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AVZ Discussion 2022
- Thread starter GazDix
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Zijin Mining’s WA subsidiary Norton Gold Fields to probe corruption claims
Norton Gold Fields says it has brought in lawyers to examine allegations some of its employees are extracting side payments from WA businesses, following an investigation by The West Australian.The alleged racket centres on contractors and suppliers being coerced into paying certain Norton staff off the books to keep doing business with the Chinese company.
The West has sighted and verified a $47,540 invoice for “project planning, resources co-ordination and administration assistance” paid by one of the impacted contractors to a private entity owned by a current Norton employee, who for legal reasons cannot be named.
A Norton Gold Fields spokeswoman on December 11 said the company is taking the allegations “extremely seriously” following queries by The West and “has taken immediate action” after its preliminary assessment of the claims.
“Norton has engaged law firm HFW Australia to fully investigate the allegations which have been made against a small number of employees,” she said.
“Norton’s management want to make it clear that the company in no way tolerates or condones any type of inappropriate conduct by employees.
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“Norton has a clear anti-corruption policy in place, and we encourage any employee, contractor or supplier who has any knowledge of these allegations to immediately contact the external investigators.”
The West understands Norton is sending out letters to its contractors and suppliers asking them to contact HFW if they have any information regarding the allegations, which stretch over a number of years.
“Anyone who comes forward can remain anonymous and will be afforded the protection of Norton’s whistleblower policy,” the spokeswoman said.
“We anticipate the independent investigators will take around three weeks to interview witnesses, review documents and make evidence-based findings.
“Norton wants to assure all of our stakeholders that the company will take decisive action if any of the allegations are substantiated.”
Contractors and suppliers have been afraid of facing prosecution for being complicit in the alleged racket if they go through the courts to try and claw their money back, according to Dean Logan.
Mr Logan, who works as an adviser to small and medium-sized firms, said he has clients caught up in the allegations.
Norton is a subsidiary of Zijin Mining Group, China’s largest non-coal mining company, and has two main local gold mining hubs in WA — Paddington and Binduli.
The Paddington mine and mill is Norton’s flagship operation, while Binduli’s existence revolves around processing low-grade ores through the heap leaching technique.
Those two operations are both near Kalgoorlie and combined produce about 200,000 ounces of gold each year.
“If you’re thinking about taking work with Norton, be warned,” Mr Logan said.
“It all starts above board and ‘matey’, but once the contractor has mobilised and settled in, that’s when some of these Norton employees start asking for cash.”
He said the affected businesses are reticent to pull out after sinking substantial time and capital to get workers and equipment on site.
“Yes, contractors make the mistake of getting caught up in it . . . but it starts off at 3 per cent of the invoice value then it’s ratcheted up,” he said.
“When the pressure gets too much and you push back, Norton prosecute you for the most trivial site matter, stand you down and dispute contract or progress payments.
“Then they rinse and repeat with a new contractor.”
Two other local business not connected to Mr Logan have told The West they were caught up in a similar scheme with Norton.
“These Norton guys know contractors are unwilling to go to court, it’s designed this way from the very start,” Mr Logan said.
“I’ve helped one client get back $400,000 of the $1.2 million they were owed. Contractors have to take the offer and just walk away.”
In October, the low-profile Norton lodged its 2023 accounts to the Australian Securities and Investments Commission, revealing a bottom-line loss of $44.3m for the year despite a strong gold price.
Norton’s borrowings with related party Gold Mountain International Mining jumped from $460.4m to $581.9m over the year, and interest payments on the debt nearly doubled from $11.4m to $21.6m.
Norton said the extra debt was used to fund its Binduli North heap leach project, which was finished in 2022.
Costs for “maintenance” surging from $24.8m to $66.4m was another stand-out balance sheet line item, as expenses rose across the board.
Be a shame to lose this place because of one poster.
I'd reckon moving from an open forum to a "more exclusive" one would hide a lot of the fact checking and truthful info that is made available here.
Exactly what the interloper(s) aim to do, in fact. Fracturing the shareholder base and communications.
Question is, if a certain poster is removed there is a high probability another will pop up in place.
What is the solution then if this is ongoing?
I'd say as long as people use the ignore button and stop replying, all will be ok.
Besides the crap moderating on HC, the main issue there is people can't help themselves and keep responding to trolls.
Then the rest who have them on ignore still get the thread clogged up with the responses.
I'd reckon moving from an open forum to a "more exclusive" one would hide a lot of the fact checking and truthful info that is made available here.
