AVZ Discussion 2022

[Charbella]

Do you think Tommy has AFR’s support with his articles? I think so. But why?

 

[Samus]

DRC – IGF: COMINIERE requests the postponement of the decrees waiving PR13359 for several violations by AVZ​

By Editorial KinshasaDecember 15, 2022 at 9:53 am

TO SHARE
COMINIERE SA, as a partner of DATHCOM and a company in the State portfolio, seized the Ministry of Mines on the 6th of the current month by its letter referenced CEM/DG/138/ckk/2022, accusing AVZ of having renounced part of PR13359 to transform it into PE13359. COMINIERE has asked the Ministry of Mines to postpone the decrees on the partial waiver of PR no. 13359.
While brandishing the Dathcom Joint Venture Agreement, COMINIERE revealed in this letter a large number of violations by AVZ, which resulted in the non-issuance of the MOU for Dathcom.

1. The terms of the transaction for the sale of 60% of the shares of DATHOMIR and AVZ Minerals were never communicated to COMINIERE so that it could exercise its right of pre-emption. This is why COMINIERE is right to question this transaction before the Authority, even up to international arbitration.
2. Through the feasibility study presented to the Ministry of Mines on behalf of Dathcom, AVZ wanted to:

· The over-invoicing at the level of the construction services, the price of acquisition of the factories for the metallurgical treatment as presented in the feasibility study are more than ten times higher compared to the real price.
· Spoliate the heritage of the State, by declaring that thanks to a law firm, AVZ was able to recover the hydroelectric power station of Mpiana Mwanga. However, COMINIERE owns 100% of the plant.
· This is why COMINIERE did not give its favorable opinion on the feasibility study. Pursuant to the contractual clauses, once the feasibility study has been carried out, it must obtain COMINIERE's favorable opinion.

1. AVZ unilaterally declared the transfer to the Congolese State of 10% of the shares which came from COMINIERE SA
2. To date Dathcom has not paid for the pas de porte, although this is its contractual obligation. AVZ maintains the confusion between the notion of pas de porte and the signing bonus, claiming that it paid for the pas de porte.
3. Lack of transparency in fundraising operations. AVZ had to raise funds on the Australian Stock Exchange (ASX) for the joint project without communicating to the partners the amount obtained and the assignment to the project. DATHCOM's financial statements are never released to associates, and AVZ refuses to release them when other associates ask.
4. Signature of subcontracting contracts without the approval of the partners, this concerns in particular contracts signed with drilling companies and those for the supply of fuel.

AVZ filed a request for waiver of part of PR13359 without the approval or of COMINIERE SA through the General Meeting of the partners in Dathcom, thus causing the loss of a very important part of this mining heritage on which COMINIERE was very attached for this project.
 Without the favorable opinion of the partners such as COMINIERE, how did the feasibility study pass the approval of the Ministry of Mines?
 Has the Ministry of Mines confirmed the transfer to the State of 10% of the shares of Dathcom? Has he confirmed that the Pas de Porte 1% deposit value has been paid to the public treasury?
 Has the Ministry of Mines checked whether AVZ presented the Minutes of the General Meeting of Partners to prove that all Dathcom partners agreed to relinquish part of PR13359?
 Is the part of PR13359 “renounced” unilaterally by AVZ transferred to AJN in which Nigel holds 9.65% of the shares? If this is the case, these actions will lead to the loss of assets, to the detriment of Congolese public companies and the Congolese State.
In addition, the courier of COMINIERE denounced the following violations and frauds of AVZ:

1. Solitary management of the JV without the participation of the agents that COMINIERE has appointed within Dathcom.
2. AVZ Power has signed a memorandum of understanding on the rehabilitation of the Mpiana Mwanga hydroelectric plant with the Ministry of Hydraulic Resources and Electricity while ignoring COMINIERE (State representative) who owns the said plant.
3. AVZ has a habit of making publications on the Australian ASX exchange without contacting partners and obtaining their opinions.
4. AVZ never kept its commitment to COMINIERE given in the JV contract to pay the advances on the dividends.
5. Mr. Graeme Johnson, who is Managing Director of Dathcom and Technical Director of AVZ, was sentenced to three years in prison, Dathcom was fined 50 million dollars. This was never released by AVZ in its announcements in 2021, everything is hidden.

