AVZ Discussion 2022

[Charbella]

Mining News are

Read the replies, the Congolese are fuming.

 

[Winenut]

"In the letter, Zijin said it would not request the return of a $US33.4 million ($48.7 million) payment it had made to Cominiere in 2021 for a 15 per cent interest in Manono if the government agreed to a new joint venture excluding AVZ."

Firstly, Zijin has not paid US$33 million, just US$6 million.

Secondly, requesting a refund means that Zijin admits that the 15% transfer was illegal. If it was legal, why even consider a refund?

Thirdly, if US$6 million or even US$33 million is all it takes to kick Zijin out of the picture, that's small change for the headache that it will save everyone from. Even AVZ can pay them on behalf of the DRC since we also have the US$50 million ATM facility.

DYOR IMO

Also misses the complete fucking point that 15% of Dathcom was already valued at $150M

ie 1% = $10million

Jules Alinjete and the IGF made the point very fucking clear

 

[Carlos Danger]

I would like to understand if the decree cancelling Dathcom's right to mine also cancels the relinquishment of the northern part of CDL.
In other words, when Nigel agreed to cede a portion of the northern tenement, was it conditional or unconditional?
To unconditionally cede and not caveat the agreement would seem amateurish.
Does anyone know if the change was caveated?

Thanks in advance
F

I've asked that question, Apparently it's all come back to one complete tenement and sits under dathcom mining.....question from this point I suppose is that what does ‘;partial waiver ‘ mean....does this enable the decree to be reissued under the same conditions OR is it a full new decree where Nigel can say you don't catch me out a second time DG and takes it all as ML or south as ML and north as exploration with Dathcom not requiring to go through application process for exploration licence

Thanks obe wan

Then presumably Zijin and AJN keep circling and probing for weak points, regardless of the law because that's how they operate.

Cheers
F

Ministerial Decree 00080 was the legal basis for splitting the tenement

Ministerial Decree 00032 cancels Ministerial Decree 00080

Therefore, legally speaking, the tenement is whole again

However, we need to see declaration 8196 that Dathcom submitted and any other accompanying paperwork to know exactly what was agreed to and whether it can still be enforced through a new decree

The mining code says in Article 60 that waivers take effect on the day of the Ministerial Decree or three months after the filing of the declaration

Nigel is clear in his letter to the MoM that Dathcom believe the new decrees are illegal and the old decrees survive. So that would include the tenement being split.

But if the MoM or Felix issued a new decree that gave a PE for the whole of the tenement to Dathcom then I'm sure Nigel wouldn't say no. As he said at the AGM the north 'may' need to come under a PR.

We are in uncharted waters here. None of this shit is meant to be happening according to the mining code. Nigel's position seems to be we ain't giving up anything. Either we get PE for everything or we get PE for the south and PR for the north and Zijin can go fuck themselves.

 

[Winenut]

Ministerial Decree 00080 was the legal basis for splitting the tenement

Ministerial Decree 00032 cancels Ministerial Decree 00080

Therefore, legally speaking, the tenement is whole again

However, we need to see declaration 8196 that Dathcom submitted and any other accompanying paperwork to know exactly what was agreed to and whether it can still be enforced through a new decree

The mining code says in Article 60 that waivers take effect on the day of the Ministerial Decree or three months after the filing of the declaration

Nigel is clear in his letter to the MoM that Dathcom believe the new decrees are illegal and the old decrees survive. So that would include the tenement being split.

But if the MoM or Felix issued a new decree that gave a PE for the whole of the tenement to Dathcom then I'm sure Nigel wouldn't say no. As he said at the AGM the north 'may' need to come under a PR.

We are in uncharted waters here. None of this shit is meant to be happening according to the mining code. Nigel's position seems to be we ain't giving up anything. Either we get PE for everything or we get PE for the south and PR for the north and Zijin can go fuck themselves.

on AVZ's legal team...?

 

[Carlos Danger]

on AVZ's legal team...?

