AVZ Discussion 2022

[Dijon101]

Lets see if I understand this correctly.

The merging of the 3 cases was just another last ditch delaying tactic which was rejected.

The first ICC case is to even see if Jin Cheng is even part of the JV . If found in our favour, the next 2 cases get thrown out ??

Edit: I'll just go back and read your post Carlos.

 

[Carlos Danger]

Lets see if I understand this correctly.

The merging of the 3 cases was just another last ditch delaying tactic which was rejected.

The first ICC case is to even see if Jin Cheng is even part of the JV . If found in our favour, the next 2 cases get thrown out ??

Edit: I'll just go back and read your post Carlos.

The Cominiere case brought by AVZ would still remain. But the Zijin case to be recognised in Dathcom would not proceed and the damages claim by Zijin and Cominiere would not have any basis to continue as a dual action. But it's possible Zijin could withdraw and leave Cominiere seeking damages alone.

 

[Doc]

It's been a long road to get here so here is a recap of how we arrived at this point for those unsure of the facts of the case

It all started back on October 2 2019 when AVZ approached the former MoP (not the green lady) about his opinion on us purchasing the 15% of Dathcom from Cominiere. Note this offer was made before the DFS so the market value was unknown at the time.

View attachment 46246

This was his response on February 18 2020. Note his reference to the DFS being completed before the sale and the DRC government's intent to hold a working session to determine this matter.

View attachment 46247

Fast forward to July 21 2021 and AVZ are contacted by Cominiere about giving an opinion on an offer they have received from Zijin for the 15%. They also ask us for an advance on dividends which can only be described as batshit insane. Crucially no price for the proposed acquisition is given by Cominiere despite market value now being known from the DFS which was released in April 2020.

View attachment 46248
View attachment 46249

Here is AVZ's response through our lawyers on August 4th 2021 to Cominiere's request for an opinion on Zijin buying 15% of Dathcom. Note the reference to the MoP letter from February 2020. Crucially this was sent to Cominiere within the 40 day window outlined in Article 9.1 (b) of the Dathcom JVA. Cominiere never responded to this letter.

View attachment 46250
View attachment 46251
View attachment 46252
View attachment 46253
View attachment 46254

After the 40 days expired the purported acquisition by Jin Cheng was approved and registered in the RCCM. AVZ was never given the opportunity to execute it's pre-emptive right. AVZ submitted its offer to the DRC government for the 15% after the 40 days had expired. This was done at the market value established in the DFS.

Finally in mid 2022 the DRC's financial watchdog completed its investigation into the purported sale. This was released to the public in December 2022. The findings were damning for Zijin, Cominiere and the new MoP. Most egregious was the price of 33.4m USD which was below the market value established in the DFS which resulted in a loss of revenue for the DRC of 120.7m USD. in early 2023 an audio was released of Zijin and CKK discussing extra personal payments to facilitate this sale.

View attachment 46255

Patriotism 101 is don't rat fuck your own people by taking a bribe from foreigners for personal gain. This is also being considered by the ICC as the original hearing in July was pushed back to this week so Zijin could have time to respond to AVZ allegations in court that the purported sale from Cominiere to Zijin was also tainted by corruption.

I'm no big city fancy lawyer but my opinion is that Zijin are completely fucked

Cant believe they refused an otter!

 

[Cumquat Cap]

Open and shut case, would love to know if any negotiations are going on in the background, bring on the weekend where hopefully we get some feedback as to how proceedings went - fuck Zijin those rat fucks

 

[TheCount]

It's been a long road to get here so here is a recap of how we arrived at this point for those unsure of the facts of the case

It all started back on October 2 2019 when AVZ approached the former MoP (not the green lady) about his opinion on us purchasing the 15% of Dathcom from Cominiere. Note this offer was made before the DFS so the market value was unknown at the time.

View attachment 46246

This was his response on February 18 2020. Note his reference to the DFS being completed before the sale and the DRC government's intent to hold a working session to determine this matter.

View attachment 46247

Fast forward to July 21 2021 and AVZ are contacted by Cominiere about giving an opinion on an offer they have received from Zijin for the 15%. They also ask us for an advance on dividends which can only be described as batshit insane. Crucially no price for the proposed acquisition is given by Cominiere despite market value now being known from the DFS which was released in April 2020.

