Zijin Mining

In less than a year, the company Zijin was convicted four times for the same commercial offence, each time fined below the legal minimum​



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14. DECEMBER 2022.

LAW ON MINING AND GEOLOGICAL RESEARCH/ NEWS / ZIJIN COPPER

In less than a year, the company Zijin was convicted four times for violating the Law on Mining and Geological Research, for which it was ordered to pay a fine below the legal minimum each time.

Based on the Renewables and Environmental Regulatory Institute (RERI) report, the company was convicted again in mid-November for the same commercial offence – performing mining works without appropriate technical documentation and approval of the competent authority. The Commercial Court in Zaječar did not call for imposing a harsher penalty this time either but instead fined the company 1.300.000,00 Serbian dinars (≈ € 11.080), lower than the amount stipulated by the law – from 1,500,000 to 3 million Serbian dinars (≈ € 12.790 to € 25.580).

Fines for the company Zijin based on RERI’s report


The Court’s favour towards the company can be perceived from the explanation of the verdict, which even mentions mitigating circumstances in favour of Zijin, which the Court took into consideration. Thus, when determining the amount of the fine, the Court was guided by the fact that the procedure for obtaining approval for the performance of mining works, which is issued by the Ministry of Mining and Energy, takes too long, as well as that the works are of strategic importance for the Republic of Serbia.

“The verdict of the Commercial Court in Zaječar can be considered ironic, to say the least, because it begins by listing four previous commercial offences that the company committed and for which it received the minimal penalty, and then it is concluded that the new imposed penalty will achieve the purpose of punishment and influence the defendants not to commit new commercial offences in the future”, says lawyer and Chairman of the RERI Board Jovan Rajić.


“We consider the other mitigating circumstances that the Court took into account, the honest behaviour of the defendants before the Court 🤣and the recognition of the commercial offence, superfluous to comment on.

It is clear that the logic that guides Zijin is that it is better to break the law and pay a fine than to do business in accordance with the national laws, which is allowed by the state and the judiciary. In this manner, the company is encouraged to break the law, and then plead guilty in Court, which will then characterise this as “honest behaviour before the Court” and a mitigating circumstance.

The company is aware that it will be condemned to pay minimal fines, which, as the most profitable company in 2021 will not represent any financial burden to them”, adds Rajić.


It shall be recalled that just a month ago, the same Court, also acting upon RERI’s report, condemned the Zijin Company for operating without consent to the environmental impact assessment study and for carrying out activities without an integrated permit, the most important permit in the field of environmental protection. For each of these commercial offences, a fine of 150,000 to 3 million Serbian dinars is prescribed (≈ € 1,278 to € 25.580), nevertheless, the company was fined only 200,000 and 250,000 Serbian dinars. (≈ € 1,703 and € 2,129).

Although it was the first case of punishing a company for doing business without an environmental impact assessment, the continuous mild punishment of Zijin by the Commercial Court in Zaječar cannot be considered good judicial practice with the aim of sanctioning illegal activities, but as public support and encouragement of a multiple-recidivist in violation of the Law to continue with such practice.

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23/08/2022

Chinese ZIJIN MINING mocks Félix Tshisekedi's mining policy: COMMUS, a subsidiary of Zijin Mining, accused of serious human rights violations in Kolwezi (Report)​

August 23, 2022 econewsrdc NEWS FEED , Politics

Comments offsur Le Chinois ZIJIN MINING se moque de la politique minière de Félix Tshisekedi : COMMUS, une filiale de Zijin Mining, accusée de violations graves des droits humains à Kolwezi (Rapport)

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For several months, the consortium "THE DRC AND ITS PEOPLE D'ABORD", made up of non-governmental organizations and media members of the coalition "TOUS POUR LA RDC", the Network of Communicators for the Environment (RCEN) and media partners who support the policy of the President of the Republic Félix-Antoine Tshisekedi on natural resources at the service of the Congolese, are increasingly interested in the operation of public mining companies forgotten by the public and which seem to have less importance for the Government while they have significant deposits and have signed partnerships as much as Gécamines and Sokimo have done.

Spotlight on the operations of a Chinese company Zijjin Mining in the Democratic Republic of Congo, very determined to take control of the rich world lithium deposit of Manono, in the province of Tanganyika, which involves COMINIERE, a holding company as much as it did on the copper deposits of Kamoa-Kakula in Kolwezi in the province of Lualaba (Lualaba) which Robert Friedland, the speculator boss of Ivanhoe Mine, presents as the largest copper deposit in the world. What about the operations of Zijin, accused by the Report of the General Inspectorate of Finance (IGF) of April 2022 on Cominière, of having illegally and cheaply purchased assets of the State and the people? Congolese in defiance of ethics and the laws of the country? What does civil society say?

