Thanks for sharing, thats a very comprehensive citation of events, lets hope all that info holds weight with the Zijin saga.!!Some of my notes from the past relating to the current ownership rights:
28/11/16 Acquisition Agreement The principal terms of the agreement for AVZ to acquire a 60% in the Licences from the current interest holders La Congolaise D’exploitation Miniere SA (Cominiere, a State-owned enterprise and holder of the State’s interest in the Manono Mine) and Dathomir Mining Resources SARL (Dathomir, a privately owned company) are:
1. AVZ to pay Dathomir A$500,000 in cash.
2. The interests of the parties in the Licences at completion will be AVZ 60%, Cominiere 30% and Dathomir 10%. AVZ will be responsible for funding expenditure to completion of a feasibility study. AVZ can relinquish its interest in any of Licences at any time.
3. The Company has received warranties in respect of the Licences that are generally expected in a transaction of this nature.
4. Agreement is subject to AVZ completing its due diligence review to its satisfaction within 7 days. Neither Cominiere nor Dathomir are related parties of AVZ.
02/02/17 AVZ Minerals Limited (AVZ) is pleased to announce the agreement to acquire a 60% interest in the historic Manono Mine and surrounding area (Manono Project or Project) in the south of the Democratic Republic of Congo (DRC) (the acquisition). The acquisition is subject to completion of due diligence, shareholder approval and certain other conditions (see Acquisition Agreement below). The acquisition complements AVZ’s existing project interests in southern DRC prospective for lithium, tin, tantalum and rare earth elements.
Acquisition Agreement The principal terms of the agreement for AVZ to acquire a 60% interest in the Manono Project from the current holders, La Congolaise D’exploitation Miniere SA (Cominiere, a State-owned enterprise) and Dathomir Mining Resources SARL (Dathomir, a privately owned company) are:
Agreement is subject to certain conditions precedent including: - AVZ completing its due diligence review to its satisfaction within 60 days (by late March 2017). - AVZ obtaining all necessary regulatory and shareholder approvals.
AVZ to pay Cominiere a total of US$6 million in cash as follows: - US$100,000 upon execution of the agreement - US$1,900,000 upon satisfaction of all condition’s precedent (First Instalment) 9 - US$1,500,000 within 12 months of the date of the First Instalment - US$1,500,000 within 24 months of the date of the First Instalment - US$1,000,000 within 36 months of the date of the First Instalment.
AVZ to pay Dathomir US$750,000 in cash within 30 days of execution of the agreement, and issue to Dathomir and its nominees 260 million shares upon satisfaction of all condition’s precedent.
AVZ to issue a further 160 million shares upon satisfaction of all condition’s precedent, comprising 100 million shares to Mr Klaus Eckhof (a director of AVZ), and 60 million shares to other parties (not related parties of AVZ) associated with facilitating the transaction.
The interests of the parties in the Project at completion will be AVZ 60%, Cominiere 30% and Dathomir 10%. Cominiere will also be entitled to a 1% royalty interest. AVZ will be responsible for funding expenditure to completion of a feasibility study.
AVZ can relinquish its interest in the Project at any time (with no further obligations).
The Company has received warranties in respect of the Licence that are generally expected in a transaction of this nature.
Neither Cominiere nor Dathomir are related parties of AVZ. Separate to this agreement, Dathomir and Cominiere have agreed that Dathomir will facilitate the rehabilitation of the road from Lubumbashi to Manono and the Mpiana Mwanga hydroelectric power station.
18/05/17 AVZ TO PROCEED WITH MANONO TRANSACTION FOLLOWING COMPLETION OF DUE DILIGENCE
AVZ completes due diligence review of the Manono Project to its satisfaction, and elects to proceed with the acquisition of a 60% project interest.
Key outcomes of legal due diligence: Manono licence validly granted and joint venture agreement entered into is valid and enforceable. An action by a third party in DRC claiming that a historic mining right at Manono was invalidly cancelled has been dismissed by the DRC Supreme Court of Justice.
Legal Due Diligence As noted in AVZ’s March 2017 Quarterly Report, AVZ’s legal adviser in the DRC has advised:
PR 13359 is valid and confers on its registered holder La Congolaise D’exploitation Miniere SA (Cominiere) the right to carry out exploration work for lithium, coltan and wolframite.
The term of validity of PR 13359 is five years from 28 December 2016 to 27 December 2021. The licence is renewable thereafter for an additional period of five years, providing certain conditions are satisfied.
The joint venture agreement entered into by AVZ, Cominiere and others is valid and enforceable under the laws of the DRC in accordance with its terms.
An action by a third party in the DRC, Manomin Minerals Sarl (Manomin), claiming that a historic mining right (PE 12202) at Manono was invalidly cancelled has been dismissed by the DRC Supreme Court of Justice (SCJ). AVZ’s legal advisers in the DRC have reviewed the full written judgement of the SCJ, and confirmed that the SCJ’s decision is final and there are no further avenues for appeal in the DRC. In respect of the writ of summons filed in the Supreme Court of Western Australia (Court) in March 2017 by MMCS Strategic 1 (a shareholder of Manomin) seeking a declaration that the rights conferred under PE 12202 in the DRC remain valid (WA Proceedings), AVZ has applied to the Court to have the WA Proceedings permanently stayed. The hearing date for this application has been set for 31 July 2017. AVZ has elected to proceed to completion of the Manono transaction prior to resolution of the WA Proceedings.
