AVZ Discussion 2022
- Thread starter GazDix
- Start date
Samus
Top 20
Been nice to have seen this announcement some 8 months ago...Looks like a case of hurry and wait, much much longer...
At least it now seems AVZI are taking up the fight, legally speaking.
However this part could be interesting:
"AVZ and AVZI have brought the First Dathomir Arbitration, and will bring the Second Dathomir Arbitration, to affirm AVZI’s acquisition in August 2021 of the aforesaid 15% interest in Dathcom, to put an end, once and for all, to Dathomir’s claims and to recover losses sustained from them."
Good announcement about actions to be taken to confirm AVZ additional 15% ownership of Dathcom which were illegally transferred to Zijin. Also with DRC Gov clamping down on them.
It means that suspension to continue until next year until this matter is resolved. What is good is that AVZ has IGF report and relevant documents to back up their claims.
It means that suspension to continue until next year until this matter is resolved. What is good is that AVZ has IGF report and relevant documents to back up their claims.
Agreed. I remember this was discussed at the road show, someone will shit their pants when they see this arbitration request and realise how much they will need to compensate us. The compensation risk was also why Antoinette Nsamba Kalambayi was on our side.Been nice to have seen this announcement some 8 months ago...
However this part could be interesting:
"AVZ and AVZI have brought the First Dathomir Arbitration, and will bring the Second Dathomir Arbitration, to affirm AVZI’s acquisition in August 2021 of the aforesaid 15% interest in Dathcom, to put an end, once and for all, to Dathomir’s claims and to recover losses sustained from them."
Also agree 100%! Would be fantastic if this process instigated by AVZ was sufficient to see Dathomir abandon their “Spurious” claims!!
So the onus is now on us to prove we hold 75% . Nigel obviously getting frustrated as the clock runs down on our very existence . The big question is how long will this take ? Many months ? Can the Chinese then appeal the result ? What happened to the ML pre Xmas Nigel ? That Road Show kool aid tasted sweet . Chinese won't care one way or the other about this announcement . They are playing the clock .Lets just hope this gets sorted imminently . IMO
The compensation amount was in $billions, let's see what Cong will do.
DiscoDanNZ
Regular
Holy shit 'Peter Clark' knows shit that we don't. I reckon hes another Der Geist.
I'm guessing the BOD are fed up with taking 'the highest levels of government' on their word. Time for talk is over, time for action... (although its legal action, the slowest kind of action)
The compensation amount was in $billions, let's see what Cong will do.
Fair enough . Nigel using some tactical warfare .
MoneyBags1348
Top 20
Been nice to have seen this announcement some 8 months ago...
However this part could be interesting:
"AVZ and AVZI have brought the First Dathomir Arbitration, and will bring the Second Dathomir Arbitration, to affirm AVZI’s acquisition in August 2021 of the aforesaid 15% interest in Dathcom, to put an end, once and for all, to Dathomir’s claims and to recover losses sustained from them."
Yea Sam, it’s taken the BOD all this time to come out with the facts about Dathomir and even longer to bring this to Arbitration…. Mate it isn’t fucken good enough
I just hope Nigel (and DL Piper Lawyers or Momentum Attorneys or whoever the fuck else is involved) are taking notes of all the backup information that’s been provided on here and on twitter because they seem to be very slow with informing shareholders and taking action.
At least all the momentum with the IGF, NGO’s and information from the reporters in the DRC are have built a wave of support behind us
Fuck me, I had woken up with a more supportive attitude this morning and even though this should be good news, for some strange reason I’m not impressed
Hemicuda
Regular
Maybe we all are the narrator and geist is our Tyler durden,,,,,,, or where just loosing what’s left of our collective minds
not sure what to make of the timing of todays announcement, but at least as shareholders after 8 months it appears like our employees are doing something
Maybe AVZ was waiting for the release of the IGF report confirming our 60% first (assurance of government support), which didn't arrive until 30/11 and subsequently on the 1/12 we lodged our arbitration request. The chance of winning by taking everyone on at the same time is unlikely.
DiscoDanNZ
Regular
Confirming in the announcement what we've been saying all along. In other words Zijin can get fucked, Dathcom can get fucked, Cominiere can get fucked and princess bitch face can get fucked. Everyone can go and get fucked basically.
This may even put some pressure on the DRC to pull the ML out of the bottom drawer too.
Samus
Top 20
Yes I know what you mean MB, however it looks like it's come to this being a necessary step in proceedings. I'm choosing to believe that it's a positive at this stage and that Cong will shy away from the potential of compensation.
I was under the impression however through previous reading on ICC arbitration that the ICC have no real power to enforce a ruling? Perhaps someone can correct me on this.
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John25
Regular
The Fox
Regular
I'm hoping that instigating Arbitration is a strategy to bring Comg to the table to settle the dispute. ICC average case timeline takes 18 months to complete, Cong will know this. Will bringing proceedings against CONG motivate him to forgo a $50m or $100 grab in favour of a lessor amount to conclude this dispute? I don't know.
So what happens now with CATH deal ? Partial settlement with CATH for AVZ to maintain 51% until all disputes resolved? or change in deal structure as previously discussed here? or push it out again?
One thing that is of some concern, how can a Government issue a mining licence (PE) to any company if the ownership is not 100% confirmed, locked in and so on. Maybe in the DRC this will not matter much, yet in many other jurisdictions you can't issue a ML/PE when owership of the holding company is unclear.
Let's hope AVZ has a strong enough claim in the ownership with Cominiere (with the help of the IGF) to ensure ML/PE is issued prior to the two Arbitration cases are completed.
Cheers The Fox
PS. Just noticed Dom on the same topic.
So what happens now with CATH deal ? Partial settlement with CATH for AVZ to maintain 51% until all disputes resolved? or change in deal structure as previously discussed here? or push it out again?
One thing that is of some concern, how can a Government issue a mining licence (PE) to any company if the ownership is not 100% confirmed, locked in and so on. Maybe in the DRC this will not matter much, yet in many other jurisdictions you can't issue a ML/PE when owership of the holding company is unclear.
Let's hope AVZ has a strong enough claim in the ownership with Cominiere (with the help of the IGF) to ensure ML/PE is issued prior to the two Arbitration cases are completed.
Cheers The Fox
PS. Just noticed Dom on the same topic.
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Is the ML dependant on the result of this 15%.
I thought that it was as long as a company hold 51% and have proven financial funding for the project then that should be sufficient to issue the ML .
So surface rights still could be paid in full by Dathcom while arbitration proceeds .
It is now fact AVZ / Dathcom hold 60%.
Unless surface rights have to be paid by individual partners ?
A question for Ben at AVZ.
Samus
Top 20
If we go on the premise that Jean Felix Mupande is holding up the licence through unresolved ownership issues as many suspect then this debacle could cost us a lot more time as fox was saying.
We need some clarity around the exact nature of the hold up here to come to any reasonable conclusion that isn't pure speculation.
Also if CATH is willing to accept 9% of the project that still leaves 51% ownership.
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