AVZ Discussion 2022

[BEISHA]

Whilst driving home today the car in front had the license plate "DRC"

It's a sign boys.

 

[Doc]

What have we got here…..

News headline received for AVZ. Headline reads: DRC General Inspectorate of Finance Report - CMC Markets Invest Alert.

 

[Remark]

Announcement out...

http://www.aspecthuntley.com.au/docserver/02609104.pdf?fileid=02609104&datedir=20221206&edt=MjAyMi0xMi0wNisxNzoyOTo0MSs0ODArMzU0MDQ4K2FuZHJld3dlc3QrcmVkaXJlY3QraHR0cDovL3d3dy5hc3BlY3RodW50bGV5LmNvbS5hdS9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL3BkZnRpbWVvdXQuaHRtbCtodHRwOi8vd3d3LmFzcGVjdGh1bnRsZXkuY29tLmF1L2ltYWdlc2lnbmFsL2Vycm9ycGFnZXMvcGRmZGVsYXllZC5qc3A=

 

[Dijon101]

DRC General Inspectorate of Finance Report???

 

[MoneyBags1348]

Announcement out...

http://www.aspecthuntley.com.au/docserver/02609104.pdf?fileid=02609104&datedir=20221206&edt=MjAyMi0xMi0wNisxNzoyOTo0MSs0ODArMzU0MDQ4K2FuZHJld3dlc3QrcmVkaXJlY3QraHR0cDovL3d3dy5hc3BlY3RodW50bGV5LmNvbS5hdS9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL3BkZnRpbWVvdXQuaHRtbCtodHRwOi8vd3d3LmFzcGVjdGh1bnRsZXkuY29tLmF1L2ltYWdlc2lnbmFsL2Vycm9ycGFnZXMvcGRmZGVsYXllZC5qc3A=

Just like AVZ always on time with the information

 

[wombat74]

A few people be going to the slammer .

 

[Remark]

No English version of the report on the AVZ website that I can see?

Edit: They must be uploading it - all I'm getting is a static landing page with the heading....

https://static1.squarespace.com/static/5934d2ae6b8f5beeb5ba23f3/t/638ee2df77e76824d82d6fff/1670308576126/20221130+-+IGF+Report+on+the+Management+of+DRC+Mining+Assets+by+COMINIERE+SA+-+ENG.pdf

Edit: Edit: There it is....

 

[MoneyBags1348]

Nice paragraphing John…. I like to leave a space when I paragraph

I agree with all that you say, except that I like some of the links @JAG and @Sammael post from the bird…. And I also like the links to Kiki Kienge (Kongo Press Reporter), she posts a lot of good information on corruption in the DRC.

Nigel and the BOD on big weekly salaries collecting free shares and negotiating their way smoothly through the roadshow’s and AGM while shareholders desperately needing to access their money continue to suffer…. Only options to maintain your sanity seems to either mentally right them off (for the time being put them in the bottom draw) or stop tuning in to find out the latest updates.

I don’t want to be here anymore either so I’m hoping people don’t refer to me in their posts because I always feel I should respond when they do.

I put a post up last week with my thoughts on the ML plus our Capital Requirements and @Winenut(s) replied about CATH still agreeing to fund us in return for offtake if they pull out of their 24% in Dathcom.

That $400million would then be like a prepayment for our SC6 (and they want nearly all of our product) which would mean that money was spent on construction (CAPEX) so we wouldn’t be getting it back to pay off our debt to the PAN AFRICAN DFI’s.

I also referred to our BOD considering paying $25million to Dathomir (through the courts) but that was a figure that stemmed from the company. Since looking into it further, I read that a Lubumbashi Court already ruled in favour of AVZ’s acquisition of 10% of Dathomir and it was the remaining 5% which was in question…. And for this 5%, Dathomir (Cong) wants $50million.

So a quick recalculation on Capital related matters to query our CFO….

$150 million (15% to Cominiere)
$ 50 million ( 5% to Dathomir)
$600 million (PAN AF DFI’s - Debt/Equity)
$400 million (Pre-purchased SC6 CAPEX)

Final thoughts….