In a video that made the headlines on social networks, we see Chinese people claiming to be from Zijin and Congolese in the office of Minister of Portfolio Adèle Kahinda, a kind of black mass after the media and NGOs exposed the mafia of Zijjin at Cominiere unmasked by the national watchdog, " the aligator " Jules Alingete, boss of the IGF, tracking down thugs in public companies with the full support of President Félix-Antoine Tshisekedi, the National Anti-Corruption Marshal and anti-looting of the country's funds and natural resources by uncivics of all stripes.
Unashamed and full of themselves as is Chinese culture in Africa superbly ignoring the Report against the General Inspectorate of Finance (IGF), the report says that Zijin Mining, which everyone must now call ''DRC and Cominière swindler'' in view of the IGF Report, will make another better offer to the Congolese side for the Congolese lithium reputed to be the best deposit in the world with the blessing of the same member of the government who mocks the national and governmental policy on natural resources clearly defined by the President of the Republic and Prime Minister Jean-Michel Sama Lukonde, head of government. Only sordid maffiosos act like this.

How can someone who has made a name for himself in plundering the DRC by consciously buying the country's lithium mining assets at a low price can do better than make fun of an entire people with the complicity of the uncivil ventriots of the institutions paid by the public treasury and saboteurs of the vision of the first citizen of the Republic whose place is in Makala, Angenga, Buluwo or Luzumu? Why should a member of the government in charge of the State Portfolio continue to deal with " the swindler of the Republic and Cominière pinned, accused of a destructive illegal operation by the IGF? This Zijin scammer according to the IGF Report, following in the footsteps of his compatriot China Molybdemum Corporation (CMOC) at Tenke Fungurume Mining (TFM) does he have other mining activities in the DRC and how are they managed according to the civil society organizations?

In a 44-page report titled “ Copper and Cobalt (2c) Mining in Lualaba Province: A Danger to Human Rights. Evaluation report on the impacts of COMMUS and Kamoa Copper on local communities ", published in July 2022 by the NGO IBGDH (Initiative for Good Governance and Human Rights) under the coordination of Maître Donat Kambola following an investigation carried out With technical support from The Carter Center, of which we have a copy, the Chinese group that manages the joint venture COMMUS (Compagnie Minière de Musonoie), a joint venture with Gécamines, is accused of serious human rights violations.

Massive and serious violations of the human rights of the Congolese in Chinese style
Here are some excerpts that demonstrate how these Chinese are royally mocking the mining policy of the President of the Republic Félix-Antoine Tshisekedi on the protection of Congolese populations affected by mining projects: “ As far as the COMMUS company is concerned, the signing of the social responsibility specifications appears to be the main positive impact of the company. The other side of the coin is that COMMUS does not sufficiently inform or consult the affected communities, which is explained in particular by the absence of a framework for dialogue between the communities and the company. The company dumps toxic and acidic waste into the Kaitende River, which makes the water usually used by the communities of the villages of Pierre Muteba and Tshabula in the Luilu sector (Mutshatsha territory) unsafe.COMMUS deprives communities of their access to drinking water by enclosing in its concession the only drinking water well in the village of Pierre-Muteba, which previously served the households of Tshabula and Pierre Muteba. The company evicts communities without facilitating their resettlement elsewhere, and pays only low compensation to communities victims of expropriation and forced displacement while the mining code in its revised and amended version in 2018 requires the resettlement of populations displaced due to mining. In addition, the effects of the COMMUS mining works are causing land subsidence, the cracking of the walls of certain houses and the destruction of other dwellings in the Gécamines estate in Kolwezi and in the Ntambwe Munana cell, in the Biashra, commune of Dilala, city of Kolweziand pays only low compensation to communities victims of expropriation and forced displacement while the mining code in its revised version and amended in 2018 requires the resettlement of populations displaced due to mining. In addition, the effects of the COMMUS mining works are causing land subsidence, the cracking of the walls of certain houses and the destruction of other dwellings in the Gécamines estate in Kolwezi and in the Ntambwe Munana cell, in the Biashra, commune of Dilala, city of Kolwezi and pays only low compensation to communities victims of expropriation and forced displacement while the mining code in its revised version and amended in 2018 requires the resettlement of populations displaced due to mining.In addition, the effects of the COMMUS mining works are causing land subsidence, the cracking of the walls of certain houses and the destruction of other dwellings in the Gécamines estate in Kolwezi and in the Ntambwe Munana cell, in the Biashra, commune of Dilala, city of Kolwezi ".

State services accomplished as for the illegal sale of 15% of Cominière denounced by the IGF Report
The report points out the complicity of State services committed to protecting the interests of the country and its population in the same way that they were complicit in the sale of 15% of Cominière to Zijin illegally at an underpriced price. assessed as written by the colleague from " Le Soft International " and the report of the General Inspectorate of Finance of April 2022.