View attachment 46248
View attachment 46249

Here is AVZ's response through our lawyers on August 4th 2021 to Cominiere's request for an opinion on Zijin buying 15% of Dathcom. Note the reference to the MoP letter from February 2020. Crucially this was sent to Cominiere within the 40 day window outlined in Article 9.1 (b) of the Dathcom JVA. Cominiere never responded to this letter.

View attachment 46250
View attachment 46251
View attachment 46252
View attachment 46253
View attachment 46254

After the 40 days expired the purported acquisition by Jin Cheng was approved and registered in the RCCM. AVZ was never given the opportunity to execute it's pre-emptive right. AVZ submitted its offer to the DRC government for the 15% after the 40 days had expired. This was done at the market value established in the DFS.

Finally in mid 2022 the DRC's financial watchdog completed its investigation into the purported sale. This was released to the public in December 2022. The findings were damning for Zijin, Cominiere and the new MoP. Most egregious was the price of 33.4m USD which was below the market value established in the DFS which resulted in a loss of revenue for the DRC of 120.7m USD. in early 2023 an audio was released of Zijin and CKK discussing extra personal payments to facilitate this sale.

View attachment 46255

Patriotism 101 is don't rat fuck your own people by taking a bribe from foreigners for personal gain. This is also being considered by the ICC as the original hearing in July was pushed back to this week so Zijin could have time to respond to AVZ allegations in court that the purported sale from Cominiere to Zijin was also tainted by corruption.

I'm no big city fancy lawyer but my opinion is that Zijin are completely fucked

And the Addendum to that is only $6M has been physically paid by Zijin.
TC.

 

[Carlos Danger]

And the Addendum to that is only $6M has been physically paid by Zijin.
TC.

I thought I had a copy of the original offer from Zijin to Cominiere but I can't find it. From memory it contained a clause for the remainder after the deposit to be paid within 12 months of the completion of the sale. The IGF report was written before this 12 months expired but contains the below summary of how Cominiere used funds received. I'm unsure if the remainder was paid or not but it's possible it was within the time period outlined in the contract. Also possible Zijin are waiting for completion to be confirmed through the ICC but that would leave them on very shaky ground legally.

 

[Cumquat Cap]

That IGF report is awfully damning, thank fuck for Jules and people with a backbone over there

 

[Juba1845]

Legal action is nothing . Mining minister already cancel everything. Cominiere same . What legal action can do? Another company will come and have it . Different name only but same.

 

[Carlos Danger]

Legal action is nothing . Mining minister already cancel everything. Cominiere same . What legal action can do? Another company will come and have it . Different name only but same.

Disputes between shareholders of a JV as a reason for cancellation of a PE is unknown to the DRC mining code. Will look like an awfully silly excuse at the ICSID if AVZ wins the cases at the ICC especially since it was done after the IGF report. But you already know that. Damages of 10b USD and no access to world bank funds should make the MoM follow her own mining code imo

 

[Sammy_da_Smile]

Legal action is nothing . Mining minister already cancel everything. Cominiere same . What legal action can do? Another company will come and have it . Different name only but same.

 

[Strongman]

It's been a long road to get here so here is a recap of how we arrived at this point for those unsure of the facts of the case

It all started back on October 2 2019 when AVZ approached the former MoP (not the green lady) about his opinion on us purchasing the 15% of Dathcom from Cominiere. Note this offer was made before the DFS so the market value was unknown at the time.

View attachment 46246

This was his response on February 18 2020. Note his reference to the DFS being completed before the sale and the DRC government's intent to hold a working session to determine this matter.

View attachment 46247

Fast forward to July 21 2021 and AVZ are contacted by Cominiere about giving an opinion on an offer they have received from Zijin for the 15%. They also ask us for an advance on dividends which can only be described as batshit insane. Crucially no price for the proposed acquisition is given by Cominiere despite market value now being known from the DFS which was released in April 2020.

View attachment 46248
View attachment 46249

Here is AVZ's response through our lawyers on August 4th 2021 to Cominiere's request for an opinion on Zijin buying 15% of Dathcom. Note the reference to the MoP letter from February 2020. Crucially this was sent to Cominiere within the 40 day window outlined in Article 9.1 (b) of the Dathcom JVA. Cominiere never responded to this letter.

