Who the fuck else is going to pop up and lay claim to Manono ???I thought we had already dealt with this MMCS sh1t?
Who the fuck else is going to pop up and lay claim to Manono ???I thought we had already dealt with this MMCS sh1t?
absolutely no idea what you’re talking about.Bin Guo, Shidai Hiving dragons, Ningde era....FMD, just use one nic ffs, this blatant multi nicking is like having to visit and endure a never ending dissocial / Bipolar Disorder meeting session, whilst they think everyones also a fool.
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Honestly posting this gives it oxygen.Mauritius-registered private resources investment firm MMCS Strategic 1 has filed a writ in the Supreme Court of Western Australia to end a dispute between itself and Australian-listed junior resources company AVZ Minerals.
MMCS is seeking a declaration in regard to its legal ownership rights of the mining licence covering the Manono and Kitotolo lithium deposits in the DRC.
Amsterdam & Partners and cross-border transaction specialist law firm Clifford Chance have prepared the application to contest the claim by AVZ Minerals that it has entered into a transaction to acquire a 60% interest in the Manono project area, which effectively covers the licence area held by MMCS.
MMCS is a 68% direct shareholder in Manono Minerals, a JV between it and the DRC government-owned Cominière, which holds mining permit PE 12202 covering the Manono and Kitotolo deposits in the Katanga province.
According to the claim, in 2016 the DRC Ministry of Mines unlawfully revoked mining permit PE 12202 and issued a new permit covering the same area to a separate joint venture led by AVZ Minerals and also involving Cominière.
MMCS acted promptly to appeal the unlawful revocation of its Manono licence and this remains subject to proceedings in the administrative section of the DRC Supreme Court of Justice. Under DRC law, when an appeal is brought in relation to the revocation of a mining permit, the permit is deemed to remain valid until the appeal proceedings are concluded.
Nevertheless, AVZ Minerals has proceeded to publicly inform shareholders of its acquisition of this licence, which is being challenged by MMCS.
MMCS notified AVZ Minerals on 10 February 2017 that there are pre-existing claims over the Manono and Kitotolo lithium deposits. Subsequent to that notification, AVZ Minerals released a notice of a shareholder meeting and Manono due diligence update, which stated “the company has established a presence on site at Manono with a group of technical and support contractors” in preparation for planned drilling and sampling activity that had been previously delayed due to ground conditions.
AVZ Minerals also told the market it “is negotiating an extension to the previously agreed 60-day due diligence period with its joint venture partners” in regard to its acquisition terms and that “the company’s DRC legal adviser has commenced a review of legal matters including the validity of title in relation to the Manono project”, but the company’s JV partner (Cominière) had made standard representations and warranties with respect to the validity of title.
The shareholder meeting called by AVZ Minerals for 6 April 2017 will seek approval of several resolutions, including the terms of the proposed acquisition of the Manono project, the details of the up to $5 million in capital the company is seeking to raise for the acquisition and development of the Manono project, and the issue of facilitation shares to recently appointed executive chairman Klaus Eckhof.
Parties to the proposed acquisition are AVZ Minerals (60%), Cominière (30%) and Dathomir Mining Resources (10%).
MMCS will seek confirmation from the Supreme Court of Western Australia as to the ongoing validity of its existing licence. MMCS and its legal counsel consider the circumstances and events that led to the purported revocation of mining permit PE 12202 as highly unusual and exacerbated by the subsequent grant of rights over the same area to a new JV involving common parties. The WA Supreme Court is deemed to have jurisdiction given the fact AVZ Minerals is domiciled in Australia.
MMCS may pursue a number of avenues to explore legal remedies within local and international courts to enforce its existing rights over mining permit PE 12202 and to protect its intellectual property rights in regard to the Manono project, which is a high priority given the announcement that AVZ Minerals has commenced activities on the ground in the DRC, said the company.
Since the joint venture between MMCS and Cominière started in September 2013, MMCS has spent a total of $9 million on advancing the Manono project, including pre-feasibility study analysis and development of a local corporate social responsibility initiative.
FUCK OFF PRICK!Honestly posting this gives it oxygen.
Guess I'll have to go back and try and sort through the mounds of shit that's probably been piled on top of and around this PE 12202 issue to try and decipher any truths.....if there are any???You really get the feeling this shit is never going to end
If they haven't even put the MMCS issue to bed regarding PE 12202 in 6 fucking years how the fuck are we ever going to have our ML awarded with regard to PE 13359 during my remaining time on this planet????
Sort of even puts a TO offer out of the picture
Who would look to take over something where the principle asset is a current tenement whos provenance and validity at it's very core is being legally disputed?