The Kolwezi NGO is clear about the complacency in favor of the Chinese Zijin: " Faced with the aforementioned impacts, the communities have made several complaints and denounced the astonishing silence of the Congolese State, whose services have shown themselves to be less concerned. For example, the Provincial Relocation Commission has not set up a mechanism for receiving and processing complaints for relocated families; the Provincial Division of Mines has not investigated any of the complaints from the communities and no company has been sanctioned in the face of the claims of the populations. The Provincial Division of Agriculture, Fisheries and Animal Husbandry and the Land Administration do not comply with the mining code with regard to the valuation of assets to be relocated. From the above,the research team has identified the main perpetrators of violations of the rights of the populations affected by the two major mining projects documented as part of this study, namely: the Congolese State has failed in its obligation to protect the rights of its populations to the activities of these companies. The shortcomings of the services responsible for ensuring the control of mining activities are among the determining factors at the root of these human rights violations. Taking advantage of the weaknesses of the Congolese state, the two companies do not fully respect the rights of the communities affected by their operationsThe shortcomings of the services responsible for ensuring the control of mining activities are among the determining factors at the root of these human rights violations. Taking advantage of the weaknesses of the Congolese state, the two companies do not fully respect the rights of the communities affected by their operations The shortcomings of the services responsible for ensuring the control of mining activities are among the determining factors at the root of these human rights violations. Taking advantage of the weaknesses of the Congolese state, the two companies do not fully respect the rights of the communities affected by their operations".

The country of origin of the majority shareholders of COMMUS (China) has not been able to follow up on the implementation of its own policies and the extraterritorial character of its respective law with its companies operating abroad, concludes The report.

Given the damning content of the Civil Society document never contested by COMMUS and its Chinese majority owners, whose behavior has been described in Kolwezi for several years, shouldn't the Congolese State stop doing business with this Chinese Zijin group? who makes fun of the politics of the country, of its population and ignores the repeated calls of the President of the Republic for the protection of the people, the respect of the laws of the country and the safeguard of national interests by foreign investors in the Democratic Republic of Congo?

A non-credible partner to be avoided by the DRC
Zijin Mining is China's third-largest copper mining company. 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 412 million USD from the Canadian Ivanhoe Mines. In total, Zijin Mining has a 57% stake in the Kamoa copper mine and a 51% stake via its subsidiary Jin Cheng Mining in the Compagnie Minière de Musonoie (COMMUS).

She (Zijin) has been fighting for some time to get her hands on the rich lithium deposits of the DRC in Manono, in order to thus secure for China and not for the interests of the DRC, as she already does with exports. concentrate ores instead of copper metals from Kamoa Copper, an ore at the heart of the economic war on electric batteries between the United States of America and China on the decision of the American president Joe Biden who took measures so that of American companies are no longer sourcing from China.

The Congolese Government would do better to take this into account, especially after an operation deemed illegal and detrimental to the interests of the Democratic Republic of Congo by the national financial patrolman, Jules Alingete, alias ''Aligator'' and his hunting dogs, who works according to the economic vision of the President of the Republic Félix-Antoine Tshisekedi.

A survey by the Consortium " THE DRC AND ITS PEOPLE D'ABORD " carried out by Econews, Forum des As, Congo Nouveau, Le Potentiel, Flash Info, Leader, Mining News Magazine, Le Socle, RCEN and the coalition "Tous pour la ground floor"

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19/02/2023

ZIGIN MINING ATTEMPTS TO BLACKMAIL THE STATE


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These are the important pages👇
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AND THE CHINESE EMBASSY INSULTS JULES ALINGETE AND THE IGF REPORT

The facade fell when Dathcom’s ML was revoked last week. With a rationale completely outside DRC mining law, the ministry abused Dathcom's legal battles over the fraud & theft of Simon Cong's Dathomir, Cominière's Zijin & MMCS scandals as an opportunity to pillory Dathcom/$AVZ.

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Key points of the econewsrdc article:

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08/02/2023

Lithium Manono: How is ZIJIN with the illegal 15% (IGF) part of DATHCOM without any court decision?

By Kiki Kienge

The Ministry of Mines, on February 28, 2023 revoked the operating permit to DATHCOM, the joint venture between the Congolese State and the Australians of AVZ Minerals, for a "non-communication" of AVZ Minerals to partners (COMINIERE) on the purchase in 2017 of the 60% from DATHOMIR. So more than 6 years later!
As a reminder, AVZ has never bought 1% of its shares in the Manono lithium project directly from the Congolese state, well from the group of the Chinese, Simon Cong.

The IGF, which is the financial control body of the Presidency of the Republic, confirmed in its report on DATHCOM, that the 15% of ZIJIN purchased from COMINIERE is in violation of legal provisions, since the Congolese State has lost US$116 million. For a value of US$10 million for 1%, the 15% of the Congolese State in DATHCOM was sold at almost US$33 million, therefore US$2.2 million per % instead of the US$10 million of the market price:

"The transfer of the 15% of COMINIERE's shares in DATHCOM Mining to ZIJIN Mining was carried out in violation of the legal provisions on the disengagement of the State of companies from the Portfolio and caused, in view of the assessments made in the feasibility study, a significant loss of revenue for the Public Treasury valued at US$1,56,560,000. It was a real sale of the mining heritage of the State for which you are responsible. » IGF Report.
Something recognized even by the Chinese group in a meeting with the portfolio minister, Adèle Kayinda; ZIJIN had even declared that it wanted to give up its 15%:

"The ZIJIN group proposes to transfer the 15% back to the Congolese State and not to claim the price attached to it"

Namely, according to the IGF, even the US$33 million that should be used to relaunch the COMINIERE, would have disappeared from the state coffers to end up in the pockets of COMINIERE executives and some Congolese individuals.