I wish. They are getting bank while I'm doing all this research for nothing haha

 

[Charbella]

#IGF on mission at #CAMI
The Mining Cadastre is the hub of the MAFIA which operates in the mines. All the shenanigans and mining sell-offs revealed by IGF go through the management of the mining title for which Cami is responsible.
MUPANDE is the #BOULON KEEPER of SECRETS of the SYSTEM

 

[John25]

Happy 41 weeks in suspension SH’s since being forced back to work by an incompetent and over paid B0D …we were a top 200 ASX stock but thanks to that over fat POS Felix …have lost all my drive on this thread …were promised a minister reshuffle & Jens credibility is fucking shot after he mouthed off about a decision in upcoming weeks …thanks @Frank for the job opportunity at head office but where are these pricks …is anyone actually in the DRC ..have we an office ,an announcement by Nigel or Ben be appreciated of WTF is actually happening …Give Cash or BEISHA the job …both JAG & myself are game fully employed Rant over …not Mantle worthy ..Have a great WE all

 

[Spikerama]

Happy 41 weeks in suspension SH’s since being forced back to work by an incompetent and over paid B0D …we were a top 200 ASX stock but thanks to that over fat POS Felix …have lost all my drive on this thread …were promised a minister reshuffle & Jens credibility is fucking shot after he mouthed off about a decision in upcoming weeks …thanks @Frank for the job opportunity at head office but where are these pricks …is anyone actually in the DRC ..have we an office ,an announcement by Nigel or Ben be appreciated of WTF is actually happening …Give Cash or BEISHA the job …both JAG & myself are game fully employed Rant over …not Mantle worthy ..Have a great WE all
View attachment 29898

And the Counters continue to rise.

DRC Lost Revenue Counter

Calculates the amount of revenue the DRC has forfeited since issuing Decree for AVZ / Manono mining licence

english-drcmanonotaxlosscounter.netlify.app

Revenus manqués en RDC

Calcule quotidiennement le revenu que la RDC a perdu depuis l'émission du décret pour la licence minière AVZ/Manono

french-drcmanonotaxlosscounter.netlify.app

Grrr...

 

[Frank]

Chinese contracts: the IGF shouts at the sell-off of the country's mining resources and reveals the mafia network!




What everyone feared in what has since been called "Chinese Contracts" has just come true.

A report by the General Inspectorate of Finance, IGF, highlights that the Republic has sold off its resources in its contracts concluded under Kabila.

In fact, not having fresh capital to boost the development of the country, the regime had entered into a partnership with Chinese companies, in particular for the construction of basic infrastructure against the exploitation of deposits used for this purpose.

A joint venture had been created, SICOMINE to manage the interests of two parties.

Only then, after several years of implementation of this contract and exploitation of Congolese resources, the General Inspectorate of Finance comes to the conclusion that the resources of the Republic have been sold off and squandered against minimal achievements.

In the IGF report, the Chinese side has already exploited mineral resources worth 10 billion US dollars while the infrastructure built in return is valued at around 800 million dollars only and its impact is not visible.

To do this, the IGF simply recommends revisiting them.

"It is a question that the agency responsible for monitoring this program can begin a process that will lead to the revisiting of this agreement.

The glaring imbalance that has been observed, the selling off, the squandering of our minerals observed in this contract has been also the work of many misguided sons of our country who have accompanied Chinese companies in this macabre work against our country.

So now, by the will of His Excellency the President of the Republic, Head of State, the process is set in motion through the agency so that there is a rebalancing of the gains, advantages and charges in this agreement.

The DRC has made deposits available to the convention; deposits whose value is estimated at more than 90 billion USD.

Regarding the constitution of the company Sicomines, the DRC only had 32% of the shares while the Chinese part monopolized 68% for an undervalued capital of 100 million USD.

On the other hand, in the operation of this agreement, Chinese companies have already received a gain estimated at nearly 10 billion USD, while the DRC has only benefited from 822 million in terms of infrastructure.

Will it be necessary in the 822 million that we enter in depth to realize that there is no visibility of these 822 million", denounced Jules Alingete, inspector general, head of service of the IGF.

To convince us of the correctness of its argument, Alingete cites the example of the Cinquantenaire hospital, which is found in infrastructures of the order of 114 million USD when everyone knows that this hospital already existed and that it it was just a finalization that was done.

mediacongo


*To Remind,

*To add, I see where,

Congo demands $17bn more in infrastructure investments from China deal​

Congo’s state auditor has demanded an additional $17 billion of investments from a 2008 infrastructure-for-minerals deal with Chinese investors that is currently being renegotiated, documents seen by Reuters on Thursday showed.

President Felix Tshisekedi’s government has been revisiting the deal struck by his predecessor Joseph Kabila under which Sinohydro Corp and China Railway Group Limited agreed to build roads and hospitals in exchange for a 68% stake in Sicomines, a cobalt and copper joint venture with Congo’s state mining company Gecamines.

Under the Sicomines deal, the Chinese investors committed to spending $3 billion on infrastructure projects, but the state auditor – Inspection Generale des Finances (IGF) – demanded that commitment be increased to $20 billion, to reflect the value of the mining concessions that Gecamines contributed to the deal.