I wouldn’t be expecting Simon Cong to be held accountable for anything, other than providing the bed linen and snacks at his luxury hotel in Kinshasa, where politicians seem to be conducting their conferences from.

Anyone loyal to Nigel wanting to run this by him (or CFO Jan)…. Tell them MB said to say hi and don’t worry about returning his calls…. He’s lost fucken interest

Just so Jan isn’t behind when it comes to giving us an update on our Financial Position once we finally get to production, I better add OPEX to my previous post on our Capital Requirements

$150 million (15% to Cominiere)
$ 50 million ( 5% to Dathomir)
$600 million (PAN AF DFI’s - Debt/Equity)
$400 million (Pre-purchased SC6 CAPEX)
$??? million (Operating Expenditures)

Not meaning to be negative with recent posts but as Mr Inappropriate alludes to in the next post, I’m pretty sure I don’t want to be wondering about the ambiguity of our finances after spending the last 8 months wondering about the ambiguities of ownership, the ML and other vested interests.

All my queries regarding AVZ exec’s have been brought on by their own lack of open disclosure

 

[Mr Inappropriate]

No English version of the report on the AVZ website that I can see?

Edit: They must be uploading it - all I'm getting is a static page with the heading....

DRC General Inspectorate of Finance’s findings against Cominiere and Dathomir — AVZ Minerals Limited

avzminerals.com.au

Dude, the English version of AVZ‘s own announcement is barely in English:
“AVZ acquired valid and legal title to the 60% of shares issued in Dathcom, including, for the avoidance of doubt, as a consequence of the waiver of any rights of Cominiere and Dathomir under the Dathcom JVA by virtue of their entry into that same agreement”

Seriously AVZ, are you oblivious as to how this crud creates ambiguity that feeds directly into the machinery that wants us destroyed? FFS.

 

[Remark]

Dude, the English version of AVZ‘s own announcement is barely in English:
“AVZ acquired valid and legal title to the 60% of shares issued in Dathcom, including, for the avoidance of doubt, as a consequence of the waiver of any rights of Cominiere and Dathomir under the Dathcom JVA by virtue of their entry into that same agreement”

Seriously AVZ, do you oblivious as to how this crud creates ambiguity that feeds directly into the machinery that wants us destroyed? FFS.

Good point!

Wait until you get into the report, it's even worse....

 

[Onthefm]

Dude, the English version of AVZ‘s own announcement is barely in English:
“AVZ acquired valid and legal title to the 60% of shares issued in Dathcom, including, for the avoidance of doubt, as a consequence of the waiver of any rights of Cominiere and Dathomir under the Dathcom JVA by virtue of their entry into that same agreement”

Seriously AVZ, do you oblivious as to how this crud creates ambiguity that feeds directly into the machinery that wants us destroyed? FFS.

Exactly " don't listen to any bs on social media. Just listen to our official Ann's " and then the dopey pricks produce that crap. What a joke. No wonder its a complete and utter shit show.

 

[JohnJoyce]

 

[Samus]

I can't see how any of this looks good or promising for AVZ. The only mention in the IGF report is that the Dathcom shares were transferred to us illegally.
Unless I'm missing something we seem to be more fucked than ever.

 

[Charbella]

I can't see how any of this looks good or promising for AVZ. The only mention in the IGF report is that the Dathcom shares were transferred to us illegally.
Unless I'm missing something we seem to be more fucked than ever.

In response to the findings of the DRC General Inspectorate of Finance, AVZ confirms:
• AVZ acquired valid and legal title to the 60% of shares issued in Dathcom, including, for the avoidance of doubt, as a consequence of the waiver of any rights of Cominiere and Dathomir under the Dathcom JVA by virtue of their entry into that same agreement;
• following AVZ’s acquisition of its initial 60% of shares issued in Dathcom, AVZ performed the funding obligations under the Dathcom JVA; and
• neither it nor any of its representatives had any involvement in, nor any prior knowledge of, the transfers of mining exploration permits 12436, 12449 and/or 12450 to any third party.

