Spikerama
Regular
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.
Gday everyone from the centre of the earth![]()
Look at all your mates having a great time in Perth swimming in your pool and eating your craysWhat I would give for a fresh cray right now! The wife was stalking me on Snapchat and sent me this.
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).Dathomir arbitrations, zijin or AFR are not important anymore i think…
When this really happen:
- 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?
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?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.
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![]()
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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.
· 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.
- 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.
- Through the feasibility study presented to the Ministry of Mines on behalf of Dathcom, AVZ wanted to:
· 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.
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.
- AVZ unilaterally declared the transfer to the Congolese State of 10% of the shares which came from COMINIERE SA
- 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.
- 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.
- 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.
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:
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:
- Solitary management of the JV without the participation of the agents that COMINIERE has appointed within Dathcom.
- 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.
- AVZ has a habit of making publications on the Australian ASX exchange without contacting partners and obtaining their opinions.
- AVZ never kept its commitment to COMINIERE given in the JV contract to pay the advances on the dividends.
- 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.
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
More fake I suspect, cominiare should be silent after the shit they are in, perhaps they should be working out what to order for breakfast on the prison menu.What does this mean? Do we now have another court case to defend?
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.
Why is CAMI taking so long to calculate the surface rightsDo 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
Thought I should separate this from a previous post…. Watch out for these corrupt sus twitter poster’s
Can't get much more untenable than being fired twice and having a replacement named 4 years agoWhy is CAMI taking so long to calculate the surface rights
Motive behind actions?
We all know that CDL may have been the issue but did DG of CAMI with the Princess do a deal with AJN for part of the northern section of CDL and cannot do surface rights until this is sorted out.
Major conflict of interest for Nigel should this be proven correct.
The independent governance issue of CAMI may be law but if fraudulent activities are proven then their positions should be untenable according to the law .
Hopefully IGF looks into this further.