Rechnerhand
Regular
Sorry if this has been already posted before ...
https://subsaharamining.com/drc-out...ough-as-governor-wameso-speaks-in-washington/
Last edited:
AVZ Discussion 2022
- Thread starter GazDix
- Start date
yaseenmeoncebefore
Member
I am delighted to read Kiki's piece on Cominiere's challenges.
It seems that Cominiere's cash flow is under strain as every $$$ they receive is quickly embezzled. Cominiere's financing through equity BCDC was declined. The Bank expressed reservations, particularly regarding the guarantees provided by Manono Lithium. The assets and commitments presented did not offer the necessary assurances regarding repayment capacity.
I suspect this may be partly caused by Zijin being aware of the arbitration against Cominiere and therefore being very hesitant to provide any guarantees in relation to covering Cominiere's liabilities. Obviously Zijin have billions $$$ in assets, but have deliberately structured operations through subsidiaries and joint ventures etc to distance themselves, so that Zijin themselves are not a party to any arbitration, only Cominiere and the DRC government. However, if Zijin then provide security guarantees/assets as collateral for the joint venture, does this open them up to potential repercussions and put these assets at risk? It's a complex arrangement across multiple jurisdictions, but Zijin were sufficiently reluctant to provide guarantees/security for the joint venture to the point where the Cominiere finance failed to get approved.
The way they appear to want to get around it is by using Chinese subcontractors. So Cominiere won't need the funds if Zijin/Manono lithium simply supply the labour. Hence Kiki's comments around excluding local operators with Manono lithium bypassing Congolese labour. I suspect this is the way they will go and simply continue to engage in all manner of corruption, ignoring their own laws and proceed as normal. However, I am glad things might be getting a little harder for them though.
It seems that Cominiere's cash flow is under strain as every $$$ they receive is quickly embezzled. Cominiere's financing through equity BCDC was declined. The Bank expressed reservations, particularly regarding the guarantees provided by Manono Lithium. The assets and commitments presented did not offer the necessary assurances regarding repayment capacity.
I suspect this may be partly caused by Zijin being aware of the arbitration against Cominiere and therefore being very hesitant to provide any guarantees in relation to covering Cominiere's liabilities. Obviously Zijin have billions $$$ in assets, but have deliberately structured operations through subsidiaries and joint ventures etc to distance themselves, so that Zijin themselves are not a party to any arbitration, only Cominiere and the DRC government. However, if Zijin then provide security guarantees/assets as collateral for the joint venture, does this open them up to potential repercussions and put these assets at risk? It's a complex arrangement across multiple jurisdictions, but Zijin were sufficiently reluctant to provide guarantees/security for the joint venture to the point where the Cominiere finance failed to get approved.
The way they appear to want to get around it is by using Chinese subcontractors. So Cominiere won't need the funds if Zijin/Manono lithium simply supply the labour. Hence Kiki's comments around excluding local operators with Manono lithium bypassing Congolese labour. I suspect this is the way they will go and simply continue to engage in all manner of corruption, ignoring their own laws and proceed as normal. However, I am glad things might be getting a little harder for them though.
Point Piper Dealer
Member
Cominere are in financial trouble. Here is the original article directly from them.
cominiere.com
COMINIERE SA : Le Conseil d’Administration fait le point sur les projets stratégiques et la situation financière Le Conseil d’Administration de la COMINIERE SA - COMINIERE SA
s’est réuni le 14 novembre 2025 à Kinshasa, sous la présidence de Madame Lisette Kabanga Tshibwabwa. Cette séance de travail…
cominiere.com
Mr Inappropriate
Regular
English version (copilot)Cominere are in financial trouble. Here is the original article directly from them.
COMINIERE SA : Le Conseil d’Administration fait le point sur les projets stratégiques et la situation financière Le Conseil d’Administration de la COMINIERE SA - COMINIERE SA
s’est réuni le 14 novembre 2025 à Kinshasa, sous la présidence de Madame Lisette Kabanga Tshibwabwa. Cette séance de travail…
---
An agenda focused on major issues
The directors reviewed and approved the minutes of the meeting held on 06 June 2025, before assessing the recommendations made on that occasion. Discussions then turned to the progress of the MITWABA project, the dispute concerning the granting of the energy production and commercialisation certificate to MPIANA‑MWANGA Power, as well as the presentation of the real estate project for the new MAKOMENO city in Manono.
The Board also reviewed the status of the credit request submitted to Equity BCDC, evaluated the collaboration with Manono Lithium, and analysed the mission reports from China and the United States, before moving on to miscellaneous matters.
---
Equity BCDC credit: a concerning financial situation
Regarding the financing requested from Equity BCDC, the Board noted significant difficulties linked to the guarantee provided by Manono Lithium. An alternative financing proposal—conditional on Chinese subcontracting—was mentioned, though no consensus was reached among the partners.
Given the critical nature of the situation, it was decided to urgently invite representatives of Zijin Group in order to find a sustainable solution to the company’s cash‑flow challenges.
(Edit: Fuck me dead…)
---
MITWABA Project: towards a structured financial arrangement
The Board acknowledged NECO’s support for the MITWABA project while emphasising the need for substantial investment. It recommended the development of a detailed business plan to be submitted to the CNSS for potential financing.
---
Energy dispute and protection of COMINIERE’s interests
Regarding the dispute between COMINIERE SA and MPIANA‑MWANGA Power, the directors opted to create a subsidiary dedicated to energy. They also took note of the parallel initiatives undertaken by Zijin Group, while stressing the obligation to safeguard the company’s interests. In this regard, the preparation of an amendment to the KATAMBA contract was recommended.
