AVZ Discussion 2022

[BEISHA]

Chinese contract, the IGF report paves the way for the rebalancing of interests between the two parties

View attachment 37442

It all started with the damning revelations of the General Inspectorate of Finance (IGF) in its final conclusions of the audit report commissioned by President Félix Tshisekedi on the agreement signed in 2008 between Gécamines and the Group of Chinese companies (GEC), which gave rise to the creation of the Sicomines joint venture.

This report has identified several imbalances that have left no one indifferent on the low income collected by the Government of the Democratic Republic of Congo while the country is the main actor of this collaboration agreement.

According to the IGF, the Congolese state has only benefited from 800 million dollars out of revenues estimated at 10 billion dollars in the operation of SICOMINES.

The IGF also noted several irregularities in this Chinese contract, in particular what it describes as the arbitrary, discriminatory and illegal nature of the fixing as well as the distribution of the share capital undervalued at 100 million USD at the rate of 68% of the shares for the GEC and 32% for the Gécamines group, while article 2 of law n°77/027 of 11/11/1977 specifies that foreign natural or legal persons cannot hold more than 60% of the share capital .

To this end, the IGF pleaded with the competent authorities, in particular the President of the Republic, Félix Tshisekedi, to obtain the revisitation of this contract which caused losses of several million USD for the Congolese Public Treasury.

During the 91ᵉ meeting of the Council of Ministers held on Friday March 17, 2023 in Kinshasa, the President of the Republic, Félix Tshisekedi, had responded favorably to the request of the General Inspectorate of Finance on the revisitation of the collaboration agreement between the Chinese companies and the Congolese government.

Among the motivations that led to this position, Félix-Antoine Tshisekedi mentions cases of non-compliance with the provisions of the contract, non-performance of contractual commitments and subjectivity in certain acts taken by the parties.

To reach this decision, the experts of the Congolese Government, led by the Chief of Staff of the President of the Republic, the sectoral Ministers and the non-governmental organizations and the Chinese party, found themselves around a table on March 22, 2023. Objective: to shed light on this question.

The communication services of the General Inspectorate of Finance had informed that this meeting between the two parties was an opportunity for the IGF to present the conclusions of its investigations and the Chinese party to present its means of defence.

For his first State visit to the People's Republic of China, the President of the Republic, Félix Tshisekedi, and his Chinese counterpart, Xi Jinping have agreed to further promote and carefully preserve the partnership.

"They announced the elevation of Sino-Congolese relations to the level of comprehensive cooperation and strategic partnership, in order to further consolidate political mutual trust, deepen and expand cooperation in various fields", informs the final communiqué sanctioning the meeting between the two Heads of State.

With regard to the discussions initiated, the two parties decided to "maintain consultation and revitalize the China-DRC Joint Economic and Trade Cooperation Commission, an appropriate framework for defining, monitoring and guiding bilateral cooperation, to move forward together global cooperation and strategic partnership”.

It should be recognized that China is an essential economic partner of the Democratic Republic of Congo.

In the first quarter of 2022, the trade balance between China and the DRC was valued at 5.6 billion USD.

For all these reasons, the two States preferred to preserve the achievements of their cooperation and work on adjusting what needs to be improved.

mediacongo

Where is the mention of MANONO regards to IGF ? Never the less, a promising development if true!

BTW Frank.......i sent you a PM ...

 

[ptlas]

Chinese contract, the IGF report paves the way for the rebalancing of interests between the two parties

View attachment 37442

It all started with the damning revelations of the General Inspectorate of Finance (IGF) in its final conclusions of the audit report commissioned by President Félix Tshisekedi on the agreement signed in 2008 between Gécamines and the Group of Chinese companies (GEC), which gave rise to the creation of the Sicomines joint venture.

This report has identified several imbalances that have left no one indifferent on the low income collected by the Government of the Democratic Republic of Congo while the country is the main actor of this collaboration agreement.

According to the IGF, the Congolese state has only benefited from 800 million dollars out of revenues estimated at 10 billion dollars in the operation of SICOMINES.