View attachment 46250
View attachment 46251
View attachment 46252
View attachment 46253
View attachment 46254

After the 40 days expired the purported acquisition by Jin Cheng was approved and registered in the RCCM. AVZ was never given the opportunity to execute it's pre-emptive right. AVZ submitted its offer to the DRC government for the 15% after the 40 days had expired. This was done at the market value established in the DFS.

Finally in mid 2022 the DRC's financial watchdog completed its investigation into the purported sale. This was released to the public in December 2022. The findings were damning for Zijin, Cominiere and the new MoP. Most egregious was the price of 33.4m USD which was below the market value established in the DFS which resulted in a loss of revenue for the DRC of 120.7m USD. in early 2023 an audio was released of Zijin and CKK discussing extra personal payments to facilitate this sale.

View attachment 46255

Patriotism 101 is don't rat fuck your own people by taking a bribe from foreigners for personal gain. This is also being considered by the ICC as the original hearing in July was pushed back to this week so Zijin could have time to respond to AVZ allegations in court that the purported sale from Cominiere to Zijin was also tainted by corruption.

I'm no big city fancy lawyer but my opinion is that Zijin are completely fucked

Thanks Carlos for putting all that up there. Is clear as day that Zijin and Cominiere dont have a chance in hell of winning. The only caveat to that is the fact we are operating in the DRC and the Chinese not having the checks and balances of a law abiding Australian domiciled public company are quite happy to do anything to win. I dont know anything about the ICC but do hope they are above the brown paper bag tactics that the Chinese employ so successfully in DRC.

 

[Juba1845]

Disputes between shareholders of a JV as a reason for cancellation of a PE is unknown to the DRC mining code. Will look like an awfully silly excuse at the ICSID if AVZ wins the cases at the ICC especially since it was done after the IGF report. But you already know that. Damages of 10b USD and no access to world bank funds should make the MoM follow her own mining code imo

No one will pay anything .World bank will not cut funding for DRC because AVZ. Takes many years to go before legal is finished. AVZ cannot wait that long . Shareholder can't wait that long .

 

[Carlos Danger]

No one will pay anything .World bank will not cut funding for DRC because AVZ. Takes many years to go before legal is finished. AVZ cannot wait that long . Shareholder can't wait that long .

You underestimate the pettiness of the gringos

 

[cruiser51]

Legal action is nothing . Mining minister already cancel everything. Cominiere same . What legal action can do? Another company will come and have it . Different name only but same.

Please go back to school and learn English.

The only good part about your pidgin English is that it has gin in it, the rest just sucks and gives me a headache.

 

[oxxa23]

Legal action is nothing . Mining minister already cancel everything. Cominiere same . What legal action can do? Another company will come and have it . Different name only but same.

i'm not sure i speak on behalf of all shareholders, but, 99.93% of them would be saying "fuck off Juba"

 

[cruiser51]

i'm not sure i speak on behalf of all shareholders, but, 99.93% of them would be saying "fuck off Juba"

I'm still trying to decipher his posts.
I hope Juba doesn't defend Jen Chin for court, it would take fukkin ages.

 

[Remark]

Please go back to school and learn English.

The only good part about your pidgin English is that it has gin in it, the rest just sucks and gives me a headache.

Back to clown school?

Positions are now available.

Circus School | ITVS

Take a rare look into one of China's most treasured commodities — acrobats. Circus School reveals the rigorous physical training students must endure as they prepare for a national competition. | ITVS

itvs.org

 

[cruiser51]

Back to clown school?

Positions are now available.

Circus School | ITVS

Take a rare look into one of China's most treasured commodities — acrobats. Circus School reveals the rigorous physical training students must endure as they prepare for a national competition. | ITVS

itvs.org

SERIES Global Voices
PREMIERE DATE March 18, 2008
LENGTH 60 minutes
FUNDING INITIATIVE International

That makes sense!

 

[Hodlandwin69]

Although juba is a cunt, I'm pretty sure world bank won't cut funding. I feel someone just applied that to this case if they are in breach of iscid, but it's a bit far fetched.
Please correct me as I'm more than happy to be wrong but please provide evidence rather than just shilling copium

 

[Azzler]

Legal action is nothing . Mining minister already cancel everything. Cominiere same . What legal action can do? Another company will come and have it . Different name only but same.

What a moron.