Reminder: according to Mining Agents, for the deposits studied, Law No. 007/2002 of July 11, 2002 on the Mining Code as amended and supplemented by Law No. paragraph 2 and 71 provide the following conditions for the transformation of PR into PE:
 The feasibility study of the exploitation of the deposit to demonstrate the existence of an economically exploitable deposit;
 The notarized declaration of the commitment to transfer to the State 10% of the shares or shares of the share capital which are free of all charges and cannot be diluted;
 The financing plan with identification of the sources of financing targeted, to demonstrate the existence of the financial resources necessary to carry out its project according to a financing plan for the work of development, construction and exploitation of the mine as well as the rehabilitation plan for the site upon closure.
 Access to the exploitation of a studied, documented or worked deposit belonging to the State, obtained by call for tenders, is conditioned by the payment of a doorstep to the latter, representing 1% of the in-place value of said deposit. The value in place of the deposit is defined as being the price obtained for said deposit within the framework of the call for tenders.

 

[JAG]

 

[JAG]

 

[JAG]

 

[Samus]

DRC – IGF: COMINIERE requests the postponement of the decrees waiving PR13359 for several violations by AVZ​

By Editorial KinshasaDecember 15, 2022 at 9:53 am

TO SHARE
COMINIERE SA, as a partner of DATHCOM and a company in the State portfolio, seized the Ministry of Mines on the 6th of the current month by its letter referenced CEM/DG/138/ckk/2022, accusing AVZ of having renounced part of PR13359 to transform it into PE13359. COMINIERE has asked the Ministry of Mines to postpone the decrees on the partial waiver of PR no. 13359.
While brandishing the Dathcom Joint Venture Agreement, COMINIERE revealed in this letter a large number of violations by AVZ, which resulted in the non-issuance of the MOU for Dathcom.

1. The terms of the transaction for the sale of 60% of the shares of DATHOMIR and AVZ Minerals were never communicated to COMINIERE so that it could exercise its right of pre-emption. This is why COMINIERE is right to question this transaction before the Authority, even up to international arbitration.
2. Through the feasibility study presented to the Ministry of Mines on behalf of Dathcom, AVZ wanted to:

· The over-invoicing at the level of the construction services, the price of acquisition of the factories for the metallurgical treatment as presented in the feasibility study are more than ten times higher compared to the real price.
· Spoliate the heritage of the State, by declaring that thanks to a law firm, AVZ was able to recover the hydroelectric power station of Mpiana Mwanga. However, COMINIERE owns 100% of the plant.
· This is why COMINIERE did not give its favorable opinion on the feasibility study. Pursuant to the contractual clauses, once the feasibility study has been carried out, it must obtain COMINIERE's favorable opinion.

1. AVZ unilaterally declared the transfer to the Congolese State of 10% of the shares which came from COMINIERE SA
2. To date Dathcom has not paid for the pas de porte, although this is its contractual obligation. AVZ maintains the confusion between the notion of pas de porte and the signing bonus, claiming that it paid for the pas de porte.
3. Lack of transparency in fundraising operations. AVZ had to raise funds on the Australian Stock Exchange (ASX) for the joint project without communicating to the partners the amount obtained and the assignment to the project. DATHCOM's financial statements are never released to associates, and AVZ refuses to release them when other associates ask.
4. Signature of subcontracting contracts without the approval of the partners, this concerns in particular contracts signed with drilling companies and those for the supply of fuel.

AVZ filed a request for waiver of part of PR13359 without the approval or of COMINIERE SA through the General Meeting of the partners in Dathcom, thus causing the loss of a very important part of this mining heritage on which COMINIERE was very attached for this project.
 Without the favorable opinion of the partners such as COMINIERE, how did the feasibility study pass the approval of the Ministry of Mines?
 Has the Ministry of Mines confirmed the transfer to the State of 10% of the shares of Dathcom? Has he confirmed that the Pas de Porte 1% deposit value has been paid to the public treasury?
 Has the Ministry of Mines checked whether AVZ presented the Minutes of the General Meeting of Partners to prove that all Dathcom partners agreed to relinquish part of PR13359?
 Is the part of PR13359 “renounced” unilaterally by AVZ transferred to AJN in which Nigel holds 9.65% of the shares? If this is the case, these actions will lead to the loss of assets, to the detriment of Congolese public companies and the Congolese State.
In addition, the courier of COMINIERE denounced the following violations and frauds of AVZ:

