AVZ Discussion 2022
- Thread starter GazDix
- Start date
CashKing
Regular
It's not the end of the week yet mate.. Hopefully tomorrow but at the end of the day it's up to AVZ, I'm waiting patiently
thegh0stwithin
Regular
Frank
Top 20
$400 million from Gécamines not found in the public treasury after an IGF audit
More than $400 million in tax advances and loans that mining company Gécamines claims to have paid to the public treasury cannot be found, according to an IGF report.
State-owned mining company Gécamines holds minority stakes in several of the world's largest copper and cobalt projects, including Glencore's Kamoto Copper Company mine and China Molybdenum's Tenke Fungurume mine.
Gécamines has long been the subject of accusations of corruption from non-governmental organizations and opposition politicians.
Allegations of wrongdoing that the company has always denied.
Its secretary general did not immediately respond to a request for comment Saturday on the latest charges.
Gécamines presented to the auditors of the General Inspectorate of Finance (IGF) accounts showing tax advances and loans to the Congolese state of more than $591 million, but only $178 million could be traced to the accounts of the Treasury, according to an IGF audit report seen by Reuters.
The report, dated May 31 which has not been made public, says the missing $413 million is believed to have been embezzled and that auditors will continue their investigations.
It does not specify when the advances and loans in question were made.
The IGF further claims that, from 2012 to 2020, "Gécamines' partners achieved an overall turnover valued at $35 billion", while the company "received only $564 million as royalties from these partnerships, i.e. 1.6%”.
The IGF report says another $175 million paid to Gécamines as a signing bonus for a copper and cobalt project also could not be traced to the Treasury.
Gécamines produced nearly 500,000 tonnes of copper a year at its peak in the 1980s, but has since run into deep debt and sold its majority stakes in major mines.
miningandbusiness.com
The Democratic Republic of the Congo is extremely rich in natural resources but has suffered from political instability, a lack of infrastructure, corruption, and centuries of both commercial and colonial extraction and exploitation with little widespread development.
Besides the capital Kinshasa, the two next largest cities, Lubumbashi and Mbuji-Mayi, are both mining communities.
The DRC's largest export is raw minerals, with China accepting over 50% of its exports in 2019.
Hopefully Felix and the IGF can clean this
up once and for all
Food for thought on the Road to Mining Manono
Frank
More than $400 million in tax advances and loans that mining company Gécamines claims to have paid to the public treasury cannot be found, according to an IGF report.
State-owned mining company Gécamines holds minority stakes in several of the world's largest copper and cobalt projects, including Glencore's Kamoto Copper Company mine and China Molybdenum's Tenke Fungurume mine.
Gécamines has long been the subject of accusations of corruption from non-governmental organizations and opposition politicians.
Allegations of wrongdoing that the company has always denied.
Its secretary general did not immediately respond to a request for comment Saturday on the latest charges.
Gécamines presented to the auditors of the General Inspectorate of Finance (IGF) accounts showing tax advances and loans to the Congolese state of more than $591 million, but only $178 million could be traced to the accounts of the Treasury, according to an IGF audit report seen by Reuters.
The report, dated May 31 which has not been made public, says the missing $413 million is believed to have been embezzled and that auditors will continue their investigations.
It does not specify when the advances and loans in question were made.
The IGF further claims that, from 2012 to 2020, "Gécamines' partners achieved an overall turnover valued at $35 billion", while the company "received only $564 million as royalties from these partnerships, i.e. 1.6%”.
The IGF report says another $175 million paid to Gécamines as a signing bonus for a copper and cobalt project also could not be traced to the Treasury.
Gécamines produced nearly 500,000 tonnes of copper a year at its peak in the 1980s, but has since run into deep debt and sold its majority stakes in major mines.
Magazine d’actualité économique en Afrique | Mining and Business
Magazine d’actualité économique, des mines, des affaires au Congo, en Afrique et dans le monde. Actualité économique en Afrique, mines en RDC.
miningandbusiness.com
The Democratic Republic of the Congo is extremely rich in natural resources but has suffered from political instability, a lack of infrastructure, corruption, and centuries of both commercial and colonial extraction and exploitation with little widespread development.
Besides the capital Kinshasa, the two next largest cities, Lubumbashi and Mbuji-Mayi, are both mining communities.
The DRC's largest export is raw minerals, with China accepting over 50% of its exports in 2019.
Hopefully Felix and the IGF can clean this
up once and for all Food for thought on the Road to Mining Manono
Frank
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I kind of like the safety of the suspension bubble for the time being then July 1st hit the market 4 or 5 kick arse announcements an hour before open .It's not the end of the week yet mate.. Hopefully tomorrow but at the end of the day it's up to AVZ, I'm waiting patiently
It would maybe be much better if some announcements could intervene in the meantime in order to rebuild some trust momentum for two weeks and then announce the big announcements just before opening trading again.
