AVZ Discussion 2022

[geo_au]

ICC Tribunal Decision Against Cominière to Liquidate an Accrued Penalty of €39M and Response to Media Speculation AVZ Minerals Limited (AVZ or Company) is pleased to report that the ICC tribunal, in case ICC No. 27720/SP, has handed down a Partial Award, dated 10 March 2025, in respect of the liquidation of the accrued penalties for Cominière's non-compliance with the emergency orders, and ordered that Cominière pay a penalty of €39,125,000 plus interest (at the French legal interest rate). Click here to read the full announcement. This announcement was authorised for release by the board of directors of AVZ Minerals Limited. For further information, visit www.avzminerals.com.au or you can contact the Company via telephone +61 8 6186 7600 or email admin@avzminerals.com.au

 

[Bray]

While it sounds lavish the part stating essentially “AVZ will come up with a way for it to be paid” doesn’t inspire confidence, because COM. are grubs, insight here from the more experienced would be gooood

 

[Flight996]

AVZ announcement below:

 

[Mute22]

ICC Tribunal Decision Against Cominière to Liquidate an Accrued Penalty of €39M and Response to Media Speculation AVZ Minerals Limited (AVZ or Company) is pleased to report that the ICC tribunal, in case ICC No. 27720/SP, has handed down a Partial Award, dated 10 March 2025, in respect of the liquidation of the accrued penalties for Cominière's non-compliance with the emergency orders, and ordered that Cominière pay a penalty of €39,125,000 plus interest (at the French legal interest rate). Click here to read the full announcement. This announcement was authorised for release by the board of directors of AVZ Minerals Limited. For further information, visit www.avzminerals.com.au or you can contact the Company via telephone +61 8 6186 7600 or email admin@avzminerals.com.au

$39,125,000 Euro equals $67,384,596.25 Australian Dollars (plus interest)

Noice.

 

[Mute22]

AVZ announcement out:

Management very coy, making it sound like ICSID is the way forward keeping the pressure on, as they should.

 

[Exo324]

Does anyone know what this means?

 

[cruiser51]

$39,125,000 Euro equals $67,384,596.25 Australian Dollars (plus interest)

Noice.

 

[wombat74]

$39,125,000 Euro equals $67,384,596.25 Australian Dollars (plus interest)

Noice.

"AVZ will consider what steps it will take in relation to recovery of the penalty."

Any ideas on how we will do this ?

 

[Panther22]

If its commercial interest rates as in Australia its something like 8% plus the rate as determined by central bank.

 

[Spikerama]

Interesting the Counter is way off. I wonder where I went wrong.

 

[Doc]

"AVZ will consider what steps it will take in relation to recovery of the penalty."

Any ideas on how we will do this ?

Well they could let us build a mine and we'll take it out of the taxes to be paid....

 

[Doc]

Interesting the Counter is way off. I wonder where I went wrong.


View attachment 79258

The announcement stated its only a partial penalty

 

[Roon]

View attachment 79255

Does anyone know what this means?

Means that the Com + Zijin ICC case against AVZ, is now a Com + Zijin + Dathomir case against us.

 

[aanti.dumb]

"AVZ will consider what steps it will take in relation to recovery of the penalty."

Any ideas on how we will do this ?

An option is to sell the debt Cominière owes AVZ to a debt collection firm at a discount and use the funds to keep up the fight.

 

[rocknrolla]

Anyone got an understanding on this?

 

[Roon]

An option is to sell the debt Cominière owes AVZ to a debt collection firm at a discount and use the funds to keep up the fight.

I wonder if through the local courts we could get the order enforced through seizure of assets? A certain stake in Manono Lithium springs to mind...

Could make for a useful bargaining chip anyway in future negotiations

 

[cruiser51]

"AVZ will consider what steps it will take in relation to recovery of the penalty."

Any ideas on how we will do this ?

Brown paper bags is the go in the DRC and please don't be silly and deposit it in a DRC bank

 

[oxxa23]

"AVZ will consider what steps it will take in relation to recovery of the penalty."

Any ideas on how we will do this ?

well we assume they've got no cash... only assets.... so legal claim over their manono entitlement... as to what value, farked if i know... my head hurts...

 

[oxxa23]

I wonder if through the local courts we could get the order enforced through seizure of assets? A certain stake in Manono Lithium springs to mind...

Could make for a useful bargaining chip anyway in future negotiations

is there a straight, law abiding local court that you can count on in the DRC?

 

[Roon]

is there a straight, law abiding local court that you can count on in the DRC?

Certainly not the one headed by Mrs Kibeya!