Did you wake up all wet and sticky?
AVZ Discussion 2022
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MoneyBags1348
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b) Market value of COMINIERE SA's 15% of shares in DATHCOM Mining sold to ZIJIN Mining.
While the final feasibility study of the LITHIUM-only deposit project had communicated its results according to which the 100% of DATHCOM's shares were worth USD 1,028,000,000 and that the 15% of COMINIERE's shares were already worth USD 154,200,000, these (15% of the shares) were sold to ZIJING MINING for the derisory amount of USD 33,440,000, resulting in a loss of revenue of USD 120,760,000.
This sale engages the responsibility of the management of COMINIERE and the Ministry of the Portfolio which had given the authorisation.
c) Use of USD 33,440,000 of the proceeds from the sale of COMINIERE's 15% shares in DATHCOM
While the fundamental reason given for selling this 15% of the shares was to improve COMINIERE's operations, it was found that the amount of USD 33,440,000 was squandered as follows:
• 5% of the transfer price, i.e., USD 1,672,000.00 paid to FOCUS PLAIDOIRIE as commissions and fees;
•5%ofthetransferprice,i.e.,USD1,672,000.00paidtothemembers of the Board of Directors as exceptional remuneration;
• USD 700,000.00 paid to the two consultants who produced complacency studies on the basis of a price dumping for the transfer of the 15% of the shares was carried out;
• USD 770,662.00 for remuneration of staff
III. CONCLUSION
The General Inspectorate of Finance concludes that COMINIERE S.A. mining assets were intentionally sold off by its management team with the participation of the Ministry of the Portfolio.
Kinshasa, 30 November 2022
GENERAL INSPECTORATE OF FINANCE
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Remark
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cruiser51
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Translated from French by Google
https://miningreview.com/battery-metals/avz-minerals-and-drc-ministry-of-industry-to-develop-sez/…
How many Special Economic Zones for electric batteries in the DRC? Kinsevere, ZES of Manono announced by PR05
@fatshi13 at Mining Indaba, Chinese ZES of Mr. Paluku
Julien Paluku
Translated from French by Google
#RDC - #CHINE :
After the installation of the Congolese Battery Council, working session today with ZHU JING, Chinese Ambassador. On the menu: the interest of Chinese companies (including CATL) in the electric battery value chain project and the Chinese SEZ
cruiser51
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AVZ and DRC Ministry of Industry to develop SEZ
ByGuest Contributor
Feb 18, 2020
AVZ Minerals has executed a binding MoU with the Ministry of Industry for the development of a Special Economic Zone (SEZ) in Manono, in the Tanganyika Province in the Democratic Republic of Congo.
The purpose of the MoU is to set up the terms for collaboration and negotiation between the Ministry of Industry and AVZ with a view to establishing the “Manono Special Economic Zone” in the Tanganyika Province and the development of basic infrastructure within the same.
Development of the Manono Lithium and Tin Project and associated infrastructure for mining operations including the export of product, would be at the core of these developments.
Read more about mining in central Africa
AVZ management team, led by Balthazar Tshiseke, Serge Ngandu and Christian Lukusa, on behalf of its 60% controlled subsidiary Dathcom Mining SA, presented the Manono Lithium and Tin Project to a panel of delegates from the Ministry of Industry, the Special Advisor to the President on Infrastructure and the Head of the Special Economic Zone Agency.
In essence, a Special Economic Zone provides for an “investor to enjoy exemptions or reductions, either permanently or temporarily, in a degressive or non-degressive manner, with or without the possibility of renewal or extension, on direct or indirect taxes, domestic duties and taxes, national, provincial and municipal royalties, import or export duties payable in Democratic Republic of Congo”.
AVZ as the developer of the SEZ, would be eligible to additional benefits from the Congolese Government as opposed to being purely an investor in the SEZ.
AVZ intends to secure the services of a suitably qualified manager to run the SEZ under contract which will be a joint venture between the Government, a financier, a manager and AVZ. Further terms for this joint venture will be discussed.
The MoU has a 12-month term and can be terminated in the event of non-performance by either party. Within four months of executing the MoU, AVZ will commit to defining and delineating the geographical area of the “Manono Special Economic Zone”.
The defined geographical area will initially include all essential infrastructure such as water, power (the Mpiana Mwanga hydro facility) and roads including the Manono Lithium and Tin Project licences (PR13359, PR4029 and PR4030) to facilitate a successful mining operation.
Read: AVZ Minerals DFS study expected end-March
A special workshop including the respective government representatives, has been organised in March to address these matters, including the framework for development and satisfaction of all conditions for the SEZ.
Under the MoU, the Ministry of Industry of the DRC commits to:
- Grant all necessary legal authorisation for the completion of the SEZ;
- Make all relevant information available to AVZ and facilitate team missions;
- Engage with AVZ in a Public Private Partnership; and
- Support AVZ in its administrative process to develop basic infrastructure including the Mpiana Mwanga hydroelectric power plant, communication channels (Roads, Rail, lake transport, etc.) that would contribute to the promotion of the industrialisation in the Manono SEZ and, in particular, to that of the lithium industry in the DRC.
