Question for anyone with timeline of this shit show... what was the earliest some of these shitty events happened that we questionably should have heard about via an asx announcement?
I can kind of justify management not letting on about some shit, but, it bugs me to think of the market cap performance shares of last year.... would news of events that we possibly should have been told about have interrupted that?
From memory some of this shit goes back more than 12 months?
This article with significant detail was published a month before AVZ suspension.
www.lesoftonline.net
(the above news agency also published front page articles on the 6 Directors of Cominiere and the now famous snacks.
There were a few articles with a lot less detail on the same topic in Jan and Feb 2022, I came across these a few months ago, basically one or two paragraph stating a transaction had happened etc.
These were not a publications that were unpinned by compliant or scandal. Also, I vaguely remember AVZ may not have been mentioned, just Dathcom, Cominiere and Zijin.
Most DRC news agencies archive older content so harder to find as time goes on, they don't have the same budget for their servers as the BBC of course, and the search engines are basic. (if they have one)
I'll try to locate the earlier articles or see if I saved them at the time. Others might have them saved and can share.
Maybe there are other new items in 2021, not sure. Seems it was all kept pretty quite as far as publications are concerned until 2022.
Cheers The Fox
The Cominière delightes Chinese Zijin in the lithium project | Le Soft international
KINSHASA, PARIS, BRUSSELS.
The International Soft n°1550|MONDAY, APRIL 11, 2022.
If it's true, it's sleeping up. A real scandal as it now breaks out with every dive. This is the bitter observation that we could make. In a letter that sounds like a stingy, the General Inspectorate of Finance reportedly wrote to Prime Minister Jean-Michel Sama Lukonde Kyenge and pays particular attention to a note on the results of a check of the regularity of the sale of the shares of Cominière SA, a company of the State Portfolio, in Dathcom Mining SA. The note? A real questioning of the Head of Government...
The case? Better, the umpteenth case, because they are now legion: the 15% of the shares of the public company La Cominière in the company Dathcom Mining to the Chinese company Zijin Mining, carried out in violation of the legal provisions on the disengagement of the State from the Portfolio.
These shares were valued at US$150,000,000, they were sold at US$34,440,000. Shortfall: $1,560,000.
Then, the squandering of the proceeds of this sale. Of these US$3,440,000 received and, in conjunction with the Board of Directors of Cominière SA, the managers of this public company have already distributed US$6,800,000.
There is no shortage of reasons, in their eyes: payment of snacks, fees, commissions and remuneration to those who contributed to the realization of this operation.
And, since there are not two without three, sale free of the 5% of the shares of Cominière SA in Dathcom Minging SA to Dathomir Mining Sarl. Which 5% would have been resold for US$85 million. A diagram that reminds many others...
WHAT WILL THE PRIME MINISTER DO?
In this leaked letter, three points stand out clearly and are bolded and highlighted: "sale of the state's mining heritage"; "delapidation of the proceeds from the sale of 15% of the Cominière SA's shares in Dathcom Minging company"; "free transfer...". In short, a scandal that awaits an exemplary sanction.
The IGF, which knows how to call a cat a cat, suspects three officials: the Chief Executive Officer a.i. of Cominière SA, Athanase Mwamba Misao, the members of the Board of Directors of Cominière who allegedly authorized these operations, Portfolio Minister Adèle Kahinda Mayina.
According to the circles close to the case, it is following the recommendations issued by H.E.M. the President of the Republic, Head of State, for the supervision of all the State's financial operations, (that) the General Inspectorate of Finance has just carried out a mission to control the sale of the holdings of the company Cominière SA, Company of the State Portfolio,
After this control mission, three important facts are obvious and for which "we seize your authority for decision," the letter writes.
This is: sale of the state's mining heritage. The sale of 15% of the shares of the Public Company La Cominière in Dathcom Mining to Zijin Mining was made in violation of the legal provisions on the disengagement of the State of Portfolio Enterprises.
Indeed, the 15% of the shares of Cominière SA valued at US$150,000,000 (US dollars one hundred and fifty million) were transferred to Zijin Mining for a total value of $33,40,000 (US dollars thirty-three million four hundred and forty thousand). This is followed by a shortfall of US$116,560,000 (US dollars one hundred and sixteen million five hundred and sixty thousand); "delapidation of the proceeds of the sale of 15% of the Cominière SA's shares in Dathcom Mining.