The IGF also noted several irregularities in this Chinese contract, in particular what it describes as the arbitrary, discriminatory and illegal nature of the fixing as well as the distribution of the share capital undervalued at 100 million USD at the rate of 68% of the shares for the GEC and 32% for the Gécamines group, while article 2 of law n°77/027 of 11/11/1977 specifies that foreign natural or legal persons cannot hold more than 60% of the share capital .

To this end, the IGF pleaded with the competent authorities, in particular the President of the Republic, Félix Tshisekedi, to obtain the revisitation of this contract which caused losses of several million USD for the Congolese Public Treasury.

During the 91ᵉ meeting of the Council of Ministers held on Friday March 17, 2023 in Kinshasa, the President of the Republic, Félix Tshisekedi, had responded favorably to the request of the General Inspectorate of Finance on the revisitation of the collaboration agreement between the Chinese companies and the Congolese government.

Among the motivations that led to this position, Félix-Antoine Tshisekedi mentions cases of non-compliance with the provisions of the contract, non-performance of contractual commitments and subjectivity in certain acts taken by the parties.

To reach this decision, the experts of the Congolese Government, led by the Chief of Staff of the President of the Republic, the sectoral Ministers and the non-governmental organizations and the Chinese party, found themselves around a table on March 22, 2023. Objective: to shed light on this question.

The communication services of the General Inspectorate of Finance had informed that this meeting between the two parties was an opportunity for the IGF to present the conclusions of its investigations and the Chinese party to present its means of defence.

For his first State visit to the People's Republic of China, the President of the Republic, Félix Tshisekedi, and his Chinese counterpart, Xi Jinping have agreed to further promote and carefully preserve the partnership.

"They announced the elevation of Sino-Congolese relations to the level of comprehensive cooperation and strategic partnership, in order to further consolidate political mutual trust, deepen and expand cooperation in various fields", informs the final communiqué sanctioning the meeting between the two Heads of State.

With regard to the discussions initiated, the two parties decided to "maintain consultation and revitalize the China-DRC Joint Economic and Trade Cooperation Commission, an appropriate framework for defining, monitoring and guiding bilateral cooperation, to move forward together global cooperation and strategic partnership”.

It should be recognized that China is an essential economic partner of the Democratic Republic of Congo.

In the first quarter of 2022, the trade balance between China and the DRC was valued at 5.6 billion USD.

For all these reasons, the two States preferred to preserve the achievements of their cooperation and work on adjusting what needs to be improved.

mediacongo

"..maintain consultation..."
Says it all really, Your excellency.

 

[Frank]

 

[Frank]

 

[Frank]

"..maintain consultation..."
Says it all really, Your excellency.

 

[Frank]

 

[Winenut]

Well put your head between your legs and kiss your arse goodbye....

Just when you thought Chinese intereference in the DRC couldn't get any worse FT decides to double down

Nothing like having a hand in creating a clusterfuck of epic proportions for your people

I have never been less confident of a decent outcome for AVZ than after reading all the material about FT's visit to the great corruptors

Fuck me

 

[cruiser51]

China insists on respecting signed contracts.........​

Chinese companies should abide by Congo's laws and regulations.....

No disrespect to our amazing @Frank , but this is the only article that gives me some hope that AVZ maybe respected in our ongoing shit storm to obtain a ML for Manono , if it can be believed....

The rest of the info i am reading just indicates that FT is strengthening ties with China , which kind of makes me ill and points to what Professor Lumumba is fearing for the future of Africa and indeed DRC ......




I agree Professor...........fuckn PISS WEAK !!!


imo

I'm afraid that Felix was summoned to Beijing and kindly explained who controls the strings of his purse with compliments, a kiss and a free meal from Xi.

Professor Lumumba's lecture says it all.

50 years ago, as a young traveller, in Nairobi, I was asked, while on the way to my plane to Zürich, if I had any Kenyan shillings left. They were confiscated and I was given a receipt, so I could claim the money back from the Kenyan embassy on arrival at my destination. No alternative possibility to change the money, or to buy goods in the shops at the airport was allowed.
Always travelled with a bundle of small denominations of US dollars (small, because handy and very less chance of counterfeits) in those days.

