DRC MINING LEGISLATION

[Dave Evans]

21/11/2023
Carlos Posted

To paraphrase Nick Cave talking about the Red Hot Chili Peppers, I'm forever standing by the DRC mining code and the Dathcom JVA hearing an idiotic legal take, asking who is that, and the answer is forever Cominiere

IGF report is all about the AVZ sale being irrevocable and it being Cominiere and Dathomir's fault. Also these parasites said fucking nothing for years about this at Dathcom AGM's while we paid for everything until they realised the value of what was in the ground. And even then it was only after the Chinese pointed it out for them.

Cominiere even had the fucking nerve to ask for an advance on dividends when trying to avoid giving us our preemptive right on the 15% they were trying to sell to Zijin for peanuts and now they reckon we shouldn't have ever been in the project lmao

 

[Dave Evans]

27/11/2023
Carlos Posted

Felix is on board with the mantra of resource nationalism. They want a bigger cut of the takings and ultimately aren't afraid to rat fuck us to get it if we won't do a deal as they see the lithium as their property. He literally promoted CKK by Presidential order after the purported termination of the Dathcom JVA and the initiation of the ICSID proceedings. This is all happening on his watch imo

If Felix really believed in AVZ running all of the pride lands he would have signed the MoU before the vote on MMGA. But instead he waited to see if a better option was available. The gringos obviously got him shook. But I think that has more to do with trying to avoid sanctions on his friends than anything else.

The ICSID is the only thing keeping us in the game which to me is a clear sign that he doesn't give a fuck about the law. The DRC mining code is crystal clear about reasons available to the state for termination of a PE. It shouldn't require outside forces to encourage him and the MoM to follow the path of reason but here we are.

 

[Dave Evans]

Democratic Republic of the Congo - United States Department of State

www.state.gov

ICSID Convention and New York Convention

The DRC is a member of the International Center for Settlement of Investment Disputes (ICSID) Convention and a Contracting State to the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention). It is important to note that the New York Convention does not apply toward disputes relating to immovable property, which includes mining rights.

Investor-State Dispute Settlement

The DRC is subject to international arbitration. A U.S. mining company sued under the BIT to recover losses suffered when FARDC troops sacked its mine in Kasai Central Province in 1995. The arbitration courts ruled the GDRC liable for damages totaling USD 13 million, and the GDRC started paying back the awarded amount plus interest to the U.S. company.

 

[Frank]

Fyi @Doc

Rebalancing the Chinese contract:

Here are the 5 points of the memorandum of understanding signed between the DRC and the GEC

The Inspector General of Finance, head of department, Jules Alingete, proceeded, this Friday, January 26, 2024, to the restitution of the work of the negotiation of the Collaboration Convention signed in April 2008 between the Democratic Republic of Congo and the group of Chinese companies (Gec).

During the discussions which lasted almost 9 months, the two parties agreed on 5 points which led to the signing of a joint memorandum of understanding on January 19, 2024.

The said five points are as follows:

1. The gain that will now come from the operation of SICOMINES will finance infrastructure in the Democratic Republic of Congo.

A total of 7 billion dollars will be released in competition with 324 million dollars per year except for the 2024 financial year during which 624 million are planned.

2. The two parties agreed to jointly manage the Busanga dam unlike what was concluded before where the DRC was not represented in the management of this dam.

The two parties agreed that from now on, the Congolese side will have 60% and the group of Chinese companies 40% in the management of these dams.

3. Regarding the distribution of shares, it should be noted that GECAMINES will market 32% of SICOMINES production and the group of Chinese companies will market 68%.

4. The two parties agreed to take responsibility for the management of SICOMINEs in the DRC.

Which was not done in the first contract.

The Democratic Republic of Congo will market 40% of SICOMINES production and the group of Chinese companies will market 60%.

According to Jules Alingete, the two parties agreed to meet in July each year to assess the situation.

It is important to note that the Democratic Republic of Congo gets 524 million out of 900 million of the overall amount per year.