1. Solitary management of the JV without the participation of the agents that COMINIERE has appointed within Dathcom.
2. AVZ Power has signed a memorandum of understanding on the rehabilitation of the Mpiana Mwanga hydroelectric plant with the Ministry of Hydraulic Resources and Electricity while ignoring COMINIERE (State representative) who owns the said plant.
3. AVZ has a habit of making publications on the Australian ASX exchange without contacting partners and obtaining their opinions.
4. AVZ never kept its commitment to COMINIERE given in the JV contract to pay the advances on the dividends.
5. Mr. Graeme Johnson, who is Managing Director of Dathcom and Technical Director of AVZ, was sentenced to three years in prison, Dathcom was fined 50 million dollars. This was never released by AVZ in its announcements in 2021, everything is hidden.

Reminder: according to Mining Agents, for the deposits studied, Law No. 007/2002 of July 11, 2002 on the Mining Code as amended and supplemented by Law No. paragraph 2 and 71 provide the following conditions for the transformation of PR into PE:
 The feasibility study of the exploitation of the deposit to demonstrate the existence of an economically exploitable deposit;
 The notarized declaration of the commitment to transfer to the State 10% of the shares or shares of the share capital which are free of all charges and cannot be diluted;
 The financing plan with identification of the sources of financing targeted, to demonstrate the existence of the financial resources necessary to carry out its project according to a financing plan for the work of development, construction and exploitation of the mine as well as the rehabilitation plan for the site upon closure.
 Access to the exploitation of a studied, documented or worked deposit belonging to the State, obtained by call for tenders, is conditioned by the payment of a doorstep to the latter, representing 1% of the in-place value of said deposit. The value in place of the deposit is defined as being the price obtained for said deposit within the framework of the call for tenders.
View attachment 24454

Haha if that article doesn't give you an instant fucking headache I don't know what will!

"AVZ maintains the confusion between the notion of pas de porte and the signing bonus, claiming that it paid for the pas de porte." FMD!

 

[Bin59]

This video was posted by the deputy spokesperson of the DRC President 17 hours ago - it’s good to see the Minister of Mines went over as well (no sign of Mupande).

 

[cruiser51]

Gday everyone from the centre of the earth

Any crays down there?

 

[JAG]

DRC – IGF: COMINIERE requests the postponement of the decrees waiving PR13359 for several violations by AVZ​

By Editorial KinshasaDecember 15, 2022 at 9:53 am

TO SHARE
COMINIERE SA, as a partner of DATHCOM and a company in the State portfolio, seized the Ministry of Mines on the 6th of the current month by its letter referenced CEM/DG/138/ckk/2022, accusing AVZ of having renounced part of PR13359 to transform it into PE13359. COMINIERE has asked the Ministry of Mines to postpone the decrees on the partial waiver of PR no. 13359.
While brandishing the Dathcom Joint Venture Agreement, COMINIERE revealed in this letter a large number of violations by AVZ, which resulted in the non-issuance of the MOU for Dathcom.

1. The terms of the transaction for the sale of 60% of the shares of DATHOMIR and AVZ Minerals were never communicated to COMINIERE so that it could exercise its right of pre-emption. This is why COMINIERE is right to question this transaction before the Authority, even up to international arbitration.
2. Through the feasibility study presented to the Ministry of Mines on behalf of Dathcom, AVZ wanted to:

· The over-invoicing at the level of the construction services, the price of acquisition of the factories for the metallurgical treatment as presented in the feasibility study are more than ten times higher compared to the real price.
· Spoliate the heritage of the State, by declaring that thanks to a law firm, AVZ was able to recover the hydroelectric power station of Mpiana Mwanga. However, COMINIERE owns 100% of the plant.
· This is why COMINIERE did not give its favorable opinion on the feasibility study. Pursuant to the contractual clauses, once the feasibility study has been carried out, it must obtain COMINIERE's favorable opinion.

