AVZ Discussion 2022

CHB

Regular

"According to inside sources, a final investment decision is expected in the next few days before starting construction of the Manono mine."
 
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BEISHA

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Looking at Cominiere's web page, no mention of Jin Cheng.

Nigel mentions in the Axino interview definitely a minimum of 51%, so looks like he is not 100% sure about the Cominiere 15% either, but I understand he is still negotiating with the DRC.

So how will it play out?
At the end of the day, this is Felix T's show, he wants to tell the entire world that he is making the DRC corruption free, this is Felix's chance to show who is in control.
Felix, or a couple of corrupt knobs in Cominiere.

Tim will tell, next week interviews and questions on 121 mining week.
Never a dull moment.
Regardless of all the shit there is a great opportunity to top up.
From what I understand of he Cantor bit, their (US?)$1 Assessment was based on 51% ownership of Dathcom.

This was the article and the link



La Cominière gives Chinese Zijin great pleasure in the lithium project
  • Mon, 04/11/2022 - 16:28
KINSHASA, PARIS, BRUSSELS.
Le Soft International n°1550|MONDAY APRIL 11, 2022.
If that's true, it's to sleep on. A real scandal as it now erupts with each dive. This is the bitter observation that one could make. In a letter that sounds like a blaster, the General Inspectorate of Finance reportedly wrote to Prime Minister Jean-Michel Sama Lukonde Kyenge and brought to his particular attention a note on the results of a check on the regularity of the sale of the stakes of Cominière SA, a State Portfolio company, in Dathcom Mining SA. Note ? A real interpellation of the Head of Government...
The case? Better, the umpteenth case, because they are now legion: the 15% of the shares of the public company La Cominière in the company Dathcom Mining to the Chinese company Zijin Mining, carried out in violation of the legal provisions on the withdrawal of the Statement of Portfolio Companies.

These shares were valued at US$150,000,000, they were sold at US$33,440,000. Shortfall: US$116,560,000.
Then, the squandering of the proceeds of this sale. Of these US$33,440,000 received and, in collusion with the Board of Directors of Cominière SA, the managers of this public company have already distributed US$6,800,000.
The reasons, in their eyes, are not lacking: payment of snacks, fees, commissions and remuneration to those who contributed to the realization of this operation.