Here, ZIJIN by this statement, just after the judgment of the Congolese Minister of Mines, Antoinette N'samba Kalambayi, confirms that she is part of Dathcom with Dathomir's illegal 15%%: "It is regrettable that AVZ caused the blocking of the Manono project. Zijin will continue to work closely with the parties concerned to advance the development of the Manono project, for the benefit of local communities in the DRC. We encourage AVZ to show greater cooperation with other Dathcom shareholders. "Said Zijin Mining's internal legal advisor.

Given the report of the General Inspectorate of Finance, already in the hands of the Congolese Justice, the IGF which is an organ of the Presidency of the Republic, should the Minister not at least by another Ministerial Decree suspend the participation of the Chinese group in Dathcom pending the decision of the judges?

The Congolese State of its 25% of the shares in Dathcom, lost 15% illegally sold to the Chinese of ZIJIN and 5% offered to MMCS, a company in Mauritius. Now, in an article, the newspaper Financial Review, talks about a bribe from the executives of AVZ Minerals to a Congolese businessman, Marius Mihigo.

Which would have been charged by AVZ Minerals to facilitate the obtaining of an Operating Permit, in exchange; "one million dollars base and by the proposal to offer an additional US $5 million in cash and shares. But the same newspaper, Financial Review, is not able to demonstrate the illegality of this proposal and even that it is an act of corruption in DR Congo or Australia, but does not remain in vague accusations without legal bases. Since even the shareholders of AVZ Minerals were informed of the expenses for mediation in the DRC by Mr Marius Mihigo.

Something that could appear even more tendentious in the eyes of the readers of the Financial Review article, is that the Australian media voluntarily or not, in no way invokes the IGF report that confirms the illegality of the sale of the 15% COMINIERE to ZIJIN. But tries to convince readers that the Chinese group, ZIJIN was legally partners in DATHCOM with its 15%, considered non-compliant according to Congolese law. Why demonize AVZ Minerals and sanctify ZIJIN, for what purpose?



15/04/2023

Zijin Mining sues the $1.5 million agreement signed between AVZ and Marius Mihigo


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Chinese miner Zijin Mining has ratcheted up the pressure on AVZ Minerals by claiming the latter's US$1 million ($1.5 million) cash payment to Congolese middleman Marius Mihigo is unacceptable and contrary to the rules of the mining framework of the Democratic Republic of the Congo.

The rant fuels a sprawling standoff between Chinese, Australian and Congolese stakeholders over the ownership rights of the world's potentially most valuable untapped lithium project in Manono, southeastern Democratic Republic of Congo. .

"The agreement to pay such fees to intermediary Mr. Mihigo remains shrouded in secrecy and is of serious concern to Zijin Mining," said Chen Chen, Zijin's attorney.

“The DRC has a comprehensive legal framework for mining, which does not require additional fees or lobbying by agents to obtain a mining license.

This behavior is unacceptable and contrary to the philosophy of Zijin Mining,” he added.


The lawyer said an International Chamber of Commerce arbitration hearing scheduled in Paris between his legal team and AVZ on April 23 has been postponed for unspecified reasons.

Meanwhile, the Australian Securities Exchange has suspended AVZ for failing to comply with its listing rules, after the former S&P/ASX 200 member said it was unable to disclose full information to the market. .

The company also said it did not disclose Manono's ownership disputes in 2021 because they were not material to its business.

Towards an open conflict?

Since the Australian Financial Review reported that Mr Mihigo had accepted a US$1 million cash payment from AVZ, the consultant has denied any unacceptable conduct and claimed in the Financial Times of London, French public broadcaster France 24 and DRC media that Zijin was behind an "orchestrated disinformation campaign" aimed at defaming him and AVZ.

It is recalled that Mihigo publicly complained about the release of AVZ's plan to pay him an additional success bonus of US$3 million and US$2 million in stock, for a total of US$5 million. , if the mining license was granted.

On June 2, AVZ's board of directors agreed to hire law firm DLA Piper to conduct a review of its plan to offer the $5 million success bonus.

DLA Piper later advised against agreeing to pay the success bonus, which was dropped.

At the TCC hearing later this year, AVZ will seek to have Zijin's claim for a 15% ownership interest in Manono dismissed, on the grounds that the court lacks jurisdiction.

Zijin says it bought a 15% stake in Manono in November 2021 for US$33.4 million from Congolese state-backed mining body Cominiere.