Going Forward Corporate - AVZ plans to proceed to settle the acquisition of the interest in the Manono Project, settle the remaining consideration in respect of the acquisition of the Manono Extension Project, complete the second tranche of the placement including the issue of options for both tranche 1 and tranche 2 and issue various performance rights as approved by shareholders (see ASX Announcement 2 February 2017) on or around Tuesday, 23 May 2017.
24/06/19 AVZ Minerals Limited (ASX: AVZ, “The Company”) is pleased to advise that it has executed a Share Sale Purchase Agreement (“Agreement”) with Dathomir Mining Resources SARL (“Dathomir”) to increase AVZ’s equity in the Manono Lithium and Tin Project (Licence PR13359). Following ongoing discussions over the last few months, Dathomir has agreed to sell a 5% equity share in Dathcom Mining SAS (“Dathcom”) to AVZ for a total consideration of US$5,500,000. Dathcom holds 100% of the Manono Lithium and Tin Project concession. Under this Agreement, this purchase represents a highly accretive transaction for AVZ shareholders with minimal upfront payment. The first tranche payment of US$500,000 is to be paid within 14 days of execution and the balance of the consideration can be paid at any time within a period of 36 months from execution of the Agreement. At the completion of the transaction, AVZ’s equity interest in the Project licence will increase to 65%, representing an NPV10 value added, based on the recent 5Mtpa Scoping Study1 of some US$130M to approximately US$1.68Bn for AVZ’s 65% equity interest (based on ±35% accuracy and including US$78M in capital contingency).
21/09/20 AVZ Minerals Limited (ASX:AVZ or “the Company”) advises it has executed a Share Sale Purchase Agreement (“Agreement”) for an additional 10% equity stake in Dathcom Mining SA (“Dathcom Mining”) from its joint venture partner, Dathomir Mining Resources SARLU (“Dathomir Mining”). Dathcom Mining holds 100% of the Tier 1 Manono Lithium and Tin Project (“Manono Project”).
Under the Agreement, AVZ has paid US$500,000 to Dathomir Mining as an advance payment. The remaining US$15 M (US$15,000,000) will be paid to Dathomir Mining at any time within 12 months of the Agreement being executed, or as soon as AVZ secures a minimum of US$50 M project financing. Should payment not be made within 12 months of executing the Agreement, AVZ will forego its US$500,000 advance payment and lose the rights to secure the additional 10% equity in the Manono Project.
Alternatively, the Agreement provides for AVZ to secure a minimum 2.5% equity shareholding in Dathcom Mining and thereafter in pro rata amounts up to the maximum 10% stake during the 12-month period.
An Extraordinary General Meeting of Dathcom Mining will need to be convened to approve the sale of Dathomir Mining’s remaining equity in Dathcom Mining to AVZ Minerals. There is no other material terms or condition precedent other than as disclosed above. As previously announced on 24 June 2019, the Company has secured 5% equity interest from Dathomir Mining for a total consideration of US$5,500,000, with an advance payment of US$500,000 made. The balance of the consideration (US$5,000,000) has not yet been paid and can be paid at any time within a period of 36 months from execution of the agreement. Upon completion of both Agreements, AVZ will own 75% of the joint venture company, Dathcom Mining SA (“Dathcom Mining”) – which holds 100% of the Manono Project Licence (PR13359). The remaining 25% of the joint venture company is owned by La Congolaise D’Exploitation Miniere SA (“Cominiere”), of the DRC government. Dathomir Mining will no longer hold equity in the project and, as such, will no longer be required to contribute pro rata to the ongoing operating expenses of the Manono Project.
My Notes
Manono Licence holders are: 1) La Congolaise D’exploitation Miniere SA (Cominiere, a State-owned enterprise and holder of the State’s interest in the Manono Mine) and 2) Dathomir Mining Resources SARL (Dathomir, a privately owned company)
AVZ to pay Cominiere a total of US$6 million in cash as follows:
- US$100,000 upon execution of the agreement
- US$1,900,000 upon satisfaction of all conditions precedent (First Instalment) 9
- US$1,500,000 within 12 months of the date of the First Instalment
- US$1,500,000 within 24 months of the date of the First Instalment
- US$1,000,000 within 36 months of the date of the First Instalment.
AVZ to pay Dathomir US$750,000 in cash within 30 days of execution of the agreement, and issue to Dathomir and its nominees 260 million shares upon satisfaction of all conditions precedent
- The term of validity of PR 13359 is five years from 28 December 2016 to 27 December 2021.
- The licence is renewable thereafter for an additional period of five years, providing certain conditions are satisfied.
The one item that is open to conjecture from my limited brain cells is on your notes...... 18/5/17
" The term of validity of PR13359 is 5 years from 28 December to 27 December 2021, the licence is renewable for another 5 yrs providing certain conditions are met "
Has AVZ satisfied certain conditions ?
I wonder whether this is what @obe wan was going on about with the recent " amendment" chat we had yesterday ?
imo
