AVZ Discussion 2022
- Thread starter GazDix
- Start date
From the announcement:
The broader Cominière Abritration Proceedings before the ICC also relates to Cominière’s purported, but in AVZ’s view unlawful transfer of 15% of its shares in Dathcom, to a third party (Jin Cheng Mining Company Limited, a subsidiary of Zijin Mining Group Company Limited), in breach of AVZ’s preemption right.
Hey everyone, the recent legal victory was because Cominiere had tried to terminate the JV. AVZ took them straight to the ICC over that.
The ICC to their credit delivered a very prompt verdict. I believe this was only lodged a month ago or less.
Love how Cominiere have to pay legal expenses. That’s going to hurt hahaha
The ICC to their credit delivered a very prompt verdict. I believe this was only lodged a month ago or less.
Love how Cominiere have to pay legal expenses. That’s going to hurt hahaha
Xerof
Flaming 1967
JMO, but the 17 April announcement says this:
So, it seems the broader COMINIERE case has 2 parts, an injunction before a full hearing to stop COMINIERE from acting on their intentions to terminate the JVA, and secondly to reverse the sale of the 15%
I think this means we now have 2 ICC cases relating to Jin Cheng 15% - they have taken AVZ etc to ICC, and AVZI/DATHCOM etc have recently taken COMINIERE to ICC
Kunts
Kunt
So, it seems the broader COMINIERE case has 2 parts, an injunction before a full hearing to stop COMINIERE from acting on their intentions to terminate the JVA, and secondly to reverse the sale of the 15%
I think this means we now have 2 ICC cases relating to Jin Cheng 15% - they have taken AVZ etc to ICC, and AVZI/DATHCOM etc have recently taken COMINIERE to ICC
Kunts
Kunt
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Sparrowhawk12
Regular
Yes, thanks, BUT, is that ICC case the one that Jin Cheng (Zijin) bought to the ICC (supported by Cominiere) ???
Xerof
Flaming 1967
No
So, for me the outcomes will be something like this:
July ICC Jin v AVZ - piss off Jin, you have no right to take us to ICC, as you are not part of the JVA
Next case - AVZ vs COMINIERE - you silly buggers, we have ROFR
This move on 17 April is AVZ taking a front foot approach IMO
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cruiser51
Top 20
50 mins ago – 10.40AM
Morgan Stanley believes lithium markets have hit a turning point following a five-month sell-off that caused prices of the battery material in China to plunge 70 per cent.
The broker noted that China carbonate prices have bounced 30 per cent from their lows, and hydroxide prices have rebounded by 20 per cent. But while lithium chemicals are gaining, the spodumene concentrate price has continued its downward trajectory, now at $US4050 a tonne.
Spodumene concentrate prices continue to fall. The New York Times
However, the broker noted sentiment in the market was improving given midstream inventories had fallen and actual supply growth had disappointed so far this year.
“The turning point in lithium markets? Yes, it looks like that for now at least,” said Marius van Straaten, commodities strategist at Morgan Stanley.
“Although China’s electric vehicle sales and battery production are back in growth mode after a lacklustre start of the year, cathode and battery cell producers are still not fully back buying in the spot market, but sentiment is clearly improving, and their lithium inventories appear to have eroded.”
Morgan Stanley said it expected the recently oversupplied lithium market to become tighter again for the remainder of this year.
The broker sees upside risk to its second half base case forecast of an average China lithium carbonate price of $US25/kg.
Lithium markets at a ‘turning point’: Morgan Stanley
Alex GluyasMorgan Stanley believes lithium markets have hit a turning point following a five-month sell-off that caused prices of the battery material in China to plunge 70 per cent.
The broker noted that China carbonate prices have bounced 30 per cent from their lows, and hydroxide prices have rebounded by 20 per cent. But while lithium chemicals are gaining, the spodumene concentrate price has continued its downward trajectory, now at $US4050 a tonne.