And, since there are no two without three, free transfer of 5% of the shares of Cominière SA in the company Dathcom Minging SA for the benefit of the company Dathomir Mining Sarl. Of which 5% would have been resold for US$85 million. A pattern that recalls many others...
WHAT WILL THE PRIME MINISTER DO?
In this leaked letter, three points stand out clearly and are bolded and underlined: “sale of the State's mining heritage”; “dissipation of the proceeds from the sale of 15% of the shares of Cominière SA in the company Dathcom Minging”; "transfer free of charge...". In short, a scandal awaiting an exemplary sanction.
The IGF, who knows how to call a spade a spade, suspects three officials: the Managing Director ai of Cominière SA, Athanase Mwamba Misao, the members of the Board of Directors of Cominière who allegedly authorized these operations, the Minister of Portfolio Adèle Kahinda Mayna.
According to circles close to the case, it is following the recommendations issued by HE the President of the Republic, Head of State, for the supervision of all the financial operations of the State, (that) the Inspection Générale des Finances has just carried out a mission to control the sale of the holdings of the company Cominière SA, State Portfolio Company, in the company Dathcom Mining SA specializing in the production of lithium according to mission order no. 54/PR/IGF/lG CS/JAK/BRF/2022 of February 16, 2022 followed by mission order n°73/PR/IGF/IG-CS/JAK/BEP/2022 of February 22, 2022.
After this control mission, three important facts jump to the eye and for which “we seize your authority for decision”, writes the mail.
These are: selling off the State's mining heritage. The transfer of 15% of the shares of the public company La Cominière in the company Dathcom Mining to the company Zijin Mining was carried out in violation of the legal provisions on the withdrawal of the State from holding companies.
In fact, the 15% of the shares of Cominière SA valued at US$150,000,000 (one hundred and fifty million US dollars) were sold to Zijin Mining for a total value of US$33,440,000 (US dollars). Americans thirty-three million four hundred and forty thousand). This results in a shortfall of US$116,560,000 (US dollars one hundred and sixteen million five hundred and sixty thousand)”; “Waste of the proceeds from the sale of 15% of the shares of Cominière SA in the company Dathcom Mining.
Out of the total amount of proceeds from the sale of 15% of the shares, which amounts to US$33,440,000 (US dollars thirty-three million four hundred and forty thousand), Cominière SA has already used around US$6,800,000 US (US dollars sin million eight hundred thousand) for snacks, fees, commission and remuneration for the benefit of the persons who contributed to the sale of the shares, with the approval of the Board of Directors of Cominière SA".
Then: “Transfer free of charge of 5% of the shares of Cominière SA in the company Dathcom Mining SA for the benefit of Dathomir Mining Sarl. The presumed free and provisional transfer of 5% of Cominière's shares in Dathcom Mining SA to Dathomir Mining Sarl, which took place in 2017, proved in view of the transfer contract that it was final and irrevocable, with a price agreed between the two parties, but whose income has not been traced to Cominière SA. There is a presumption of forgery on the part of the Managing Director ai to carry out a fraudulent transfer of 5% of shares”.
Then close by appointing those responsible. "All these facts are the responsibility of the Chief Executive Officer ai of Cominière SA, the members of the Board of Directors of the said company as well as the Minister of State, Minister of the Portfolio".
La Cominière SA is a young mining company whose head office is located at n°5167, avenue Nyembo, Socimat district, in Kinshasa-Gombe. It was created on April 12, 2010 after the decision of the General Meeting of shareholders, namely, the Ministry of Portfolio and the National Institute of Social Security whose new name, since July 15, 2018 (law of July 15, 2016 ), is the National Social Security Fund, CNSS.
THE INFLUENTIAL CONG MAO HUAI.
La Cominière owns 35 mining areas scattered in North Katanga, in the provinces of Tanganyika and Haut-Lomami where there are pegmatite-type rocks rich in spodumene, a lithium mineral associated with stanno-coltaniferous ores.
More specifically in the territories of Manono, Mitwaba, Kalemie, Malemba-Nkulu, Bukama, Moba, Nyunzu, Kongolo. The company conducts all study, prospecting, research and mining operations for cassiterite, tantalum, niobium, wolfram, lithium, gold and all transferable and recoverable mineral substances.
The history of Cominière dates back to 1920 when the Geological and Mining Company of Belgian Engineers and Industrialists extracted tin in Manono. In 1960, the day after, the Geological and Mining Company independence sold its assets to the Geological and Mining Company of Congo.
Renamed Congo-Etain in 1968, then Zaire-Etain in 1971, the company saw its production gradually drop. In 1997, he resumed the name of Congo-Étain, before being reborn, at the beginning of the 2010s, under the name of Cominière, la Congolaise d'Exploitation Minière, whose capital is held by the Congolese State (90%) and the National Social Security Fund (10%).
Dathomir Mining Resources, owned by the influential Chinese businessman Cong Mao Huai, called Simon Cong in Congo, and considered the bridgehead of Chinese business in the country, in September 2020 concluded a sale of 10% of its shares in Manono to the Australian operator of the project, AVZ Minerals.
The finalization of the transaction makes AVZ Minerals the owner of 75% of the lithium site against 25% for the state company Cominière.
Zijin Mining is a Chinese mining company. It is China's third largest copper enterprise. It is the leading gold company in China and operates the Zijinshan mine, China's largest gold mine. In May 2015, Zijin Mining bought 47% of the Kamoa project for US$412 million from Canadian Ivanhoe Mines.
In total, Zijin Mining has a 57% stake in the Kamoa copper mine and a 51% stake through its subsidiary Jin Cheng Mining in the Compagnie Minière de Musonoie Global.
Classified as a strategic metal in the Congo, lithium is a rare metal. It is used in the manufacture of cells and batteries, in particular for solar panels, computers, smartphones and electric cars, but also in the glass and ceramics industry, such as in the manufacture of special lubricants and alloys, the treatment of stale air by CO2, the pharmaceutical industry and that of rubber and thermoplastics.
The world's largest producers of lithium to date are Bolivia, Chile and Argentina, dubbed the “lithium triangle”, as well as China and Australia. Lithium from the Congo could eventually prove to be the easiest to extract and of the highest quality. The country, which hosts a number of metals essential to the energy transition and which arouse covetousness, is already the main world supplier of cobalt and one of the major players in the production of copper, attracts the whole world with its immense reserves of lithium to his bow.
D. DADEI.