However, AVZ has repeatedly denied this claim, calling it "misleading" and not backed by any legal authority.

The Perth-based mining company says it still owns 75% of Manono, with the transfer of 15% breaching the joint venture agreement with seller Cominiere.

mediacongo


Let's remember their track record.

Here are some examples of the negative impact the company has had:

Toxic Spills:

In 2010, a tailings dam at Zijin's copper mine in Fujian province collapsed, causing 2,000 tons of toxic waste to spill into a nearby river.

The incident resulted in severe environmental damage and widespread protests from local residents.

Human Rights Violations:

In 2015, Zijin Mining was accused of violating the rights of workers at its copper mine in Tibet.

According to a report by Human Rights Watch, workers were subjected to forced labor, long working hours, and dangerous working conditions.

Illegal Mining: In 2016, Zijin was found to be operating an illegal gold mine in Indonesia.

The company was fined $5.2 million and ordered to cease operations at the mine.

Wildlife Destruction: In 2018, Zijin was accused of causing significant damage to a protected wetland area in Papua New Guinea.

The company had been granted a permit to conduct exploration activities in the area, but local residents and environmental groups claimed that the company had caused significant damage to the ecosystem.

Controversial Investments: Zijin has also faced criticism for its investments in controversial projects, such as the Porgera gold mine in Papua New Guinea, which has been accused of human rights abuses and environmental destruction.
 
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15/04/2023

Having 3M to lobby on AVZ's behave is a complete legal activity.

Ethical lobbying is a legitimate activity and an important part of the democratic process.
Lobbyists can help individuals and organisations communicate their views on matters of public interest to the government and opposition and, in doing so, improve outcomes for the community as a whole.


AVZ did the right thing they obtained legal advice how to go about it.


I think there is something else behind the noise of Zijin, they are simply trying to make 3M's work impossible by saying it is illegal, which is bullshit. Also by making this noise they are hoping people forget about their illegal activities, or make them look less serious. Like a smoke screen. If this is all Zijin can come up with, it could well be true that they don't want to go through arbitration and look like what they are, just common criminals operating under the cover of darkness.

Zijin, being a state company and therefore implicating mother China, is about to lose face big time on the international stage. Not a great thing for China, there highly likely will be consequences in China. China will take this pretty serious, because at the end of the day it shines a very shitty light on China's way of operating abroad. It will be hard to just sweep this under the carpet and carry on business as usual, sorry, it was just a silly mistake by some minors.

Don't forget the blackmail letter of the chairman of Zijin about the proposal to gain access to 71% of Manono north implicates him in a not to misunderstand way. Not only was it extremely stupid for him to write that letter and sign it, but it implicated him the boss of Zijin, a state owned company, in blackmail.

Zijin, included Tommy the twat, must be now pissed off that AVZ is in suspension from the ASX and don't disclose anything, until this case is over. So Zijin's actions comes under attempting to sling mud and hope it sticks, because it is all they can do. If Zijin was able to delay the ICC for unspecified reasons, one would have to question the impartiality of the ICC.

I don't think the ICC would throw their status in the gutter just for corrupt Zijin, because it would be the end of the ICC in Paris. Just sacking a couple of lawyers for corrupt action would not stop the ICC in Paris losing their status and ability to operate impartial.
 
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Xerof

Biding my Time 1971
I've heard 2 excuses for the delay from different sources

A double booking of the Arbitrator
The Z lawyer could not get a visa

Both sound weak and pathetic, and tell me that Z is running scared shitless

Kunts

Kunt
 
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26/05/2023
Hudnut Posted

Chinese Miner Zijin Vows to Continue Huge Lithium Buying Spree​

December 1, 2022

Zijin has spent $16 billion buying three lithium mines over the past year, but its president says the group aims to become one of the top three to five mining companies in the world by 2030​

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The company logo of Zijin Mining Group, China's biggest listed gold producer, is seen at a press conference in Hong Kong. Reuters file photo.
The head of China’s Zijin Mining Group has vowed to invest heavily in the EV metals sector, but conceded that lithium prices could halve over the next three years from the record levels they are now at.
Zou Laichang, who is president of Zijin – China’s top gold miner and a leading producer of copper, spoke at the Reuters Next conference currently being held in New York.
Zijin has spent $16 billion buying three lithium mines over the past year, making it one of the world’s top 10 producers of the battery metal.
But the flurry of deals comes amid warnings that lithium prices, driven to records by rapid growth in electric vehicles, may peak next year because of a looming supply glut.
“Zijin aims to become one of the top three to five mining companies in the world by 2030. To do that, we need a new growth driver on top of our gold, copper and zinc sectors,” Zou said.
“New energy and new materials are the key strategic path for us to achieve this goal.”
Zijin’s recent purchases include Canada’s Neo Lithium Corp, a company focused on lithium mining in Argentina, bought for C$920 million ($690 million) in a deal completed in January and giving it access to the Tres Quebradas (3Q) project.
It also bought majority stakes in the Lakkor Tso Lithium Salar mine in China’s Tibet region and the Xiangyuan lithium mine in Hunan province.
Zou said more investments are planned, but gave no details on how much the company plans to spend. Zijin has a market capitalisation of about $35 billion and had a net profit of 15.7 billion yuan ($2.2 billion) last year.
 