1. AVZ unilaterally declared the transfer to the Congolese State of 10% of the shares which came from COMINIERE SA
2. To date Dathcom has not paid for the pas de porte, although this is its contractual obligation. AVZ maintains the confusion between the notion of pas de porte and the signing bonus, claiming that it paid for the pas de porte.
3. Lack of transparency in fundraising operations. AVZ had to raise funds on the Australian Stock Exchange (ASX) for the joint project without communicating to the partners the amount obtained and the assignment to the project. DATHCOM's financial statements are never released to associates, and AVZ refuses to release them when other associates ask.
4. Signature of subcontracting contracts without the approval of the partners, this concerns in particular contracts signed with drilling companies and those for the supply of fuel.

AVZ filed a request for waiver of part of PR13359 without the approval or of COMINIERE SA through the General Meeting of the partners in Dathcom, thus causing the loss of a very important part of this mining heritage on which COMINIERE was very attached for this project.
 Without the favorable opinion of the partners such as COMINIERE, how did the feasibility study pass the approval of the Ministry of Mines?
 Has the Ministry of Mines confirmed the transfer to the State of 10% of the shares of Dathcom? Has he confirmed that the Pas de Porte 1% deposit value has been paid to the public treasury?
 Has the Ministry of Mines checked whether AVZ presented the Minutes of the General Meeting of Partners to prove that all Dathcom partners agreed to relinquish part of PR13359?
 Is the part of PR13359 “renounced” unilaterally by AVZ transferred to AJN in which Nigel holds 9.65% of the shares? If this is the case, these actions will lead to the loss of assets, to the detriment of Congolese public companies and the Congolese State.
In addition, the courier of COMINIERE denounced the following violations and frauds of AVZ:

1. Solitary management of the JV without the participation of the agents that COMINIERE has appointed within Dathcom.
2. AVZ Power has signed a memorandum of understanding on the rehabilitation of the Mpiana Mwanga hydroelectric plant with the Ministry of Hydraulic Resources and Electricity while ignoring COMINIERE (State representative) who owns the said plant.
3. AVZ has a habit of making publications on the Australian ASX exchange without contacting partners and obtaining their opinions.
4. AVZ never kept its commitment to COMINIERE given in the JV contract to pay the advances on the dividends.
5. Mr. Graeme Johnson, who is Managing Director of Dathcom and Technical Director of AVZ, was sentenced to three years in prison, Dathcom was fined 50 million dollars. This was never released by AVZ in its announcements in 2021, everything is hidden.

Reminder: according to Mining Agents, for the deposits studied, Law No. 007/2002 of July 11, 2002 on the Mining Code as amended and supplemented by Law No. paragraph 2 and 71 provide the following conditions for the transformation of PR into PE:
 The feasibility study of the exploitation of the deposit to demonstrate the existence of an economically exploitable deposit;
 The notarized declaration of the commitment to transfer to the State 10% of the shares or shares of the share capital which are free of all charges and cannot be diluted;
 The financing plan with identification of the sources of financing targeted, to demonstrate the existence of the financial resources necessary to carry out its project according to a financing plan for the work of development, construction and exploitation of the mine as well as the rehabilitation plan for the site upon closure.
 Access to the exploitation of a studied, documented or worked deposit belonging to the State, obtained by call for tenders, is conditioned by the payment of a doorstep to the latter, representing 1% of the in-place value of said deposit. The value in place of the deposit is defined as being the price obtained for said deposit within the framework of the call for tenders.
View attachment 24454

Haha if that article doesn't give you an instant fucking headache I don't know what will!

"AVZ maintains the confusion between the notion of pas de porte and the signing bonus, claiming that it paid for the pas de porte." FMD!

 

[cruiser51]

Do you think Tommy has AFR’s support with his articles? I think so. But why?

He doesn't do it for free, but then again with Tommy you never know.