It is pretty clear that Simon Cong is behind this and that the entire deal smells of the old corrupt Kabila era.
I am indeed extremely curious to see how Felix T deals with this.

Would be nice when all this shit is over and done with.
It is pretty clear that Zijin, a PRC state controlled entity, cannot be trusted.

If a state entity deals in and promotes a corrupt way of doing business, that state should be seen as a corrupt state and any business dealings with that state should be seen in that light.
Thanks mate, this article fills a few blanks for me in the corporate structure which i have never really paid attention to in the past, its clear that AVZ owns 75% of Manono minus 24% to Cath, the other 15% is as murky as hell.

What i want to know is , why didnt Dathomir ( Cong Mao ) and Zijin Mining collaborate with DRC to develop Manono themselves?

How did AVZ get a look in the first place ?

imo
 
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DiscoDanNZ

Regular

"According to inside sources, a final investment decision is expected in the next few days before starting construction of the Manono mine."
Wouldn't surprise me at all...

1651888512613.png


It's not like they all would have sat around the office waiting for months for the ML to get ticked off and then gone 'right guys first thing Monday we will start on ticking off the next box.'
 
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CHB

Regular
Wouldn't surprise me at all...

View attachment 5785

It's not like they all would have sat around the office waiting for months for the ML to get ticked off and then gone 'right guys first thing Monday we will start on ticking off the next box.'

Yep.

They previously said they would likely start building with just CATH money and fill the rest of the cash later.

BFS was ready ages ago I think so should be issued either together or very soon after ML.
 
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Bray

Regular
Good to see NF very confident about the ownership %s. AVZ 51% min, happy days.
Looking forward to seeing the future drill results from the remaining area of the project, interesting only few thousand meters of drilling taken outside the main deposit area.

This week, official ML signing + BFS?
 
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Samus

Top 20
AVZ and Suzhou (CATH) are also conducting a study to increase annual production from 4.5 million tonnes per annum to 10 million tonnes per annum.

Anyone with more related experience expecting this to impact the timing of the BFS?
 
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CHB

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AVZ and Suzhou (CATH) are also conducting a study to increase annual production from 4.5 million tonnes per annum to 10 million tonnes per annum.

Anyone with more related experience expecting this to impact the timing of the BFS?
Someone from the europe presentations mentioned the BFS will be based on 4.5 mtpa initial start up
 
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Xerof

Flaming 1967
I've listened to the german interview a few times now. What I get out of it is 75% is in the bag. Zijin deal is alluded to as a distraction. But of real interest was when he says the DRC will end up with 10 or 15%. So I'm wondering whether the final partnership structure will be DRC 15%, CATH 24%, AVZ 61%, and do the DRC pay costs on that extra 5%, or is there a quid pro quo struck around the price AVZ pay for the extra 10% (if it's not going to be the full 15%)

I would be very happy with that - what we don't need are 2 chinese partners. Once again I express my displeasure at even having to talk about Zijin.
 