Fuck me
It's really becoming rabbit out of a hat shit rather then a considered investment in a world significant resource
Not being negative but definitely painfully realistic![]()
Guess I'll have to go back and try and sort through the mounds of shit that's probably been piled on top of and around this PE 12202 issue to try and decipher any truths.....if there are any???
Fuck me
Didn't want to post this but.......
Guess I'll have to go back and try and sort through the mounds of shit that's probably been piled on top of and around this PE 12202 issue to try and decipher any truths.....if there are any???
Fuck me
I meant nothing is happening from the DRC government. The IGF have been on AVZ's side on the Zijin matter since April when they released their findings. They report directly to the president who has shown willingness to act on other issues with corruption in the mining sector this year but our case is just ignored. The thing that really gets me is how were all issues around Dathcom not sorted out before we received the ministerial decree. We waited 12 months while our application was assessed and everything was approved.If Mupande said that he has a point. We assume FT wants AVZ to lead.
But I don’t agree with this:
“On top of that the IGF and local journalists can see the issues that are holding us back and are making noise yet nothing is being done”
IGF is closing in on Cominiere. Others are slowly being implicated. There must be a lot of argy bargy we can’t see to make these steps. Nigel behaved as if there was ni politics. We just can’t compete in that field game. Hopefully that’s a blessing wrought by the Australian jurisdiction on bribery.
But as a seasoned operator there said, corruption is legalised by offering equity in your company. This is what Ivanhoe did.
Don’t despair.You really get the feeling this shit is never going to end
If they haven't even put the MMCS issue to bed regarding PE 12202 in 6 fucking years how the fuck are we ever going to have our ML awarded with regard to PE 13359 during my remaining time on this planet????
Sort of even puts a TO offer out of the picture
Who would look to take over something where the principle asset is a current tenement whos provenance and validity at it's very core is being legally disputed?
Fuck me
It's really becoming rabbit out of a hat shit rather then a considered investment in a world significant resource
Not being negative but definitely painfully realistic![]()
Why do you think our case is ignored, in comparison?I meant nothing is happening from the DRC government. The IGF have been on AVZ's side on the Zijin matter since April when they released their findings. They report directly to the president who has shown willingness to act on other issues with corruption in the mining sector this year but our case is just ignored. The thing that really gets me is how were all issues around Dathcom not sorted out before we received the ministerial decree. We waited 12 months while our application was assessed and everything was approved.
As for the MMCS crap they can claim whatever they like but they have no legal leg to stand on. That was dealt with by the courts years ago. The difference between then and now is that we were trading the whole time that those matters were being settled. It is extraordinary that we have been in suspension this long without a clear explanation by management as to why. It's time for them to stop ducking the consequences of their actions and allow the market to judge their ability to deliver on the promises they made.
My sister who also has a substantial holding seems to think the Road Show is to try and convince share holders with 1mil + shares not to dump when we come out of this suspension with the ML still not secured . I'm not sure about that, but I have to admit that would be one hell of dump if we all collectively took a dump .Well, sorry in advance for my first rant but quite frankly I have had a fuckin guts full of this shit right now!
The AGM and RS (if they go ahead) are going to be absolute fuckin blinders and should not be missed. I can guarantee there will be fireworks!
As holders we have every right to call an extraordinary meeting with board (those with more shares have more pulling power for this) to get some fucking clear answers from the BOD who right now are sucking up thousands of dollars a months in payments for doing fuck all! Those here that have in the millions should be calling for this EM.
Oh, it's close, oh it's coming, oh get the champagne...fuck this shit. People can only take so much before they explode.
Nigel, get me $3 a share MF! Sell the fucking lot or get the ML now!
Rant over.......I'm cracking the bourbon
I think the Tenke Fungurume Mining situation got more attention this year from Felix because the money is here and now. They are already producing and he needed to immediately address the Chinese ripping off the DRC coffers. Whereas Manono is currently a long way from impacting his tax revenue.Why do you think our case is ignored, in comparison?
Really this forum is so informative you must have missed the pineapple sagaCan we get back to being the TSE forum instead of HC please?
I've just scrolled through 4 pages of mostly crap.
I'd like to know what the fuck I need to know any of this shit for at this point.You really get the feeling this shit is never going to end
If they haven't even put the MMCS issue to bed regarding PE 12202 in 6 fucking years how the fuck are we ever going to have our ML awarded with regard to PE 13359 during my remaining time on this planet????
Sort of even puts a TO offer out of the picture
Who would look to take over something where the principle asset is a current tenement whos provenance and validity at it's very core is being legally disputed?
Fuck me
It's really becoming rabbit out of a hat shit rather then a considered investment in a world significant resource
Not being negative but definitely painfully realistic![]()