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Dave Evans

Regular
Carlos Danger on fire 🔥

Zijin have never been part of Dathcom or on the register. It is their subsidiary Jin Cheng that entered into the contract with Cominiere. AVZ's lawyer Christian Lukusa said in an interview in September that this isn't allowed without government approval which allegedly was never received. Franck Fwamba was referencing this point in his tweet imo

Here's my (Carlos) notes from that section of the interview:

- The transfer of shares isn't between Cominiere and Zijin. In the transfer contract (which is shown) it is between Cominiere and Zijin's subsidiary Jin Cheng. Allegedly this is not allowed in the mining code without approval from the government which wasn't received.

- Says even worse in the notary deed it is not the CEO signing the documents which is required.


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Dave Evans

Regular
Carlos on fire 🔥 again

So this means if the new RCCM document is accurate then Jin Cheng (and therefore Zijin) have been removed from Dathcom

Here is the RCCM at 23/11/21

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@Mr Inappropriate checked this a month or two ago and it was still the same. Here's a screenshot I did of his post.

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Here is the RCCM at 31/5/23 according to the document that @9cardomaha sourced

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Interesting to note that the 23/11/21 RCCM document was made a few weeks after this letter from AVZ dated 8/11/21 talking about them refuting an EGM of Dathcom ordered by the Commercial Court in Lubumbashi for Cominiere to transfer 15% of its shares to Jin Cheng

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Dave Evans

Regular
Carlos Danger on fire 🔥

Zijin have never been part of Dathcom or on the register. It is their subsidiary Jin Cheng that entered into the contract with Cominiere. AVZ's lawyer Christian Lukusa said in an interview in September that this isn't allowed without government approval which allegedly was never received. Franck Fwamba was referencing this point in his tweet imo

Here's my (Carlos) notes from that section of the interview:

- The transfer of shares isn't between Cominiere and Zijin. In the transfer contract (which is shown) it is between Cominiere and Zijin's subsidiary Jin Cheng. Allegedly this is not allowed in the mining code without approval from the government which wasn't received.

- Says even worse in the notary deed it is not the CEO signing the documents which is required.


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Flight996

Regular
What's the bet that Zijin miraculously finds and presents a 'genuine' signed ministerial document approving Zijin's place on the Dathcom register.

The rodents have produced so many fake documents in the past, what's the harm in just one more.

Cheers
F
 
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Institutions own 32% of Zijin Mining Group Company Limited (HKG:2899) shares but individual investors control 45% of the company

Simply Wall St
Published June 10, 2023
Source: Shutterstock

Key Insights​

Every investor in Zijin Mining Group Company Limited (HKG:2899) should be aware of the most powerful shareholder groups. We can see that individual investors own the lion's share in the company with 45% ownership. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn).

Institutions, on the other hand, account for 32% of the company's stockholders.

Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones.

In the chart below, we zoom in on the different ownership groups of Zijin Mining Group.

ownership-breakdown SEHK:2899 Ownership Breakdown June 10th 2023

What Does The Institutional Ownership Tell Us About Zijin Mining Group?​

Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.

As you can see, institutional investors have a fair amount of stake in Zijin Mining Group. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Zijin Mining Group's earnings history below. Of course, the future is what really matters.

earnings-and-revenue-growth
SEHK:2899 Earnings and Revenue Growth June 10th 2023

Zijin Mining Group is not owned by hedge funds. The company's largest shareholder is Minxi Xinghang State-owned Assets Investment Operation Co.,Ltd., with ownership of 23%. For context, the second largest shareholder holds about 2.6% of the shares outstanding, followed by an ownership of 2.5% by the third-largest shareholder.

Our studies suggest that the top 25 shareholders collectively control less than half of the company's shares, meaning that the company's shares are widely disseminated and there is no dominant shareholder.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.

Insider Ownership Of Zijin Mining Group​

The definition of an insider can differ slightly between different countries, but members of the board of directors always count. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.

Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.

Our information suggests that Zijin Mining Group Company Limited insiders own under 1% of the company. We do note, however, it is possible insiders have an indirect interest through a private company or other corporate structure. Being so large, we would not expect insiders to own a large proportion of the stock. Collectively, they own HK$1.4b of stock. In this sort of situation, it can be more interesting to see if those insiders have been buying or selling.

General Public Ownership​

The general public-- including retail investors -- own 45% stake in the company, and hence can't easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.

Private Company Ownership​

Our data indicates that Private Companies hold 23%, of the company's shares. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.

Next Steps:​

I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too.

Case in point: We've spotted 1 warning sign for Zijin Mining Group you should be aware of.