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Winenut

GO AVZ!!!!
Looks like AZZVF in the US opened lower overnight but closed on an intraday high (although this was still an overall drop from the previous days close of about 3.5%)

1651894591092.jpeg


Germany closed down about 10% which is a bit disappointing

1651895106222.jpeg


Hopefully the DRC and ol' Nige can get crackin' with tidying up some of the legal issues and then bring on a few more numbers like the BFS and FID in quick fashion
 

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BEISHA

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I've listened to the german interview a few times now. What I get out of it is 75% is in the bag. Zijin deal is alluded to as a distraction. But of real interest was when he says the DRC will end up with 10 or 15%. So I'm wondering whether the final partnership structure will be DRC 15%, CATH 24%, AVZ 61%, and do the DRC pay costs on that extra 5%, or is there a quid pro quo struck around the price AVZ pay for the extra 10% (if it's not going to be the full 15%)

I would be very happy with that - what we don't need are 2 chinese partners. Once again I express my displeasure at even having to talk about Zijin.
I think that is a lovely balance............AVZ 61% Cath 24% DRC 15%

If indeed DRC and AVZ have very good relations , which i dont doubt, then the Chinese entities havnt got a hope of controlling the narrative which has been my only concern from day 1.

Bring on the ML and the corresponding updated BFS officially and it doesnt matter what the MACRO environment does...........it will be explosive.

explosion.gif

imo
 
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Aeolian

Member
Looks like the Germans and the Saudi's are getting serious atm by Betting $Billions to make electric vehicles and batteries, as

Volkswagen boosts electric car investment in Spain to $10.6 billion

German carmaker Volkswagen AG and partners will invest 10 billion euros ($10.6 billion) to make electric vehicles and batteries in Spain, its chief executive said on Thursday, 3 billion euros more than it had previously committed.
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The company also announced a partnership deal with Spain’s largest power utility Iberdrola, which will set up a solar park to partly power the battery plant to be built in the municipality of Sagunto near Valencia.

Iberdrola will invest 500 million euros in the electrification plan, its Chief Executive Officer Ignacio Sanchez Galan told reporters, without giving further details.

Volkswagen said in March it would invest 7 billion euros to build a battery plant and produce electric vehicles at its two car factories in Spain, but CEO Herbert Diess said that figure had been raised to 10 billion with new partners on board.

“We will electrify the second-largest car producer in Europe (Spain) with a new giga-factory of batteries and the production of electric cars in two plants,” Diess told an event in Sagunto, adding the plan was to create “a full ecosystem of suppliers from lithium extraction to the assembly of batteries”.


Diess speaking on a visit with Spanish Prime Minister Pedro Sanchez to the site where the factory will be built.

The German carmaker aims to start building the 40-gigawatt-hour (GWh) plant in the first quarter of 2023, with serial production to start by 2026.

By 2030, the site will employ more than 3,000 staff, Volkswagen said.

Spain, Europe’s largest carmaker after Germany, last month launched a bidding process for about 3 billion euros in loans and grants to promote electric vehicle (EV) production. Volkswagen and its Spanish unit SEAT have presented a bid.

Winners of the PERTE funds, as the programme that consists mostly of European Union pandemic relief funds is known, will be chosen this year.

The company will invest 3 billion euros in the plant in Sagunto, another 3 billion euros in four SEAT factories, including the Martorell plant near Barcelona, and 1 billion in Pamplona, it said.

www.mining.com/category/battery-metals/


Saudi Arabia announces $6bn investments in steel complex, EV metals plant

Saudi Arabia’s Ministry of Industry and Mineral Resources said it has secured $6 billion for a steel plate mill complex and electric vehicle battery metals plant as part of plans to lure $32 billion of investment into the mining sector.
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The ministry’s target would fund nine mining projects for midstream minerals and metals, said Industry and Mineral Resources Minister Bandar al-Khorayef, according to a statement.

The kingdom is seeking to diversify its economy away from oil by pouring hundreds of billions of dollars into a plan called Vision 2030 initiated by de facto ruler Crown Prince Mohammed bin Salman. Mining is one of the sectors that has been identified for expansion.

