Just a guess of course.
He got jumped on by so many people, who behaved as gentlemen I might add, and he got absolutely zero engagement from any of his/their sympathisers/evil cunts.
AVZ are on a legal roll, with many more legal wins expected.
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Carlos Danger
Top 20
How can AVZ's shares in Dathcom be frozen if the Dathcom JVA has been terminated?
Cumquat Cap
Regular
Great point and I posed the same question to our desperate shorters at hot crapper, hope you don’t mind
Cumquat Cap
Regular
The short crew are out in force, appearing to try and distract our management ? Seems pretty fucking weak argument
Ashlee
Regular
And LadiesThere may be a campaign on launched against AVZ by our detractors.
Heat and misinformation on X and HC after the 7sur7 article seem to be happening.
Get out there and push back gentlemen!
Azzler
Top 20
I consider you a gentleman too Ashlee.And Ladies
2.20am local time , ohh shit i'm still alive ,local vodka , I consider all of us Ladies and Gentlemen ,, ohhh shit another week down , I think an early morning BBQ breakfast tomorrow with few of the expats lads and ladies
Azzler
Top 20
Thailand?2.20am local time , ohh shit i'm still alive ,local vodka , I consider all of us Ladies and Gentlemen ,, ohhh shit another week down , I think an early morning BBQ breakfast tomorrow with few of the expats lads and ladies
If the IGF report said Cominieres bank account is almost empty, where the f%$# is this cash coming from?I bet you anything, we're about to have an anouncement of a serious win. Likely Cominiere fines.
This latest (rather pathetic) attempt at rallying panic is by Zijins command to distract from the impending FUCKING WIN!
Just my humble guess of course
Apart from mining titles do they have cash/assets in the millions $
Mr_Tones83
Regular
I reckon Morningsuits was our old mate Shane as he was fishing for info on HC a while back. Odds on 90% chance that Ty is another one of his aliasesAnd from the crapper...
Morningsuits5 = Ty Dudbrook from Puerto Rico
The guy who didn't stay for drinkies after the AGM
Maybe one of Carlos' Gringos
Frank
Top 20
Fyi, Sounds like some / most Public Servants get Paid just fine, no matter what, if this is anything to go by, as
Mining: fraud and corruption are increasing in the CU-CO mines of the former Katanga!
Former Katanga, in the southeast of the Democratic Republic of Congo (DRC), is one of the richest copper and cobalt producing regions in the world.
Yet the population of Katanga, like the rest of the DRC, remains extremely poor, and the state has failed to provide most of the province with basic infrastructure and public services, particularly in areas rural.
The mining sector in the former Katanga is characterized by widespread corruption and fraud at all levels.
A significant proportion of copper and cobalt is mined informally and exported illicitly.
Government officials actively collude with business companies to circumvent audit procedures and payment of taxes.
The profits are used to line the pockets of a small but powerful elite: politicians and businessmen who exploit the local population and misappropriate natural wealth for their own purposes.
Large quantities of precious minerals are leaving the country undeclared, representing a huge loss to the Congolese economy and a wasted opportunity to reduce poverty and enhance development.
A local source estimated that at the end of 2005, at least three quarters of the minerals exported from Katanga were leaving illegally.
The mining industry in the former Katanga includes two parallel sectors: the formal sector, where foreign and multinational companies use industrial extraction methods, and the informal or "artisanal" sector, where tens of thousands of individuals extract minerals independently, in a completely unregulated environment.
Most artisanally mined products are exported raw, usually as heterogenite, which contains copper, cobalt and a range of other minerals, or, increasingly, as malachite, a copper ore important.
This means that even when these exports are declared, the DRC loses out on the higher prices it could obtain if it processed the minerals before exporting and selling them.
Instead, processing takes place in Zambia, South Africa or the final destination country – most often China or other Asian countries – providing considerable economic gain for these countries but little added value for the DRC.
This report updates a Global Witness report entitled "Rush and Ruin: The Devastating Mineral Trade in Southern Katanga", published in September 2004.
This report is based primarily on field research conducted by Global Witness in Katanga in November and December 2005.
Global Witness Witness researchers interviewed a wide range of people in and around Lubumbashi, the provincial capital; in the mining areas of Likasi and Kolwezi; at Kasumbalesa (border post between the DRC and Zambia); in the Congolese capital Kinshasa; and Zambia, the DRC's southeastern neighbor, through which minerals are exported.
Those interviewed included miners, middlemen known as traders, transporters, representatives of mining and trading companies, government officials and security forces, trade unionists, members of non-governmental organizations.
Katanga in 2005, but noted a number of worrying developments regarding major mining contracts concluded under the transitional government of the DRC.
This report outlines concerns regarding some of these contracts signed since 2004.
These mainly concern complaints expressed by the inhabitants of Katanga on the unbalanced nature of these contracts which provide disproportionate shares of profits to foreign or multinational companies and a negligible amount to the State.
Local perceptions of imbalance and injustice have been reinforced by the lack of transparency surrounding these contracts and the absence of public debate and consultation.
This situation has caused deep resentment among the people of Katanga who see the potentially huge profits from these mining operations leaving the country, with little or no change in their standard of living.
The report also highlights the involvement of high-level political actors in the negotiation of these contracts and in the diversion of profits from the mineral trade in Haut-Katanga, the heartland of President Joseph Kabila.
The situation in the former Katanga has implications well beyond the province.
Unlike other regions of the country, the southern part of Katanga, where copper and cobalt mines are located, was not the scene of heavy fighting during the DRC war and remained under government control.
Despite this, widespread corruption, abuses and illicit practices have persisted in the mining sector, and the relative stability of the region has brought none of the expected benefits of natural wealth.
Ex-Katanga should serve as a stark warning for the future of mining areas in the less stable regions of the DRC.
If the government was unable or unwilling to reform natural resource management in an area over which it retained firm control, the chances of instituting such reforms in conflict-stricken areas of the country could be even weaker.
The Congolese government and donor governments should take rapid action to reverse this situation to avoid a further slide into chaos.
The historic elections due to take place in the DRC in July 2006 represent a unique opportunity for fundamental reform.
This report contains recommendations for action that should be priorities for the new government.
If these reforms are initiated without delay, they could have lasting effects on the development of the country as a whole and on the revitalization of its economy.
They would also mark an important step towards ending decades of corruption and impunity in the mining sector and ensuring that the Congolese population finally begins to benefit from the natural wealth of their country and other members of civil society.
Further research was carried out in Zambia and South Africa in January and February 2006.
This report primarily focuses on the artisanal mining sector.
The exact number of artisanal miners in Katanga is not known – there are no precise records or statistics – but at the end of 2005 their number was estimated at around 150,000 or more.
This report documents the ruthless exploitation of artisanal miners by government and security force officials and commercial companies.
At the local and provincial levels, officials from various ministries, including the Ministry of Mines, police, customs, intelligence services and local governments, all extort large sums of money from miners in a system of institutionalized corruption.
The association that claims to represent artisanal miners, the Artisanal Miners of Ex-Katanga (EMAK), also extorts money from miners instead of protecting their interests.
Traders are financially exploited by the trading companies to whom they sell the minerals and are forced to accept prices that do not correspond to the real value of the products.
mediacongo
Looks like nothing has changed after all this time and all those Election promises by FT
If anything it's probably gotten worse
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TheCount
Regular
Good show, good fun. Jason Donovan did a good job as did the entire cast. Dylan Alcott played his role perfectly. Theatre Royal is a nice venue (we put the audio in) and even managed a quick bite and a stone & wood at the Cabana Bar on level 8 …
I think Grease is up next…….
TC.
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