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

Valuation is complex, but we're helping make it simple.​

Find out whether Zijin Mining Groupis potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.

Have feedback on this article?

Get in touch with us directly.
Alternatively, email editorial-team (at) simplywallst.com.


 
INVESTIGATIVE STORIESCOURT AND PROSECUTION

Zijin’s Negligence: How the Demolition of the Smelter Cost a Worker His Life​

20 Mar 2023

Jovana Tomić, Dina Đorđević

At the Smelter, where rules and reality are miles apart, a Zijin worker lost his life. CINS reveals Zijin's negligence that preceded the accident.

It was around three in the afternoon, at the end of April last year, when Saša Jovanjika, a Serbia Zijin Copper worker, came to work. For some time, the company had been preparing the demolition of its Smelter, where ore was being converted into copper, as well as the construction of a new plant.

Earlier that day, employees had tried to remove a large steel structure in the shape of a photo frame that was once used to shake the copper out of its large containers. They tried doing it with an excavator, but failed. They tried cutting it up to make it easier to put away, but they were unable to separate the pieces.

The next option was the crane, to which Jovanjika was supposed to be giving instructions. He didn’t even have time to change his clothes. He left aside his lunch bag and started working.

When the structure was hooked onto the crane, the workers started to move away to safety. Everyone except Jovanjika. “A little tighter,” he told the crane operator, “let’s see if that part will move.”

The crane operator did as he was told. That is when a part of the structure came loose and the steel weighing several tons hit three workers, including Jovanjika who was hit in the head and chest. The ambulance that arrived was only able to pronounce his time of death. Jovanjika had been killed in the first five minutes of his shift. But he was not even supposed to be there.

His job was actually to assign tasks to the workers at the Smelter, to visit and oversee them. When the Smelter stopped working for a new plant to be build, Zijin illegally sent production workers, such as Jovanjika, to the construction site.
The Center for Investigative Journalism of Serbia (CINS) can reveal that Zijin, disregarding all security procedures, placed its workers in danger because it wanted to finish the reconstruction and start producing copper as quickly as possible. They are being tried in the Bor department of the Misdemeanor Court in Zaječar, for violating the Law on Safety and Health at Work, while the preliminary proceedings at the prosecutor’s office have been at a standstill for almost a year.

Mario Reljanović, research associate from the Institute of Comparative Law, who deals with labor law, believes that workers are treated as consumables:

„They [workers] are there to do what is needed in the moment, there are no normative standards (…) They just use them for whatever they need.“

Zijin’s negligence​

Ljubodrag Milenković spent about four hours next to Jovanjika’s body. He happened to be there as an employee of the company S Secko, which Zijin had hired. He told CINS that soon after the accident, a crowd formed that included emergency services, Zijin staff in charge of occupational safety, the prosecutor, and the police.

Also at the scene was labor inspector Daliborka Pepeljak, whose job was to assess the conditions under which Jovanjika died. She spoke to eyewitnesses and combed through the documentation.
From the notes she prepared afterwards, it is clear that Zijin did not comply with the procedures that would have ensured greater safety for the workers.

For Jovanjika’s workplace, there had to be an amended Risk Assessment Act, on the basis of which he would have known what health and safety risks await at the construction site. Zijin failed to present it. Since its workers in the field also worked as contractors, Zijin had to have a Construction Site Arrangement Plan. It didn’t have that either. The Plan of Preventive Measures for Workplace Safety and Health was drawn up only after Jovanjika’s death.

Saša Dimitrijević, expert associate for health and safety at work of the United Branch Trade Unions “Independence”, says that it is particularly problematic that they did not have an amendment to the Risk Assessment Act. According to him, it is a key document for the health and safety of workers because it deals with all the dangers to which they may be exposed during work:

“Essentially, he should not have been allowed to set foot on the construction site at all if he was not familiar with the health and safety risks. These other things are a violation and some kind of procedure, but what specifically cost him his life, from my point of view, was the fact that he was not presented with the risks of the job he was going to do.”

Pepeljak filed a misdemeanor complaint against Zijin and its General Manager Jian Ximing for violating the Law on Workplace Safety and Health. Pepeljak demanded that both Ximing and the company be fined.

Thus, for each of these two misdemeanors – the lack of a Construction Site Arrangement Plan and the lack of an amendment to the Risk Assessment Act, Zijin was facing a fine between 800,000 RSD and 1 million RSD, while the General Manager was facing a fine between 40,000 RSD and 50,000 RSD.

Reljanović says that these fines are not appropriate for the committed violations and that in practice, fines lower than the prescribed minimum are often imposed:
“Even if they are imposed in full, I don’t believe that they would serve as a deterrent because the fines are still small and symbolic amounts for large companies that will gain much more than they will lose through this obvious form of labor exploitation, which is illegal.”

Pepeljak informed the Basic Public Prosecutor’s Office in Bor, which is investigating the case ex officio, about her findings. CINS was unable to obtain more information because the procedure, even ten months after the accident, is still in the pre-investigation phase.