The nine projects include a $4 billion steel plate mill complex for the shipbuilding, oil and gas, construction and defence sectors and a “green” flat steel complex that will supply the automotive, food packaging, machinery and equipment, and other industrial sectors.

Both projects are already underway, as is a $2 billion EV battery metals plant.

Last month the Saudi government signed an agreement to purchase between 50,000 and 100,000 EVs over 10 years from Lucid Group Inc, which Saudi sovereign fund PIF owns a majority stake in.

The minister said the projects would create over 14,000 jobs and added the ministry is now processing 145 exploration license applications from foreign companies.

“These targeted investments represent an important ‘down payment’ in our efforts to move beyond exploration and extraction and into the creation of integrated value chains, a central focus of our overall mining strategy,” al-Khorayef said in the statement.

“The investments will continue to position the Kingdom as a mining production and logistics hub for a region that stretches from Africa to Asia, while also supporting the transformation of our mining sector so it can achieve its potential.”


www.mining.com/category/battery-metals/


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Food for thought on the Road to Mining Manono 🔋

Frank :cool:
 
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Aeolian

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Scoota30

Regular
Anybody know what the chances of us doing a FID and making zijin pay up 15% capital expenditure for their illegal ownership before they lose it? Would be nice... 😂😂
 
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BEISHA

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Anybody know what the chances of us doing a FID and making zijin pay up 15% capital expenditure for their illegal ownership before they lose it? Would be nice... 😂😂
Welcome Scoota to TSE !
 
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Hmm Interesting Article.............. I am not sure the validity of this at all.

I really don't understand how they think they have a case? If this is a legit article released by Zijin, then they completely dis the statements made by Nigel in the announcement and in the Axino youtube video. It will be interesting how this plays out. They are definately playing dirty the bastards.

----------------------------------------------------------

Source - https://www.sohu.com/a/544607618_166874

Dr. Republic of the Congo (DRC) world-class Manono lithium mine development is imminent Zijin Mining holds 15% of the shares​

2022-05-07
8ef53d9abae94447b19e75f8e1f45705.png


Recently, Dr. Nsamba, the Minister of Mines of the Democratic Republic of the Congo, is about to sign a ministerial decree granting the Mining License of the Manono Lithium Mine in the Democratic Republic of the Congo to Dathcom Mining Company. Zijin Mining acquired a 15% stake in the Manono Lithium Mine by acquiring an equity interest in the Democratic Republic of the Congo (DRC) National Mining Development Corporation (COMINIERE).

The Manono lithium mine in the Democratic Republic of the Congo (DRC) is one of the world's largest uncover-ready-to-open-develop lithium LCT (lithium, cesium, tantalum) pegmatite deposits, and the JORC report, updated in July 2021, shows that the total resource volume reached 401 million tons, with an average grade of 1.63% lithium oxide, equivalent to 16.32 million tons of lithium carbonate (LCE) equivalent.

The Manono Lithium Mine is 100% owned by Dr. Dathcom, a company in the Democratic Republic of the Congo. Dathcom is a joint venture established in 2016, and after the signing of a number of supplementary agreements, in 2017 AVZ International Australia, the Democratic Republic of the Congo (COMINIERE) and Dathomir Mining Resources SARL held 60%, 25% and 15% of the shares respectively.

Since 2014, Zijin Mining has invested in the world-class Kamoa copper mine project and the Kolwezi copper and cobalt project, cement and limestone industry extension project in the Dr. Republic of the Congo (DRC), which has played an important role in increasing income and poverty alleviation in the DRC (DRC), and has been highly recognized by the DRC government and local communities. In view of Zijin Mining's outstanding performance in the construction and operation of the Dr. Republic of the Congo (DRC) project, the DRC state-owned mining company has stepped up its cooperation with Zijin Mining, and through negotiations from July to September 2021, the state-owned enterprise COMEIERE agreed to transfer its 15% equity interest in Dathcom and sign an agreement, so that Jincheng Mining, a subsidiary of Zijin Mining, obtained a 15% interest in the Manono lithium mine project; at the same time, the two parties established a joint venture to establish Catamba Mining Company. Jointly developed two greenfield exploration and mining rights of PE12453 and PE13427 outside the Manono lithium mine.