That was Africa half a century ago, if you listen to professor Lumumba's lecture, not a lot has changed, other than today I always travel with some Visa cards and a smaller bundle of US dollars for cash on my travels.

It is a thirsty affair to travel without being able to buy a beer.

 

[Dazmac66]

Every country that has an IT department is banning Huawei but the DRC is wanting them to deck out their government offices with state of the art bugging equipment! I am at the stage where I don't give a rats arse what these idiots do or say.They are obviously on a different level of cognitive development. Would be much better for our collective mental health to switch this shit off and wait for the announcements to come from AVZ - good or bad.

 

[cruiser51]

Every country that has an IT department is banning Huawei but the DRC is wanting them to deck out their government offices with state of the art bugging equipment! I am at the stage where I don't give a rats arse what these idiots do or say.They are obviously on a different level of cognitive development. Would be much better for our collective mental health to switch this shit off and wait for the announcements to come from AVZ - good or bad.

There is not much choice, if China pays the bills mate.
Beggars can't be choosers.

It is the reason Felix would be smart to mine the Manono lithium with AVZ.
I would be completely gobsmacked, if these thoughts don't cross Felix's mind after his Beijing jolly.

 

[Remark]

View attachment 37448
Well put your head between your legs and kiss your arse goodbye....

Just when you thought Chinese intereference in the DRC couldn't get any worse FT decides to double down

Nothing like having a hand in creating a clusterfuck of epic proportions for your people

I have never been less confident of a decent outcome for AVZ than after reading all the material about FT's visit to the great corruptors

Fuck me

"I have never been less confident of a decent outcome for AVZ than after reading all the material about FT's visit to the great corruptors.."

Same here, I've pretty much written off my investment in AVZ. I used to be an optimist, now full of suspicion & cynicism.

FT appears weak & only concerned with his own re-election. "Show me proof of corruption & I will act" - someone give Felix a mirror.

 

[Flight996]

The DRC enters the digital age:

The president of the DRC, Félix Tshisekedi announced the successful launch of the DRC's first sattelite, and it's entry into the digital age. A Chinese spokesperson said it was a weather barroon, and western nations should stop interfering in the internal affairs of its colonies.

 

[MoneyBags1348]

Those shareholders who have lost faith can take one last action if you want. It wouldn't be hard. As I've stated time and time again, THE DRC MINING WEEK EVENT sponsored by THE VUKA GROUP is taking place in a little over two weeks. They are advertising the event on Facebook, YouTube, Twitter and LinkedIn.

All you have to do to create an account on these platforms is create an email address and post a simple message which is honest and respectful and later links could be added regarding quotes from the IGF and other info

All terminology used below is legally applicable and the simple message could read as follows....

Read the AVZ story before you invest in the DRC Mining Sector. Australian mining company AVZ Minerals has spent 6 years and millions of dollars developing the Manono Lithium Project, only to have it's Mining License and ownership taken away by the fraudulent and illegal actions of DRC state owned Cominiere and Chinese mining company Zijin Mining.

Read the report by Jules Alingete (the DRC Inspector General of Finance) on how Cominiere embezzled the Manono project to Zijin by illegally selling shares valued at $150 million for $33 million, including payments which are unable to be traced.

AVZ Minerals followed the DRC Mining Code, satisfied all approvals including Environmental Approval; Proof of Financial Capability; Favourable Cadastral Opinion; and Favourable Technical Opinion of the DFS. The Ministerial Decree to award the Mining License was granted in May last year, but due to the Corruption by Cominiere and Zijin, outlined in the Inspector General of Finance's Report, the Mining License has been denied and AVZ Minerals has been removed from the tenement site on the CAMI Portal.

Chinese mining company Zijin and Cominiere's corrupt actions are ongoing and more than a year after this fraud has taken place AVZ Minerals is awaiting arbitration in the ICC due this July.