At the signing of the Memorandum of Understanding, the Minister for Industry, the Honourable Minister Julien Paluku, stated: “Industry must now be a factor of stability and peace with the creation of wealth and jobs…” because “we intend to change the perception and transform this ‘triangle’ into a ‘triangle’ of industrialisation that will result in job creation…”
Ferguson said: “AVZ is very much onboard with the redevelopment of the province to allow what was once a bustling industrial and mining community to again be allowed to shine through direct investment in infrastructure, job creation and the education of its residents on the back of the Manono Lithium and Tin Project being commissioned.”
JAG
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TheCount
Regular
Samus
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Spikerama
Regular
Spikerama
Regular
New times and two versions of this up in the Assets Thread now.
thestockexchange.com.au
AVZ Assets for Social Media Campaign
Hi everyone. As requested here is a thread that will contain all the links to the assets I have been creating. Feel free to use them throughout social media whenever and whereever you see an opportunity. If I can make one suggestion it is if you are going to screen shot them and post the image...
thestockexchange.com.au
Attachments
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MoneyBags1348
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Getting sick of corrupt Chinese mining companies continuing to get to away with bribing, lying, extorting and trying to blackmail their way into owning projects in the DRC.
The Chinese embassy insulting and denouncing the Inspector General of Finance saying his report is not credible
Chinese ambassadors photographed shaking hands and doing deals with DRC politicians
Meanwhile….
Over the last 6 years in the DRC, AVZ Minerals has carried out Soil Sampling, Field Mapping, Consulting, Drilling, Metallurgical Testing, Completing a FEED Study, Environmental Study and Impact Assessment Reports including Groundwater Management, a 160 page Definitive Feasibility Study, a SEZ Agreement, Tendering for Mining Infrastructure, Legally Obtaining and Paying For an Increased Share of Dathcom, Obtaining Several Offtake Agreements for both Lithium and Tin, Raising Capital, Negotiating Funding with Pan African DFI’s and a Funding and Offtake Agreement with CATH, Presenting at the Battery Minerals Conference, Legally Fulfilling all Requirements to Obtain the Mining License, Including Receiving the Ministerial Decree to Award the Mining License and producing an 85 page Sustainability Report, Spending millions of dollars and Supporting the Local Community….
AVZ Minerals 85 page Sustainability Report made the following commitments to the DRC Government and people
1. Environmental and Social Governance (ESG)
2. Commitment to socio - economic benefits
3. Preserving environmental values
4. Providing a transparent and ethical supply chain
5. Ending poverty
6. Improving health and education
7. Reducing inequality
8. Contributing to economic growth
9. Minimising greenhouse gas emissions
10. Preserving biodiversity
11. Restoring the Mpiana Mwanga Power Plant
12. Supplying energy to local communities
13. Making a positive contribution to the lives of people in the region
14. Including direct and indirect employment opportunities
15. Leaving a positive legacy for future generations
16. Maintaining a strong sense of loyalty
State owned mining company Cominiere caught fraudulently selling its shares to Chinese company Zigin by the Inspector General of Finance resulting in the Director General and Technical Director of Cominiere being charged.
The Chinese embassy insulting and denouncing the Inspector General of Finance saying his report is not credible
Chinese ambassadors photographed shaking hands and doing deals with DRC politicians
Meanwhile….
Over the last 6 years in the DRC, AVZ Minerals has carried out Soil Sampling, Field Mapping, Consulting, Drilling, Metallurgical Testing, Completing a FEED Study, Environmental Study and Impact Assessment Reports including Groundwater Management, a 160 page Definitive Feasibility Study, a SEZ Agreement, Tendering for Mining Infrastructure, Legally Obtaining and Paying For an Increased Share of Dathcom, Obtaining Several Offtake Agreements for both Lithium and Tin, Raising Capital, Negotiating Funding with Pan African DFI’s and a Funding and Offtake Agreement with CATH, Presenting at the Battery Minerals Conference, Legally Fulfilling all Requirements to Obtain the Mining License, Including Receiving the Ministerial Decree to Award the Mining License and producing an 85 page Sustainability Report, Spending millions of dollars and Supporting the Local Community….
AVZ Minerals 85 page Sustainability Report made the following commitments to the DRC Government and people
1. Environmental and Social Governance (ESG)
2. Commitment to socio - economic benefits
3. Preserving environmental values
4. Providing a transparent and ethical supply chain
5. Ending poverty
6. Improving health and education
7. Reducing inequality
8. Contributing to economic growth
9. Minimising greenhouse gas emissions
10. Preserving biodiversity
11. Restoring the Mpiana Mwanga Power Plant
12. Supplying energy to local communities
13. Making a positive contribution to the lives of people in the region
14. Including direct and indirect employment opportunities
15. Leaving a positive legacy for future generations
16. Maintaining a strong sense of loyalty
State owned mining company Cominiere caught fraudulently selling its shares to Chinese company Zigin by the Inspector General of Finance resulting in the Director General and Technical Director of Cominiere being charged.
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Mute22
Regular
Is this absolute muppet saying what I think he is that it was AVZ who engaged in corruption? What an effeing joke.
Chinese know no shame in bribing journalists do they?
MoneyBags1348
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DON’T FORGET TO SIGN UP FOR THE DRC MINING CORRUPTION
WEEK EVENTS IN
JUNE AND SEPTEMBER
ORGANISED BY THE VUKA GROUP
WEEK EVENTS IN
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ORGANISED BY THE VUKA GROUP
MoneyBags1348
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WHO WILL YOU BE VOTING FOR IN THIS YEARS DRC - CHINESE ELECTIONS
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