---
MAKOMENO real estate project: structuring underway
The Board reviewed the memorandum of understanding signed with IDAL PROJECT SARL for the development of the new MAKOMENO city. Priority actions include securing financing, monitoring the procurement process, and presenting the business plan to the Board in the near future.
---
International outreach and strategic partnerships
The mission reports highlighted COMINIERE SA’s participation in the China Expo, which included visits to mining sites and meetings with Zijin Group. The mission to the United States enabled participation in the DRC‑USA Forum, visits to Tesla factories, and a strategic meeting with Kobold Metals.
---
Administrative decisions and closure
Under miscellaneous items, the Board discussed steps taken with the Minister of Finance regarding the payment of a receivable, the follow‑up of the surface rights file, and the causes of the company’s precarious cash position. A special mandate was granted to Mr Alain Monga to complete the notarial formalities.
The session, opened at 11:35 a.m., was adjourned at 4:00 p.m. The minutes were duly signed by all directors, reflecting COMINIERE SA’s commitment to strengthening its governance and accelerating the implementation of its strategic projects.
Eric Mpungwe
Carlos Danger
Top 20
Paper dragon LMAO
The U.S. military's removal of the leader of one of China's "all-weather" strategic partners from his capital in the dead of night will be a litmus test of Beijing's assertion that it can play a role in resolving global hotspot issues without following Washington down the military route.
"There isn't much in the way of material support that China can offer Venezuela at this time, but rhetorically, Beijing will be very important when it leads the effort at the UN and with other developing countries to rally opinion against the U.S.," said Eric Olander, co-founder of the China-Global South Project.
"It was a big blow to China, we wanted to look like a dependable friend to Venezuela," said a Chinese government official briefed on a meeting between Maduro and China's special representative for Latin American and Caribbean affairs, Qiu Xiaoqi, hours before the Venezuelan president was captured.
Sterling
Member
Some interesting light reading. 
copperbeltkatangamining.com
Resource Matters Warns of Weak Lithium Permitting Oversight in the DRC - Copperbelt Katanga Mining
Resource Matters Criticizes DRC Authorities Over Lack of Transparency in Lithium Mining Permits
copperbeltkatangamining.com
Winenut
GO AVZ!!!!
Fuck meSome interesting light reading.
Resource Matters Warns of Weak Lithium Permitting Oversight in the DRC - Copperbelt Katanga Mining
Resource Matters Criticizes DRC Authorities Over Lack of Transparency in Lithium Mining Permits
Seriously??
The article puts AVZ in the same boat as Tantalex and Zijin...WTF?
AVZ are the only entity to have complied completely and correctly with the mining code and produced all the relavant studies to the point of the decree being officially issued with a mining license that should have correctly followed
To tar us with the same brush as Tantalex and Zijin is a massive disservice to AVZ
Dave Evans
Regular
The article mentions licenses being granted without feasibility and environmental studies being completed.
This was the case with Tantalex and Zijin but clearly not with AVZ. AVZ might have been thrown in to make a comparison too, rather than being in the same boat. These points could easily be made in a reply to the article, showing AVZ is the only company to produce the DFS and Environmental Studies
Manono Project Sustainability Report 2020-2021 — AVZ Minerals Limited
avzminerals.com.au
Attachments
yaseenmeoncebefore
Member
Now hold on just a second. The article is referring to concerns about the rigor and transparency of the permitting process. So I agree with them about this being a problem. I have huge concerns about the permitting process in relation to AVZ's project. I have not found it to be a transparent process at all. I have actually found some of the DRC Government entities to be quite dishonest and corrupt. This is more a reflection on the DRC Government than AVZ.
It would be very interesting to read the actual white paper which the article references.
The article says "lithium permits are often awarded without competitive bidding and through ad hoc allocation procedures" - Yep, spot on. This sounds like exactly what happened at Manono, where Manono Lithium/Zijin were given a mining license through an "ad-hoc" process.
Last edited:
Winenut
GO AVZ!!!!
We haven't received an exploitation permit despite completing all the requirements as per the mining code (and we're the only one) is my point
Agreed the article raises issues with transparency of the system on the DRC side but I thinks it's been well proven that AVZ completed all the mining code requirements in the most transparent fashion in relation to PR13559 and I still assert it is unfair to be tarred with the same brush as Tantalex and Zijin in that regard
yaseenmeoncebefore
Member
My point is that I don't think we necessarily are being tarred with the same brush. They refer to projects involving AVZ minerals and Zijin mining, which is the Manono project, and I think we all agree there are transparency issues related to permitting for the project.
I think we need to read the white paper they refer to for more detail, but let's not jump to conclusions yet.
yaseenmeoncebefore
Member
Point Piper Dealer
Member
Well pointed out Dave! The issue is with the DRC is they realise that they own nothing now. AVZ played good corporate citizen and even wanted to partner with DRC govt to mine. It's when greed comes into play with Liesette and Celestine that the waters started to get very murky.The article mentions licenses being granted without feasibility and environmental studies being completed.
This was the case with Tantalex and Zijin but clearly not with AVZ. AVZ might have been thrown in to make a comparison too, rather than being in the same boat. These points could easily be made in a reply to the article, showing AVZ is the only company to produce the DFS and Environmental Studies
View attachment 94051
View attachment 94052
Manono Project Sustainability Report 2020-2021 — AVZ Minerals Limited
Similar threads