 

[Samus]

Clarifications from AVZ to the allegations in the Australian Financial Review article​

December 15, 2022
Kiki Kienge

By Kiki Kienge
This is the response of the Australian company, AVZ to the Australian Financial Review media article of December 12, 2022, written by journalist Tom Richardson , which claims that AVZ allegedly failed to disclose to investors the conflicts over the sale of the 15% between the Cominiere and Zijin in Dathcom:

• AVZ confirms that it has complied with the Company's disclosure obligations under the Corporations Act and the ASX listing rules. The Company considers that the AFR article was written without a competent understanding of the material facts (…) is likely to mislead.
• AVZ did not hide the title dispute or fail to disclose the
  dispute during the period between July 2021 and May. See ASX announcements dated May 4, May 11, June 17, September 9, October 20 and December 6, 2022 . fallacious, baseless, containing fundamental errors and fundamental and material errors”
• AVZ dissuaded La Cominière from selling its 15% stake to #Zijin. La Cominière was reminded of AVZI's pre-emption rights around July/August 2021, preventing any sale in violation of the company's contractual rights. The transfer of the 15% was never concluded and is now the subject of ongoing legal proceedings, initiated by Jin Cheng/Zijin against the company, citing abuse of majority.
• AVZ's purchase of Dathomir's US$21 million 15% stake in Dathcom, the court orders invoked by AFR, do not refer to AVZ's 75% stake in the Manono project. The sale and purchase agreements under which AVZ acquired the 75%, have been duly executed, completed and have not been canceled or terminated by any court order, letter or otherwise. The AFR article says that Dathomir obtained Congo court orders last December to void the agreement by which it sold a 15% stake in Manono to AVZ for US$20 million in August. 2021.
• AVZ started in 2021 and will soon start arbitrations against Dathomir, to confirm the acquisition by AVZI of the 15% in the Manono project in order to put an end once and for all, to Dathomir's claims and to recover the losses suffered.

As a reminder, the report of the IGF (Inspection Générale des Finances) did not in any case refer to the legality or not of the purchase by AVZ of the 15% of Dathomir's shares in the Manono lithium project which enabled AVZ to have 75% in Dathcom. The report castigates the sale of 15% of Cominiere to the Chinese group Zijin, which it considers as a sell-off of Congolese state assets, for US$33 million rather than US$150 million.

kongopress.com

This domain may be for sale!

kongopress.com

 

[JAG]

Any crays down there?

What I would give for a fresh cray right now! The wife was stalking me on Snapchat and sent me this.

 

[Carlos Danger]

Do you think Tommy has AFR’s support with his articles? I think so. But why?

All news organisations and journalists have indemnity insurance. When they lose in court they just pay the excess and cop the premium hike. If a journalist costs a news organisation too much in claims they will eventually get shown the door by their employer and simply go work somewhere else. The lack of personal financial risk is why none of them really give a fuck about the truth.

 

[TDITD]

Just posted this on the birdy....

Won't be on as much over next few weeks,

Merry Christmas to everyone
Stay well and hope you all have a relaxing time with friends and family over the holidays
Look after yourselves

 

[TheCount]

In order to keep operating costs down, maybe Nigel could also flog off the Roller and drive an EV instead...you know one of those things that uses lithium, rather than fossil fuel. We have lots of lithium, so problem solved.

Cheers

mmmm, making me think after the year I’ve had - lucky you’re a good bloke.

Honestly? I think NF is too far into this to make a deal for anything less than what has been announced. I’m backing that stance 100% too.

I feel it is not money driven too. Sure, he‘s got a shit ton of free shares so he’s got his financial freedom no matter how it goes. All the bitching about him in the trough whilst we’re suspended needs to shut up and learn what sector we actually reside in. It’s the ASX. It’s the junior mining sector. It’s the offshore/sovereign risk world we operate in.

The topic cannot be responded to in a few short paragraphs (double enter keys John) so I’ll leave it for now.

If NF and our BOD settle for anything less than 75% then I see it as a loss. NF’s ego won’t settle for less. I agree there are aspects that could have been handled ’better’, like WTF were those road shows other than another shell game? But I applaud their never wavering focus on the target…

There is a definite turn in the tide in our favour and I’m looking towards the first 6 months of 2023 to really set the foundation. Then we’ll know if we go it alone or Rio swoops in…

So, my answer is nothing to what the numbers could be because I don’t spend time on “time wasting” what ifs..