Zijin Mining's investment representative said that the acquisition of a 15% interest in Zijin Mining Manono Lithium Mine can be described as a twist and turn. In September 2021, under the premise of the approval of the Ministry of State-owned Assets Supervision and Administration of the Democratic Republic of the Congo (DRC), COMINIERE signed the Equity Transfer Agreement with Zijin Mining under the condition of complying with the provisions of the pre-emptive right, and Jincheng Mining, a subsidiary of Zijin Mining, acquired its 15% equity interest in the Manono lithium mine project. The transaction was blocked by AVZ, the other party refused to convene a board of directors, shareholders' meeting, and twice filed a lawsuit with the court, forcing the transaction to move forward to judicial proceedings; in November 2021, the Commercial Court of Ruben and Brazil of the Democratic Republic of the Congo (DRC) rejected AVZ's application and presided over a general meeting of shareholders to approve the transfer of 15% of the equity of JINCHENG MINING, jincheng Mining became a legal shareholder holding 15% of the equity of Dathcom, and completed the relevant commercial registration and change of movable property registration number (RCCM). Since then, AVZ has further objected and obstructed through multiple channels, and in January 2022, the Commercial Court of Ruben Brazil once again rejected AVZ's claim to revoke the relevant shareholders' resolution and the changed RCCM.

The relevant person in charge of Zijin Mining said that Zijin Mining, as a responsible mining company, has a successful and rich experience in operation and management in the Democratic Republic of the Congo (DRC) in Africa, and the addition of Zijin Mining is undoubtedly helpful to accelerate the development of Manono lithium mine, and hopes that all shareholders will strengthen communication and cooperation, abandon meaningless disputes, accelerate project construction, and make due contributions to the economic and social development of the DRC (DRC) and the value improvement of investors.

IN RESPONSE TO THE RECENT ANNOUNCEMENT OF AVZ COMPANY THAT JINCHENG MINING'S TRANSFER OF SYNERGE EQUITY WAS INVALID, THE INVESTMENT REPRESENTATIVE OF ZIJIN MINING REFUTED THAT ZIJIN MINING HAD FULFILLED THE CORRESPONDING PROCEDURES IN STRICT ACCORDANCE WITH THE PROVISIONS OF THE COMPANY'S ARTICLES OF ASSOCIATION IN THE PROCESS OF EQUITY TRANSFER, AND ACTIVELY COMPLIED WITH JUDICIAL PROCEDURES UNDER THE PREMISE OF THE OTHER PARTY'S OBSTRUCTION AND SOLVED THE PROBLEM THROUGH LITIGATION. IN THE FUTURE, THE COMPANY WILL ACTIVELY SAFEGUARD ITS OWN RIGHTS AND INTERESTS AND USE LITIGATION, ARBITRATION AND OTHER MEANS TO SOLVE FOLLOW-UP PROBLEMS.

It is reported that the transfer of 15% of the shares of Dathomir and AVZ company in Dathomir company due to major flaws in the original transaction process, after the application of Dathomir company (Dathomir), the court ruled that the transaction has been terminated, and Dathomir company (Dathomir) still legally holds 15% of the shares of Dathcom.

COMINIERE said that the transfer of 15% of the shares of Dathcom between Zijin Mining and COMINIERE is reasonable, legal and compliant, and Zijin Mining is the legal shareholder holding 15% of the shares of Dathcom; COMINIERE still holds 10% of the shares of Dathcom after the completion of the transfer of shares with Zijin Mining. AVZ's transfer of 24% of The shares of Dathcom is subject to legal formalities, and if the transfer is successful, AVZ's actual shareholding in Dathcom will drop to 36%, and there is no absolute control.