 

[Samus]

In response to the findings of the DRC General Inspectorate of Finance, AVZ confirms:
• AVZ acquired valid and legal title to the 60% of shares issued in Dathcom, including, for the avoidance of doubt, as a consequence of the waiver of any rights of Cominiere and Dathomir under the Dathcom JVA by virtue of their entry into that same agreement;
• following AVZ’s acquisition of its initial 60% of shares issued in Dathcom, AVZ performed the funding obligations under the Dathcom JVA; and
• neither it nor any of its representatives had any involvement in, nor any prior knowledge of, the transfers of mining exploration permits 12436, 12449 and/or 12450 to any third party.

Exactly, none of this was even seen to be an issue before this IGF report. We are now deeper in this mire of shit on top of numerous other problems.
What is the way out? More legal battles? Ffs.
Happy fucken Christmas.
Toad of shit bog marsh is squealing like a stuck pig and spreading disinformation throughout the media on top of it all.
8 months of suspension for this shit. Worse and worse shit.

 

[Onthefm]

Exactly, none of this was even seen to be an issue before this IGF report. We are now deeper in this mire of shit on top of numerous other problems.
What is the way out? More legal battles? Ffs.
Happy fucken Christmas.
Toad of shit bog marsh is squealing like a stuck pig and spreading disinformation throughout the media on top of it all.
8 months of suspension for this shit. Worse and worse shit.

Got any gos fox?

 

[Charbella]

Exactly, none of this was even seen to be an issue before this IGF report. We are now deeper in this mire of shit on top of numerous other problems.
What is the way out? More legal battles? Ffs.
Happy fucken Christmas.
Toad of shit bog marsh is squealing like a stuck pig and spreading disinformation throughout the media on top of it all.
8 months of suspension for this shit. Worse and worse shit.

I think IGF acknowledges the transfers are definitive and irrevocable as per their mining code. Was the transfer done following the process? That's a different story. Hence, why the DG of Comminere and Adele Kayinda must face justice. AVZ has gone further in this announcement by clarifying when they acquired the initial 60% shares in Dathcom, all parties agreed to waiver of any rights of Cominiere and Dathomir under the Dathcom JVA by virtue of their entry into that same agreement.

 

[Powerage]

Exactly, none of this was even seen to be an issue before this IGF report. We are now deeper in this mire of shit on top of numerous other problems.
What is the way out? More legal battles? Ffs.
Happy fucken Christmas.
Toad of shit bog marsh is squealing like a stuck pig and spreading disinformation throughout the media on top of it all.
8 months of suspension for this shit. Worse and worse shit.

Yep, unfortunately the IGF report has highlighted the illegal transfer of 60% of Dathomir's shares to AVZI and also noted (obviously) that the Dathormir share sale did not benefit Comineire.

AVZs announcement seems to confirm this:

• Dathomir failed to comply with its obligations under the incorporated joint venture agreement in respect of Dathcom Mining SA (Dathcom) dated 27 January 2017, as amended from time to time (Dathcom JVA)

So despite the company's insistence that we have good leagal title to 60% + first rights over a additional 15%, it now looks like our original 60% stake is being officially called into question.

The last part of the announcement pertaining to "valid and legal title to the 60% of shares issued in Dathcom, including, for the avoidance of doubt, as a consequence of the waiver of any rights of Cominiere and Dathomir under the Dathcom JVA by virtue of their entry into that same agreement" is basically saying they still believe that legally they have title to the 60% due to the articles of the Dathcom JVA waiving Dathomirs rights...

Most definitely not a cut and dry situation - we'd want some big dick lawyers on this one imo.

Cheers,
Powerage.

 

[LOCKY82]

12436 12449 and 12450 on the mining cadastre portal are all down as Hong Kong excellen mining.

 

[Samus]

I think IGF acknowledges the transfers are definitive and irrevocable as per their mining code.

I'm not seeing that in the report just this:

Despite holding 75% of the shares, the partner DATHOMIR was not, in spite of everything, able to mobilise the expected financing, but preferred, only two months after having benefited from the transfer of 5% of the shares of COMINIERE S.A., to sell 60% of the shares to AVZ International in violation of the provisions of the joint venture contract in its article 16 point (f) concerning its commitments and according to which, it could not transfer its shares before the date of the commercial production.