He has previously defended the deal, saying it had driven development for Congo’s people and that Sicomines would invest more as production increased.

So far, Sicomines has only spent $822 million on infrastructure investments, according to the IGF report seen by Reuters.

The auditor also called for an “immediate” $1 billion investment from Sicomines, and a commitment to 50% of the workforce on infrastructure projects being Congolese.

Among a list of 16 demands, the IGF called for the “renegotiation of the Convention to adjust and balance the duties and benefits of both parties and bring them into line with the value of their respective contributions”.

The auditor also demanded that Gecamines be given a bigger stake in Sicomines.

It currently has a 32% holding.

Congo’s finance minister Nicolas Kazadi told Reuters last month that the government expects to reach an agreement on the Sicomines deal this year.

mining.com

Race to secure lithium supplies is heating up​

• Piedmont lands investment, binding offtake from LG Chem
• Car makers could invest up to US$600bn over 10 years on battery investments
• Sayona’s North American Lithium restart is on track and on budget

The scramble to secure critical minerals needed for the energy transition – as is highlighted by governmental action such as the US Inflation Reduction Act – is continuing apace.

Piedmont Lithium has just landed a $75m investment from South Korean chemical giant LG Chem – the parent of the world’s second largest battery cell maker, which included a binding commitment for the offtake of 200,000t of spodumene concentrate from its jointly-owned North American Lithium project over four years from the third quarter of 2023.

This comes mere days after LG told Bloomberg that it was looking to secure its own raw material through potential partnerships and investments to establish a self-sufficient supply chain.

Meanwhile, LithiumAmericas has closed the initial US$320m tranche of its previously announced US$650m investment by automotive giant General Motors, which will be used to accelerate development of its Thacker Pass lithium project in Humboldt County, Nevada.

ARK Investment Management’s Sam Korus believes that others will seek to strike deals to secure lithium supplies while pointing out that global automakers have earmarked US$600bn for battery investments over the next 10 years.







Li-Bridge – a US public-private alliance committed to accelerating the development of a robust and secure domestic supply chain for lithium-based batteries – also warned that the US would still depend on imports despite an expected increase in domestic lithium battery demand of up to six times by 2030.

However, it noted that the US could still capture some 60% of the economic value consumed by domestic demand for lithium batteries, generating US$33bn in revenues and creating 100,000 jobs.

What all this means is that we are likely to see further investments from battery and car manufacturers looking to lock in their supply chains and supportive government legislation such as the US Inflation Reduction Act are likely to play a key role in their decision making process.

Sayona Mining which is incidentally the majority partner at North American Lithium, certainly seems to think that the move from companies such as LG Chem will be positive, telling fellow Stockhead reporter Jessica Cummins that its operations in Quebec will have a big role to play in closing some of the supply gap given its proximity to the US.

This is particularly true given that the Inflation Reduction Act provides tax credits to manufacturers with 40% or more (rising to 80% in 2027) of their raw materials coming from the US or nations with which it has free-trade agreements, which include both Australia and Canada.

 

[Sparrowhawk12]

The Congolese aren't buying it. Here's a few comments but it goes on and on with close to zero support of this document:

Where is the social housing? Large modern hospitals? 3500 km of rail? Two great modern universities? The hospitals with more than 150 beds, the roads connecting our provinces, apparently you are making fun of the Congolese people

Mr. Ambassador, your comment already provides no objective element that contradicts the IGF report. In addition, the Congolese know that the Chinese contract has not benefited the DRC compared to the Chinese party. It's not a win-win.

You take us for idiots! Who does not know that the Chinese contract is a scam.

From kutambo store to Central Station it's more or less 5 kilometers, explain to us how it can cost $70 million for its expansion?

It would be better to attach the documents which contradict the IGF, to this rag of communiqué which you published.

Contradict the Igf with figures and supporting evidence. Respect the DRC.

You should contradict the report of @ALINGETEJULES_K @IgfRdc with the figures, Give us a numerical balance sheet. Nevertheless, your comment reinforces the IGF report. #HMK

It looks like a veiled threat from the Chinese government to the Congolese government.

Great response from DRC people. You could laugh about the CN Embassy's own-goal EXCEPT the sheer arrogance of the Chyna statement !