----------------------------------------------------------

Highlighted red, it is a fake article as that 24% goes to CATH not Dathcom? They cant even understand the article they are referencing as it directly states that?? haha
 
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BEISHA

Top 20
You know AVZ threads at HC are completely fucked when you have YOU30ATE there..........;)

Gareth is a bit of a knob too.........

imo
 
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Is the Commercial Court of Ruben and Brazil actually a court in DRC? LMAO
 
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You know AVZ threads at HC are completely fucked when you have YOU30ATE there..........;)

Gareth is a bit of a knob too.........

imo
That guy used to comment on the PEN (Uranium stock) threads all the time, and thought he was sooo cool with his name, i'm sure you guys get lol
 

DiscoDanNZ

Regular
Hmm Interesting Article.............. I am not sure the validity of this at all.

I really don't understand how they think they have a case? If this is a legit article released by Zijin, then they completely dis the statements made by Nigel in the announcement and in the Axino youtube video. It will be interesting how this plays out. They are definately playing dirty the bastards.

----------------------------------------------------------

Source - https://www.sohu.com/a/544607618_166874

Dr. Republic of the Congo (DRC) world-class Manono lithium mine development is imminent Zijin Mining holds 15% of the shares​

2022-05-07
8ef53d9abae94447b19e75f8e1f45705.png


Recently, Dr. Nsamba, the Minister of Mines of the Democratic Republic of the Congo, is about to sign a ministerial decree granting the Mining License of the Manono Lithium Mine in the Democratic Republic of the Congo to Dathcom Mining Company. Zijin Mining acquired a 15% stake in the Manono Lithium Mine by acquiring an equity interest in the Democratic Republic of the Congo (DRC) National Mining Development Corporation (COMINIERE).

The Manono lithium mine in the Democratic Republic of the Congo (DRC) is one of the world's largest uncover-ready-to-open-develop lithium LCT (lithium, cesium, tantalum) pegmatite deposits, and the JORC report, updated in July 2021, shows that the total resource volume reached 401 million tons, with an average grade of 1.63% lithium oxide, equivalent to 16.32 million tons of lithium carbonate (LCE) equivalent.

The Manono Lithium Mine is 100% owned by Dr. Dathcom, a company in the Democratic Republic of the Congo. Dathcom is a joint venture established in 2016, and after the signing of a number of supplementary agreements, in 2017 AVZ International Australia, the Democratic Republic of the Congo (COMINIERE) and Dathomir Mining Resources SARL held 60%, 25% and 15% of the shares respectively.

Since 2014, Zijin Mining has invested in the world-class Kamoa copper mine project and the Kolwezi copper and cobalt project, cement and limestone industry extension project in the Dr. Republic of the Congo (DRC), which has played an important role in increasing income and poverty alleviation in the DRC (DRC), and has been highly recognized by the DRC government and local communities. In view of Zijin Mining's outstanding performance in the construction and operation of the Dr. Republic of the Congo (DRC) project, the DRC state-owned mining company has stepped up its cooperation with Zijin Mining, and through negotiations from July to September 2021, the state-owned enterprise COMEIERE agreed to transfer its 15% equity interest in Dathcom and sign an agreement, so that Jincheng Mining, a subsidiary of Zijin Mining, obtained a 15% interest in the Manono lithium mine project; at the same time, the two parties established a joint venture to establish Catamba Mining Company. Jointly developed two greenfield exploration and mining rights of PE12453 and PE13427 outside the Manono lithium mine.

