AVZ Discussion 2022
- Thread starter GazDix
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Watch the amazing PR spin come out especially if it’s objectively in avz favour. Let’s see
Misfits
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Iggy bliss
@Doudacus99
Lets see what ICC news is for $AVZ BoD Class Action firming by day!!! If tommy twat tweeted it first then its def not positive for $AVZ Baggies will spin it into something less dire for sure. But our dough is gonski. Lets not wait longer for CA to begin.
2:57 PM · Mar 18, 2024
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David Krappenschitz
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also 'lithiumking' and 'SPECCAPITAL' but the latter deleted their post
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Jags on the vinegar strokes
cruiser51
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Rediah
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I run Android not a lemon! haha. There we go, thanks Rediah.
Go the Pear!
Sounds like we won the jurisdictional challenge woot
(Yicai) March 18 -- The dispute between a unit of Chinese mining giant Zijin Mining and Australia's AVZ Minerals over an unrecognized stake in the Manono lithium-and-tin project in the Democratic Republic of Congo will be heard by a DRC court, rather than the International Chamber of Commerce Court of Arbitration.
The ICC released its decision that it does not have jurisdiction to hear the case between Jincheng Mining and AVZ, Fujian province-based Zijin Mining announced today.
JCM launched an ICC case against AVZ in May 2022 after the Australian company failed to recognize Zijin Mining's purchase of a stake in Dathcom Mining, a joint venture controlled by AVZ which was granted the mining rights to the Manono project by the DRC government.
"This decision does not reflect on the merits of our case, but rather a redirection of legal proceedings," said Chen Chen, Zijin Mining's in-house legal counsel. “It signifies the ICC's inability to hear the matter at this time, which will now be raised in the local legal jurisdiction of the DRC.”
Zijin Mining remains confident in its ability to uphold the rights of all stakeholders involved and to ensure a fair resolution to this dispute through the DRC legal system, the company noted.
The Manono project is one of the world's largest lithium-rich LCT (lithium, cesium, tantalum) pegmatite deposits.
Dathcom was founded in 2016, with AVZ holding 60 percent, DRC government-owned Cominière 25 percent, and Dathomir Mining Resources the remaining 15 percent.
Zijin Mining kicked off negotiations with Cominière in June 2021 to acquire a 15 percent stake in Dathcom. The deal was inked and approved by the local government in November 2021.
However, after Zijin Mining's announcement of the deal, AVZ refused to acknowledge the Chinese company as a shareholder of Dathcom. Therefore, JCM launched an ICC case against AVZ over the validity of the stake it acquired in Dathomir in May 2022.
Will Celestin's wife be preceding over this one too?
David Krappenschitz
Regular
Weren't we hoping for ICC to determine the transfer to Zijin to be null and void? Reads to me that they've just determined they (ICC) don't have jurisdiction over the case and thus deferring it to 'local legal jurisdiction of the DRC' ? Which would be shit given corruption of local courts.Sounds like we won the jurisdictional challenge woot
(Yicai) March 18 -- The dispute between a unit of Chinese mining giant Zijin Mining and Australia's AVZ Minerals over an unrecognized stake in the Manono lithium-and-tin project in the Democratic Republic of Congo will be heard by a DRC court, rather than the International Chamber of Commerce Court of Arbitration.
The ICC released its decision that it does not have jurisdiction to hear the case between Jincheng Mining and AVZ, Fujian province-based Zijin Mining announced today.
JCM launched an ICC case against AVZ in May 2022 after the Australian company failed to recognize Zijin Mining's purchase of a stake in Dathcom Mining, a joint venture controlled by AVZ which was granted the mining rights to the Manono project by the DRC government.
"This decision does not reflect on the merits of our case, but rather a redirection of legal proceedings," said Chen Chen, Zijin Mining's in-house legal counsel. “It signifies the ICC's inability to hear the matter at this time, which will now be raised in the local legal jurisdiction of the DRC.”
Zijin Mining remains confident in its ability to uphold the rights of all stakeholders involved and to ensure a fair resolution to this dispute through the DRC legal system, the company noted.
The Manono project is one of the world's largest lithium-rich LCT (lithium, cesium, tantalum) pegmatite deposits.
Dathcom was founded in 2016, with AVZ holding 60 percent, DRC government-owned Cominière 25 percent, and Dathomir Mining Resources the remaining 15 percent.
Zijin Mining kicked off negotiations with Cominière in June 2021 to acquire a 15 percent stake in Dathcom. The deal was inked and approved by the local government in November 2021.
However, after Zijin Mining's announcement of the deal, AVZ refused to acknowledge the Chinese company as a shareholder of Dathcom. Therefore, JCM launched an ICC case against AVZ over the validity of the stake it acquired in Dathomir in May 2022.
But idk I lose track of all the various disputes
I was just looking through it again and I think it's a bit of this..
I think if you go by the law then not having jurisdiction means that Zijin don't have a share in Dathcom which is an absolute positive.
However...the fallback position seems to be DRC courts...which if worked properly would carry on the verdict from ICC implying that they're not a part of Dathcom..but well..its DRC..so.......another shitfight...??
Also reading between the lines, if they end up winning in DRC courts, sounds like ICC still won't ultimately acknowledge their participation in Dathcom anyway?
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