Full steam ahead, fuck the Chinese, fuck the corrupt DRC Public Servants, fuck the AFR cunts and can someone get a message to Felix that issuing the ML will give him decades in power due to the royalties he can really develop the Nation.

Happy Chanukah.
TC.

 

[Spikerama]

Gday everyone from the centre of the earth

Gidday JAG, hope you are well mate. We miss you already.

If you see Rod Taylor give him my regards.

 

[Samus]

The appointed defenders of thieves, those who insulted us for having given our support to IGF and claimed to be relentless against their suppliers, finally recognize the professional and delicate work of ALINGETE. Here #India_Omari drops matata and lines up behind Alingete.

 

[CashKing]

What I would give for a fresh cray right now! The wife was stalking me on Snapchat and sent me this.

Look at all your mates having a great time in Perth swimming in your pool and eating your crays Fuxkkk mate…

You better buy a Fuxking Super Kia Yacht after this stint….

GLTAH

 

[investinvest]

Dathomir arbitrations, zijin or AFR are not important anymore i think…

When this really happen:

1. The terms of the transaction for the sale of 60% of the shares of DATHOMIR and AVZ Minerals were never communicated to COMINIERE so that it could exercise its right of pre-emption. This is why COMINIERE is right to question this transaction before the Authority, even up to international arbitration.

Now i understand why the management said it’s completely out of their control. When cominiere takes us to the ICC, all of our percentages are in dispute then. Of course i know thats bullshit, they have to take dathomir to ICC. They made a new jv where cominiere surly made a signature and accepted it with all rules in it. But who cares, this will take years, in this time we didn’t exist anymore and have no chance to get a ML when everything is in a dispute.

I think the bad guy’s will win, and i have the feeling we will loose everything. The MoP is the first one who give cominiere a go for ICC. And Lukonde is behind her. I have no idea who of the DRC Government would stop this shit. AVZ wanted to play the fair game, now the shareholders will loose and the population of the DRC too. We need a miracle or just start to use the paper bags too. But in the end i have of course no fuckin idea what will really happen.

Anyone a other idea how this could play out?

Do you really believe that Cominiere waited 5 years (during which time they attended meetings with AVZ as part of Dathcom) before raising a question about exercising their pre-emptive right to purchase Dathomir's initial 60% share? It's rubbish as they gave Dathomir extra 5% of Dathcom to pay for a road as they didn't even have the money for that. So no, Cominiere does not have pre-emptive right to AVZ's 60% (whether expired or not).

Cominiere is not the one involved in the ICC cases with AVZ. It's Jin Cheng and Dathomir. Cominiere's two top execs have just been arrested recently anyway so no further action from them in the meantime. This letter from Cominiere was dated just before their arrest.

How I think it will play out:
IGF have referred the case to the Gombe court and submitted their report.
Court looks at the case and pursues it via prosecuting offenders and taking them to court.
AVZ vs Jin Cheng at the ICC - arbitration will be made public so Jin Cheng may be tempted to withdraw if it doesn't want its dirty laundry hanged out to dry.
AVZ vs Dathomir at the ICC - Simon Cong really has no leg to stand on since he accepted the initial payment/deposit for the 10% Sale Purchase Agreement in September 2020 (five months after the April 2020 DFS was published). If he has any issues with the agreed price, he would have disputed it back in Sept 2020, not in May 2021.
At any time while all of this is going on, someone pushes CAMI to calculate the surface rights and invoice Dathcom. AVZ pays it then gets the finalised ML in hand. Remember, CAMI is delaying surface rights calculation - if they admit to even have a need to calculate it means that they admit that Dathcom will get the ML, just a question of when (the only thing left that CAMI can control).

DYOR IMO

 

[investinvest]

I'm with you but one thing is false....the letter is from 6 december 2022. The two cominiere guys were arrested at the end of November, the 26th or 27th november. So this letter is new from the other cominiere guys. Cominiere is not just that 2 people it's a complete bunch of idiots.

Yes you are right, I got my date of the arrest order wrong. It was indeed 26 Nov. Even more interesting then as the news link (below) reported that the Cominiere Director General ("Directeur Général") was arrested, so how come it's the Directeur Général signing off on this letter 1-2 weeks later?