 

[Sparrowhawk12]

The Congolese aren't buying it. Here's a few comments but it goes on and on with close to zero support of this document:

Where is the social housing? Large modern hospitals? 3500 km of rail? Two great modern universities? The hospitals with more than 150 beds, the roads connecting our provinces, apparently you are making fun of the Congolese people

Mr. Ambassador, your comment already provides no objective element that contradicts the IGF report. In addition, the Congolese know that the Chinese contract has not benefited the DRC compared to the Chinese party. It's not a win-win.

You take us for idiots! Who does not know that the Chinese contract is a scam.

From kutambo store to Central Station it's more or less 5 kilometers, explain to us how it can cost $70 million for its expansion?

It would be better to attach the documents which contradict the IGF, to this rag of communiqué which you published.

Contradict the Igf with figures and supporting evidence. Respect the DRC.

You should contradict the report of @ALINGETEJULES_K @IgfRdc with the figures, Give us a numerical balance sheet. Nevertheless, your comment reinforces the IGF report. #HMK

It looks like a veiled threat from the Chinese government to the Congolese government.

Great response from DRC people. You could laugh about the CN Embassy's own-goal EXCEPT the sheer arrogance of the Chyna statement !

 

[Hudnut]

He just needs to learn to be a fucking journalist...

View attachment 29894

Like after mentioning that Zijin want their $33M back, that they didn't actually pay it in the first place.
And the "class action" against AVZ is smoke and mirrors too.

 

[Frank]

COMMENT BY THE SPOKESPERSON OF THE CHINESE EMBASSY IN THE DRC ON THE IGF REPORT ON THE CHINESE CONTRACT
View attachment 29896

 

[Schnitzelfresser]

Happy 41 weeks in suspension SH’s since being forced back to work by an incompetent and over paid B0D …we were a top 200 ASX stock but thanks to that over fat POS Felix …have lost all my drive on this thread …were promised a minister reshuffle & Jens credibility is fucking shot after he mouthed off about a decision in upcoming weeks …thanks @Frank for the job opportunity at head office but where are these pricks …is anyone actually in the DRC ..have we an office ,an announcement by Nigel or Ben be appreciated of WTF is actually happening …Give Cash or BEISHA the job …both JAG & myself are game fully employed Rant over …not Mantle worthy ..Have a great WE all
View attachment 29898

Fully understand you. It is more than frustrating. It seems like it is how it is for many many years. First the politicians with deep empty pockets. For my understanding the voice of the Manono people dont matter. Even if they come with pitchforks and torches Felix doesn't give a shit. The only matter is money, better today than tomorrow.
In future I wont invest in any of these African countrys again and I will have a more closer look at the management than the product.

 

[Onthefm]

Yep, bloody hot and windy. Three spots of rain though.
Cheers

I reckon I counted 2 to pissed after that. Cheers mate

 

[Onthefm]

Fully understand you. It is more than frustrating. It seems like it is how it is for many many years. First the politicians with deep empty pockets. For my understanding the voice of the Manono people dont matter. Even if they come with pitchforks and torches Felix doesn't give a shit. The only matter is money, better today than tomorrow.
In future I wont invest in any of these African countrys again and I will have a more closer look at the management than the product.

Yes the resource can be a trap.

 

[Winenut]

Happy 41 weeks in suspension SH’s since being forced back to work by an incompetent and over paid B0D …we were a top 200 ASX stock but thanks to that over fat POS Felix …have lost all my drive on this thread …were promised a minister reshuffle & Jens credibility is fucking shot after he mouthed off about a decision in upcoming weeks …thanks @Frank for the job opportunity at head office but where are these pricks …is anyone actually in the DRC ..have we an office ,an announcement by Nigel or Ben be appreciated of WTF is actually happening …Give Cash or BEISHA the job …both JAG & myself are game fully employed Rant over …not Mantle worthy ..Have a great WE all
View attachment 29898

I hear ya' brother.......

 

[Winenut]

I wish. They are getting bank while I'm doing all this research for nothing haha

Lots of work pro bono???

Sorry...sorry.... not on the legal team......forgot........my bad

Must be something else

 

[ozmacca]

F*ck me, a ~week off the thread and I come back to find we are semi fucked. The mental health forum break clearly didn’t work as planned !

Ah well fellas, I made the move to buy a house without the AVZ cash, Christ it’s a lot smaller than what I’d planned with my AVZ loot but the stress levels about waiting for us to come out of suspension are gone. Family stress over.

Just a note to say I really feel for the holders who are in financial stress as a result of this . I have been, with a newborn, and bloody hell it’s aged me and been a burden on my relationship. Whatever the outcome, you’ll end up ok.

Cheers

 

[TDITD]

Twitter over the last 24 hours