In this scenario, everyone would be waiting in line for buying.
CashKing
Regular
Especially while the market is having a spit, It's kind of nice not seeing red everyday like the rest..
Yes some announcements while we are in suspension is a given IMO
GLTAH
Hopefully market will turn within next 3 weeks and pick us up on the way back up with a few good announcements chucked in.Especially while the market is having a spit, It's kind of nice not seeing red everyday like the rest..
Yes some announcements while we are in suspension is a given IMO
GLTAH
CashKing
Regular
It was updated a while back. I remembered I also sent an email to AVZ asking for the update
CashKing
Regular
So I’m out of HC Suspension tomorrow but I feel like if I go back there it’s like going back to a Messed up EX that’s just wayyyy to hard to deal with 
I kinda of want to,but I know it will end in tears
or further suspensions/blocked
Also for my sake & reputation here AVZ PLEASE put that sweet news out I’m banking on
Thx in advance AVZ
GLTAH
I kinda of want to,but I know it will end in tears
or further suspensions/blockedAlso for my sake & reputation here AVZ PLEASE put that sweet news out I’m banking on
Thx in advance AVZ
GLTAH
Last edited:
Woogr
Member
Damn the torpedoes cash!So I’m out of HC Suspension tomorrow but I feel like if I go back there it’s like going back to a Messed up EX that’s just wayyyy to hard to deal with
I have lots to say about what’s going on
I kinda of want to,but I know it will end in tears
Also for my sake & reputation here AVZ PLEASE put that sweet news out I’m banking on
Thx in advance AVZ
GLTAH
CashKing
Regular
Frank
Top 20
Not sure posted or noticed (here) before from the AVZ website, but the message is clear from them about the 75%
View attachment 8834
*Old Chinese Proverb or New Nigel saying
Confidence is silent. Insecurities are loud.
Or a case of,
Food or thought on a Thursday Night
Frank
Top 20
A colonial regime marked by discrimination and racism": in Kinshasa, the King reiterates his "sincere regrets"
The King's long-awaited speech in Kinshasa confirms the Palace's desire to explicitly condemn an era.
Without however passing the course of the excuses, reserved for the political power.
The former colonial powers often find it difficult to come to terms with their history, but two years ago, on the occasion of the 60th anniversary of Congo's independence, King Philippe took the initiative to write a historic missive.
For the first time, the Palace recognized, through the voice of the King, "the acts of violence and cruelty" committed under the Leopoldian Congo, as well as the "suffering and humiliation" experienced during the colonization of the country by Belgium.
Two years later, on the occasion of the first visit of the royal couple to Congo, King Philippe reiterated, during his address to President Félix Tshisekedi on the Esplanade of the Palais du Peuple in Kinshasa, his "sincere regrets" for the “wounds of the past”:
“The colonial regime as such was based on exploitation and domination. This regime was that of an unequal relationship, in itself unjustifiable, marked by paternalism, discrimination and racism. It gave rise to abuses and humiliations,” the King said.
Clear condemnation of the colonial regime
A confirmation, therefore, of the strong words put down two years ago.
“Sincere regrets” which will not pass the course of “apologies”: a term which will be reserved for the political field to which it will be up to pronounce it.
The question of using it will undoubtedly arise when the conclusions of the decolonization commission, which are still pending, are made public.
But one more step was taken by the King towards an increasingly explicit condemnation of a precisely cited era, that of the colonial regime. With the desire to look the mistakes and horrors of the past in the eye in order to relaunch cooperation between Belgium and the Congo, which has been undermined in recent years:
"Over the decades, cooperation between our two countries has experienced ups and downs. down. In recent years, it had even lost its dynamism.
It was time to bring it back to life.
Today, the foundations of a new bilateral partnership are laid,” the King said. "The Congo thus remains our most important partner in Africa."
Relaunch the engine of cooperation
In a second step, it is also the relaunch of the engine of "equal to equal" collaboration, dialogue and military cooperation that animated the King's speech in Kinshasa.
Evoking between the lines the tensions that are shaking eastern Congo - "these difficult times for your country" - King Philippe welcomed President Tshisekedi's efforts to renew dialogue with his neighbors and assured Belgian support:
"Our commitment -à-vis the DRC remains the same: that of firm support for the stabilization and democratization of the country as well as respect for human rights".
www.mediacongo.net
When he took power in January 2019, Félix-Antoine Tshisekedi Tshilombo, in his policy of "active diplomacy", undertook to reconnect with the various partners of the DRC who were no longer in the odor of sanctity with the Kabila regime.
Reconnecting with the former metropolis was, without a doubt, one of the diplomatic priorities of the new President Tshisekedi who made his first state visit there outside the African continent. It was the first sign of a new emerging union between the DRC and Belgium.
This union, according to the VPM for Foreign Affairs, Christophe Lutundula, is reaching its peak with the visit of King Philippe.