Exactly what the interloper(s) aim to do, in fact. Fracturing the shareholder base and communications.
Question is, if a certain poster is removed there is a high probability another will pop up in place.
What is the solution then if this is ongoing?
I'd say as long as people use the ignore button and stop replying, all will be ok.
Besides the crap moderating on HC, the main issue there is people can't help themselves and keep responding to trolls.
Then the rest who have them on ignore still get the thread clogged up with the responses.
The word you're looking for is ballsack I believe , but also pass
Old ha I was thinking of faxing something last week , just moved on from homing pigeon anyone for a home made vodka
Winenut
Go AVZ!
Winenut
Go AVZ!
Never a truer word spoken
Schnitzelfresser
Regular
Maybe Zeebot ist getting paid. Who knows.
HaHaHa ,prick , I love itI prefer the term "ballbag" but each to their own .......... PoCock
AVZ was suspended for 2 years
Then delisted as a company on the ASX
No TIA agreement updated which is very important for AVZ..!...imo
If CATH has walked away., then the DRC LAWS state
finance is needed before a Mining License can be granted...imo
SO AVZ update in reagards to this matter is important to me as a S H..!
Also i am in the understanding the ICSID court case have been suspended, because AVZ hasnt paid their fees or the DRC..!
Even if this court caes are found in our favour..!
AVZ has ownly spent about 100 mill ..""""big amount"""" but how will the courts award billions of dollars to AVZ is my question..!
Been a Share holder for 5 years now ..?
Been associated with the stock market for 30 years
All of the above is IMO so please DYOR...!
Then delisted as a company on the ASX
No TIA agreement updated which is very important for AVZ..!...imo
If CATH has walked away., then the DRC LAWS state
finance is needed before a Mining License can be granted...imo
SO AVZ update in reagards to this matter is important to me as a S H..!
Also i am in the understanding the ICSID court case have been suspended, because AVZ hasnt paid their fees or the DRC..!
Even if this court caes are found in our favour..!
AVZ has ownly spent about 100 mill ..""""big amount"""" but how will the courts award billions of dollars to AVZ is my question..!
Been a Share holder for 5 years now ..?
Been associated with the stock market for 30 years
All of the above is IMO so please DYOR...!
Annual Report concerns..??????
What is a real concern, that AVZ have not supplied for their S H, a ANNUAL REPORT for 2024..??? -
If they just put the report out then all the speculation would end, but instead we are left to try and join the dots.
IS it possible that ASIC was involved with the AFP raid ? and its also plausible the auditors were not prepared to sign off on the financial report.????
What is a real concern, that AVZ have not supplied for their S H, a ANNUAL REPORT for 2024..??? -
If they just put the report out then all the speculation would end, but instead we are left to try and join the dots.
IS it possible that ASIC was involved with the AFP raid ? and its also plausible the auditors were not prepared to sign off on the financial report.????
Yes but if everyone stuck their head in the sand these posters would not be reported and posts not removed. That would embolden them to post more and more unabated. Ignoring weeds doesn’t help, gotta pull the bastards out roots and all.
I tend to disagree in this scenario. The guy is basically a professional troll. I'd say responding is fertiliser for weeds. It's easier to put someone on ignore than it is to go and start an entirely new forum from scratch. I have had him on ignore on hotcrapper for at least a year. I am seeing people go insane just trying to argue with him.
There couldn't be more than 3 people on this website that think he has anything useful to say. So responding isn't providing any benefit to anyone.
Having said that. Obviously zeebot should have banned him instantly. Bizarre.
More to important matters...LEGAL CASES brought up at the AVZ AGM 2024
Has anyone got a update in regards, to what happened in early DECEMBER 2024 with this court matter..!
I have not seen any updates on AVZ website court case scheduled for early DEC 2024...???????
Dathcom JV dispute – Zijin/Dathomir
Jincheng dispute over our pre-emptive rights
Dathomir challenge over our 15% in Dathcom
Has anyone got a update in regards, to what happened in early DECEMBER 2024 with this court matter..!
I have not seen any updates on AVZ website court case scheduled for early DEC 2024...???????
Dathcom JV dispute – Zijin/Dathomir
Jincheng dispute over our pre-emptive rights
Dathomir challenge over our 15% in Dathcom
You misread my post entirely. I’m not talking about responding. Never said anything about responding, I’ve pointedly said don’t respond in the past. Point was if you ignore a poster you can’t report a poster, not enough people report the posts stay up. Simples
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