@TDITD @The Fox @Sparrowhawk12 @Frank and anyone else on Twitter or the above platforms can make a difference by simply posting the above comments

 

[geo_au]

I'm not giving up yet as Felix told the chinese there are other investors besides them.

 

[Winenut]

I'm not giving up yet as Felix told the chinese there are other investors besides them.

ahhhh.....that'll do it

I have nothing at all to worry about now

 

[whales]

I'm not giving up yet as Felix told the chinese there are other investors besides them.

certainly appears Felix is waiting on ICC arbitration outcome to justify his next move.
True politician
Secure his position at next election .
What is going on with MMCS as if and big if .
Comminiere would have 10% to cede to the government and this could open the door for action on ML

 

[tonster66]

A bit more than china!

DRC: UK announces new humanitarian aid programme focused on urgent needs in eastern DRC

RDC: le Royaume-uni annonce un nouveau programme d’aide humanitaire axé sur les besoins urgents dans l’Est du pays

Le Royaume-uni lance nouveau programme humanitaire britannique, d'une valeur de 26 millions de dollars cette année. La nouvelle initiative se concentrera sur les besoins urgents dans l'est de la République démocratique du Congo (RDC).

actualite.cd

 

[Remark]

I'm thinking this could definitely be a growth industry.

https://www.made-in-china.com/manufacturers/paper-bag.html

 

[wombat74]

"I have never been less confident of a decent outcome for AVZ than after reading all the material about FT's visit to the great corruptors.."

Same here, I've pretty much written off my investment in AVZ. I used to be an optimist, now full of suspicion & cynicism.

FT appears weak & only concerned with his own re-election. "Show me proof of corruption & I will act" - someone give Felix a mirror.

The frustration in this whole saga is not knowing either way . If we are out then so be it . We can move on before the AVZ Team spend every last penny of our money wandering around in the DRC wilderness blowing smoke up the Share Holder's arse with fairytales of righteousness and determination as the company nose dives into oblivion . If Felix wont touch this before the election it means he's going to f--k us after the election . IMO

 

[Flight996]

Those shareholders who have lost faith can take one last action if you want. It wouldn't be hard. As I've stated time and time again, THE DRC MINING WEEK EVENT sponsored by THE VUKA GROUP is taking place in a little over two weeks. They are advertising the event on Facebook, YouTube, Twitter and LinkedIn.

View attachment 37449

All you have to do to create an account on these platforms is create an email address and post a simple message which is honest and respectful and later links could be added regarding quotes from the IGF and other info

All terminology used below is legally applicable and the simple message could read as follows....

Read the AVZ story before you invest in the DRC Mining Sector. Australian mining company AVZ Minerals spent 6 years and millions of dollars developing the Manono Lithium Project, only to have it's Mining License and ownership taken away by the fraudulent and illegal actions of DRC state owned Cominiere and Chinese mining company Zijin Mining.

Read the report by Jules Alingete (the DRC Inspector General of Finance) on how Cominiere embezzled the Manono project to Zijin by illegally selling shares valued at $150 million for $33 million, including payments which are unable to be traced.

AVZ Minerals followed the DRC Mining Code, satisfied all approvals including Environmental Approval; Proof of Financial Capability; Favourable Cadastral Opinion; and Favourable Technical Opinion of the DFS. The Ministerial Decree to award the Mining License was granted in May last year, but due to the Corruption by Cominiere and Zijin, outlined in the Inspector General of Finance's Report, the Mining License has been denied and AVZ Minerals has been removed from the tenement site on the CAMI Portal.

Chinese mining company Zijin and Cominiere's corrupt actions are ongoing and more than a year after this fraud has taken place AVZ Minerals is awaiting arbitration in the ICC due this July.


@TDITD @The Fox @Sparrowhawk12 @Frank and anyone else on Twitter or the above platforms can make a difference by simply posting the above comments

That's pretty well written MB.

I like that it's factual and unemotive (I think that's a word).

Good work.

Cheers