Of the total amount of the proceeds of the sale of 15% of the shares,340,000 of US$340,000 (US dollars thirty-three million four hundred and forty thousand), the Cominière SA has already used about $6,800,000 (US dollars sin millions eight hundred thousand) for snacks, fees, commission and remuneration for the benefit of the people who contributed to the sale of the shares
Then: "Free transfer of 5% of the shares of Cominière SA in Dathcom Mining SA for the benefit of Dathomir Mining Sarl. The alleged gracious and provisional transfer of 5% of the Cominière shares in Dathcom Mining SA to Dathomir Mining Sarl, which occurred in 2017, turned out, in the transfer contract, to be final and irrevocable, with a price agreed between the two parties, but whose revenues were not traced to Cominière SA. There is a presumption of the use of forgery on the part of the Director General a.i. to carry out a fraudulent transfer of 5% of shares."
Then close by designating those responsible. "All these facts are the responsibility of the a.i. Director General of Cominière SA, the members of the Board of Directors of the said company as well as the Minister of State, Minister of the Portfolio".
La Cominière SA is a young mining company with its head office at No. 5167 Nyembo Avenue, Socimat district, in Kinshasa-Gombe. It was created on April 12, 2010 after the decision of the General Meeting of Shareholders, namely, the Ministry of the Portfolio and the National Institute of Social Security whose new name, since July 15, 2018 (law of July 15, 2016), is the National Social Security Fund, CNSS.
THE INFLUENT CONG MAO HUAI.
The Cominière has 35 mining perimeters scattered throughout North Katanga, the Tanganyika and Haut-Lomami provinces where pegmatite-type rocks rich in spodumène are found, a lithium mineral associated with stanno-coltaniferous minerals.
More specifically in the territories of Manono, Mitwaba, Kalemie, Malemba-Nkulu, Bukama, Moba, Nyunzu, Kongolo. The company carries out all the study, prospecting, research and mining operations of cassitérite, tantalum, niobium, tungsten, lithium, gold and all grantable and recoverable mineral substances.
The history of Cominière dates back to 1920 when the Geological and Mining Company of Belgian engineers and industrialists extracted tin from Manono. In 1960, the aftermath of independence, the Geological and Mining Company sold its assets to the Geological and Mining Society of Congo.
Renamed Congo-Étain in 1968, then Zaïre-Étain in 1971, the company saw its production gradually fall. In 1997, it took over the name Congo-Étain, before being reborn, in the early 2010s, under the name of Cominière, the Congolese Mining Operations, whose capital is held by the Congolese State (90%) and the National Social Security Fund (10%).
Dathomir Mining Resources, owned by the influential Chinese businessman Cong Mao Huai, called to Congo Simon Cong, and considered the bridgehead of Chinese business in the country, concluded, in September 2020, an agreement to sell 10% of its shares in Manono to the Australian project operator, AVZ Minerals.
The finalization of the transaction makes AVZ Minerals the 75% owner of the lithium site compared to 25% for the Cominière State company.
Zijin Mining is a Chinese mining company. It is the third largest copper company in China. It is the main gold company in China and operates the Zijinshan mine, China's largest gold mine. In May 2015, Zijin Mining bought 47% of the Kamoa project for $412 million from Canadian Ivanhoe Mines.
In total, Zijin Mining has 57% in the Kamoa copper mine and 51% shares through its subsidiary Jin Cheng Mining in the Musonoie Global Mining Company.
Classified as a strategic metal in Congo, lithium is a rare metal. It is involved in the manufacture of batteries and batteries, in particular for solar panels, computers, smartphones and electric cars, but also in the glass and ceramics industry, such as in the manufacture of special lubricants and alloys, the treatment of air tainted by CO2, the pharmaceutical industry and that of rubber and thermoplastics.
The world's largest producers of lithium to date are Bolivia, Chile and Argentina, called the "lithium triangle", as well as China and Australia. Lithium from Congo could eventually prove to be the easiest to extract and of the highest quality. The country that hosts a number of essential metals for the energy transition and stirs up lusts, is already the world's leading supplier of cobalt and one of the major players in copper production, attracts the whole world with its immense lithium reserves.
D. DADEI.
,Was driven everywhere which frustrates the fuck out of me