Zijin Mining's investment representative said that the acquisition of a 15% interest in Zijin Mining Manono Lithium Mine can be described as a twist and turn. In September 2021, under the premise of the approval of the Ministry of State-owned Assets Supervision and Administration of the Democratic Republic of the Congo (DRC), COMINIERE signed the Equity Transfer Agreement with Zijin Mining under the condition of complying with the provisions of the pre-emptive right, and Jincheng Mining, a subsidiary of Zijin Mining, acquired its 15% equity interest in the Manono lithium mine project. The transaction was blocked by AVZ, the other party refused to convene a board of directors, shareholders' meeting, and twice filed a lawsuit with the court, forcing the transaction to move forward to judicial proceedings; in November 2021, the Commercial Court of Ruben and Brazil of the Democratic Republic of the Congo (DRC) rejected AVZ's application and presided over a general meeting of shareholders to approve the transfer of 15% of the equity of JINCHENG MINING, jincheng Mining became a legal shareholder holding 15% of the equity of Dathcom, and completed the relevant commercial registration and change of movable property registration number (RCCM). Since then, AVZ has further objected and obstructed through multiple channels, and in January 2022, the Commercial Court of Ruben Brazil once again rejected AVZ's claim to revoke the relevant shareholders' resolution and the changed RCCM.

The relevant person in charge of Zijin Mining said that Zijin Mining, as a responsible mining company, has a successful and rich experience in operation and management in the Democratic Republic of the Congo (DRC) in Africa, and the addition of Zijin Mining is undoubtedly helpful to accelerate the development of Manono lithium mine, and hopes that all shareholders will strengthen communication and cooperation, abandon meaningless disputes, accelerate project construction, and make due contributions to the economic and social development of the DRC (DRC) and the value improvement of investors.

IN RESPONSE TO THE RECENT ANNOUNCEMENT OF AVZ COMPANY THAT JINCHENG MINING'S TRANSFER OF SYNERGE EQUITY WAS INVALID, THE INVESTMENT REPRESENTATIVE OF ZIJIN MINING REFUTED THAT ZIJIN MINING HAD FULFILLED THE CORRESPONDING PROCEDURES IN STRICT ACCORDANCE WITH THE PROVISIONS OF THE COMPANY'S ARTICLES OF ASSOCIATION IN THE PROCESS OF EQUITY TRANSFER, AND ACTIVELY COMPLIED WITH JUDICIAL PROCEDURES UNDER THE PREMISE OF THE OTHER PARTY'S OBSTRUCTION AND SOLVED THE PROBLEM THROUGH LITIGATION. IN THE FUTURE, THE COMPANY WILL ACTIVELY SAFEGUARD ITS OWN RIGHTS AND INTERESTS AND USE LITIGATION, ARBITRATION AND OTHER MEANS TO SOLVE FOLLOW-UP PROBLEMS.

It is reported that the transfer of 15% of the shares of Dathomir and AVZ company in Dathomir company due to major flaws in the original transaction process, after the application of Dathomir company (Dathomir), the court ruled that the transaction has been terminated, and Dathomir company (Dathomir) still legally holds 15% of the shares of Dathcom.

COMINIERE said that the transfer of 15% of the shares of Dathcom between Zijin Mining and COMINIERE is reasonable, legal and compliant, and Zijin Mining is the legal shareholder holding 15% of the shares of Dathcom; COMINIERE still holds 10% of the shares of Dathcom after the completion of the transfer of shares with Zijin Mining. AVZ's transfer of 24% of The shares of Dathcom is subject to legal formalities, and if the transfer is successful, AVZ's actual shareholding in Dathcom will drop to 36%, and there is no absolute control.

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Highlighted red, it is a possible fake aritcle as that 24% goes to CATH not Dathcom? They cant even understand the article they are referencing as it directly states that?? haha

It definitely has a fishy smell about it and is very much biased towards Zijin (of course its going to be) but it could just be the translation throwing me off... If it was originally an English article I'd call bullshit right from the get go because of the terrible first sentence...

e.g. "Recently, Dr. Nsamba, the Minister of Mines of the Democratic Republic of the Congo, is about to sign a ministerial decree granting th." - Well which one is it? Recently or about to be?

Like I said it might just be the translation but...
 
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That guy used to comment on the PEN (Uranium stock) threads all the time, and thought he was sooo cool with his name, i'm sure you guys get lol
The guy is a complete flog, been a troll at HC for a long long time.....
 
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