Spodumene concentrate prices continue to fall. The New York Times
However, the broker noted sentiment in the market was improving given midstream inventories had fallen and actual supply growth had disappointed so far this year.
“The turning point in lithium markets? Yes, it looks like that for now at least,” said Marius van Straaten, commodities strategist at Morgan Stanley.
“Although China’s electric vehicle sales and battery production are back in growth mode after a lacklustre start of the year, cathode and battery cell producers are still not fully back buying in the spot market, but sentiment is clearly improving, and their lithium inventories appear to have eroded.”
Morgan Stanley said it expected the recently oversupplied lithium market to become tighter again for the remainder of this year.
The broker sees upside risk to its second half base case forecast of an average China lithium carbonate price of $US25/kg.
Sparrow, this is a huge battle win for AVZ in this long drawn out war
ICC are basically saying to Cominiere that any attempts to follow thru with their actions ( termination of Dathcom JV ) plus 15% transfer to Zijin, will result in them getting punished 50k a day until final deliberations are made by ICC.
Cominiere also has to pay emergency court costs as a result.
Its a BIG FUCK YOU and more than likely precedence to a big AVZ win down the track.
Over to you Felix .............get some common sense together ASAP before your country gets even more embarrassed via the international community!!
Kudos to the AVZ bod !
imo
Remember from the company's "Arbitration Proceedings Update and Interim Financial Report Clarification" in March 2023, it says:
"AVZI remains of the view that its jurisdictional challenge will be successful, which will affirm that Jin Cheng does not have the right to instigate the ICC arbitration proceedings against AVZI under the Dathcom Joint Venture Agreement (JVA), since it is not a party to the Dathcom JVA. An award on jurisdiction can reasonably be expected to be handed down mid-2023.
It should be noted that this does not finally determine whether the sale of shares from Cominière to Jin Cheng was effective, which will remain to be determined in separate proceedings."
The case AVZ vs Cominiere also includes broader proceedings relating to unlawful 15% transfer of Cominiere's shares in Dathcom to Zijin. This is how I understand. These proceedings would determine if the transfer is null.
Bravo！What implications would this have on the Cominiere VS MMCS case?
cruiser51
Top 20
The ICC statement re Cominière, a DRC state company, whose actions are overseen by its MoP, must be an embarrassment for the DRC Government.
One must wonder if FT and Zijin wish to go to the end after this first verdict.
In this case 90% of court costs are allocated to Cominière.
I wonder how much money Cominière has in the kitty.
Maybe CKK has to go around his colleagues with the tin.
I saw somewhere that Jules has put a block on certain bank accounts.
Maybe the brown paper bags are still stored under the bed.
One must wonder if FT and Zijin wish to go to the end after this first verdict.
In this case 90% of court costs are allocated to Cominière.
I wonder how much money Cominière has in the kitty.
Maybe CKK has to go around his colleagues with the tin.
I saw somewhere that Jules has put a block on certain bank accounts.
Maybe the brown paper bags are still stored under the bed.
Hi Charbella
I think the MMCS vs Cominiere case is done, and outcome is pending.
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Cheers
F
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Well not much really i would of thought, MMCS dont have a case one would think, Cominiere will get a win there which is important, cause they need that to provide DRC govt their 10% share of Dathcom as per previous agreement.
imo
Xerof
Flaming 1967
Yeah, whilst the ICC only slapped the injunction on the JVA part of the broader case, NOT anything (directly) to do with the 15%, and NOT even a final ruling on the JVA bit, you would have to think this will not be seen as generally good news for MoP and China
Maybe:
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Yeah, whilst the ICC only slapped the injunction on the JVA part of the broader case, NOT anything (directly) to do with the 15%, and NOT even a final ruling on the JVA bit, you would have to think this will not be seen as generally good news for MoP and China
Maybe:
Winenut
GO AVZ!!!!
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Winenut
GO AVZ!!!!
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