He argued that "the visit of the King (of the Belgians) is part of the symbolism of the revival" of diplomatic relations between the DRC and Belgium under the Tshisekedi era.
In the name of this symbolism of the revival, King Philippe, after more than one postponement, has never wavered in his determination to visit the former Belgian Congo for the first time since his ascent to the throne on July 23. 2021.
Win-win agreements
A rare fact that cannot fail to raise many questions, including the most pending: are the DRC and Belgium living the idyll of their dream?
Affirmative, to scrutinize the intervention of Lutundula the day before the arrival of King Philippe, on the sidelines of the traditional press briefing organized by the Minister of Communication and the Media.
Kinshasa and Brussels have concluded, according to Lutundula, many "win-win" bilateral cooperation agreements in sectors such as education, the army, health...
The VPM for Foreign Affairs wanted to be very delighted by these agreements, specifying that winning it is not necessarily assessed from a material and/or financial point of view.
For him, it is the combination of the efforts of each other so that each party benefits from the cooperation according to its needs and interests.
In addition, the head of Congolese diplomacy confessed that "Belgium is an important partner and it is the capital of Europe.
Anyone who wants to collaborate with the European Union must go through Belgium literally and figuratively".
Words that flirt with a passionate or inflated speech , putting, we can not even more, bare the perfect love that the two lovebirds devote to each other.
Christophe Lutundula, VPM for Foreign Affairs
www.mediacongo.net
DiscoDanNZ
Regular
So your telling me that a company in suspension and not currently mining and selling product is spending more than its earning? The nerve of BOD using our investment to run a lifestyle company!
/Total sarcasm
thegh0stwithin
Regular
Dan I think you're onto something here. I think every one of us should consider selling our shares to Zijin all at once, no matter what the price. We don't want to lose our shirts!
/Total sarcasm
Frank
Top 20
Here’s what Goldman got wrong about lithium prices
At the end of May, Goldman Sachs rattled lithium stocks after the investment bank declared the battery metals bull market “over for now”.
Goldman called today’s lithium levels a “fundamental mispricing [that] has in turn generated an outsized supply response well ahead of the demand trend.”
Goldman predicted an average around $55,000 a tonne for this year, but its forecast for 2023 was particularly eye-raising – a very precise $16,372 a tonne.
The widely quoted report prompted a sell-off in lithium stocks, with heavy losses across the board. Many in the sector are still down by double digit percentage points since the report, damaged further by general market weakness.
In a new note, Benchmark Mineral Intelligence, a battery supply chain and price reporting agency, responded to Goldman’s central thesis that the lithium market is ready to “pivot towards a prolonged phase of surplus starting this year.”
Benchmark outlines five reasons why it feels the call was wrong:
- The low quality of China’s hard rock and brine resources means the industry cannot rely on feedstock from the country to meet market demand;
- “Capacity does not equal supply” with the example of Tianqi Lithium’s Kwinana refinery in Western Australia a case in point with a decade long path from announcement to full production (now targeted for 2025);
- New lithium supply comes at a higher cost base as deposits with unconventional mineralogy, lower grades, and higher strip ratios are developed and new, often smaller, converters struggle to keep costs down;
- There is no single lithium price” – a large portion of the market is under long term fixed and variable price contracts, meaning it will take time for spot and contract prices to converge;
- A significant portion of chemical capacity is being used to reprocess material that does not meet downstream specifications – this “merely represents lower efficiency production rather than the introduction of new lithium units to market.”
“As the market wrestles between long-term supply security to fuel the lithium ion economy, and increasingly market-led pricing mechanisms to incentivise supply growth, the era of lithium market volatility is likely just beginning.”
Click here for the full note at Benchmark.
End of new diesel and petrol vehicles from 2035 in Europe
MEPs on Wednesday adopted a ban on the sale of new CO2-emitting cars.
States have yet to decide. Defenders of the measure hail a "historic" decision, a "revolution".
Europe is moving up a gear. The end of sales of new cars with thermal engines is recorded from 2035.
Applause and expressions of relief resounded in the hemicycle of the European Parliament at the end of the day on Wednesday when the result of the vote fell.
Until the last moment, the uncertainty was palpable in the electric atmosphere that reigned in Strasbourg since the rejection, a few hours earlier, of the proposal on the reform of the emissions quota market.
The European Parliament aligns itself with the European Commission's proposal.
In negotiations with the Member States, MEPs will defend the zero emission policy for new cars and vans from 2035.
Only new vehicles with electric batteries or hydrogen can be sold.
To prepare for this, car manufacturers will have to reduce the CO2 emissions of their new cars by 55% from 2030 (50% for utility vehicles).
Magazine d’actualité économique en Afrique | Mining and Business
Magazine d’actualité économique, des mines, des affaires au Congo, en Afrique et dans le monde. Actualité économique en Afrique, mines en RDC.
miningandbusiness.com
Food for thought on the Road to Mining Manono
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