Reljanović believes that the inspector should have closed the construction site and checked the documentation for all the workers:

“When you see that the law is explicitly violated in relation to one worker, the first thing you do is check the same thing for all other workers. But, if you just want to get it over with, then you state that there has been a violation of the law and submit a request to initiate a misdemeanor procedure”.

The inspector did not want to talk to CINS, and we did not learn more about the accident from the Ministry of Labor, Employment, Veterans and Social Policy, overseeing the investigation:

“Given that the misdemeanor proceedings before the competent misdemeanor court are still underway and that the pre-investigation proceedings and additional expert examinations are being carried out by the competent prosecution, it is not possible to provide any details.”

Working without a permit, workers under pressure​

Since Zijin took over the Bor Mining and Smelting Basin at the end of 2018, pollution in the city has increased again. The Smelter is largely to blame for this. In an effort to reduce excessive pollution, but also to increase production, Zijin decided to demolish the old Smelter and build a new, more modern one. The work during which Jovanjika was killed was being carried out by the company S Secko from Zrenjanin, but also TeiKom from Belgrade.

Zijin‘s plan was ambitious – the start of production in the new Smelter was scheduled for the end of last year. The demolition began in April, and, as CINS reveals, without the permission of the Ministry of Construction, Transport and Infrastructure, which Zijin received only in May.

Ljubodrag Milenković, who had worked at the Smelter for years before S Secko, told CINS that there was a rush:

Zijin insisted on short deadlines. Unrealistic deadlines, but that’s why we worked harder. We did not have regular working hours, we stayed there for as long as there was visibility”.

In order to speed everything up, Zijin also sent to the construction site its own workers, who had worked at the Smelter before the reconstruction, explains Žarko Radulović, president of the Bor Smelter Trade Union Organization, of which Jovanjika was a member.

“It wasn’t their job. This was done by third parties [companies], but in order to speed things up, in order to get something done, they hired our people to be there in case something needed to be lifted or pulled, our crane operator was there and we saw what ended up happening.”

According to Radulović, the motive was to save money. He says that the Smelter, which has several hundred workers, stopped production during the reconstruction, and that the company sent workers who had nothing to do to the construction site as help.

Reljanović says that Zijin first had to legally regulate the position of those workers, given that these are practically new jobs:

“Those workers had to get annexes to their contracts because they were not employed to work in construction, but in the Smelter. Secondly, the question arises as to whether these workers are qualified for that type of work – whether they have the appropriate educational profile (…) That’s just not the way you do it.”

Jovanjika did not have the necessary contract annex for the construction site, and it is debatable how qualified he was for this type of work.

Crane operator Saša Antonijevićclaims in his statement given to the inspector that before the reconstruction, the cranes were being handled by other crane operators, and that Jovanjika was only sometimes present and participating in those tasks. After the demolition began, according to his statement, that changed, so crane handling was also performed by the shift foreman’s assistant, which was Jovanjika’s position.
Saša Dimitrijević from the United Branch Trade Unions “Independence” explains that even if Jovanjika had had experience, crane operation in production and in construction are two different things:

“You can drive a car, I’ve been driving for 30 years and I have a license, but I can’t drive in races. In order to drive in car races I have to have a license for it and know some other things. The fact that I know how to drive a car and how it works does not give me the right to drive a bus in city traffic.”

When asked by CINS, Zijin said that they cannot comment on this case, given that the proceedings before the Misdemeanor Court are ongoing.

Ljubodrag Milenković, who earned his pension at the Smelter, now for the first time experienced a colleague die in front of his eyes. Even though all the eyewitnesses, including himself, told the labor inspector that Jovanjika was wearing a helmet at the time of the injury, in his interview with CINS, he claims otherwise – that Jovanjika was not wearing a helmet:

“That’s just how it goes at the Smelter – rules are one thing, reality is another.”

 
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01/08/2023

The following post was by Lucas Don Velor and I haven’t read it, but I thought it looked like it contained a lot of information so I posted it here for future reference

Cominiere's balance sheet is becoming more clear with the efforts of Kiki... An itemised account of 'snacks' should reveal Focus Pleading and collusion...
Add extortion to Zijin's resume...

<blockquote class="twitter-tweet"><p lang="fr" dir="ltr"><a href="https://twitter.com/hashtag/Lithium?src=hash&amp;ref_src=twsrc^tfw">#Lithium</a> <a href="https://twitter.com/hashtag/Manono?src=hash&amp;ref_src=twsrc^tfw">#Manono</a>🇨🇩<br>Le groupe Chinois🇨🇳 <a href="https://twitter.com/hashtag/ZIJIN?src=hash&amp;ref_src=twsrc^tfw">#ZIJIN</a> avait IMPOSÉ dans une lettre à la <a href="https://twitter.com/hashtag/COMINIERE?src=hash&amp;ref_src=twsrc^tfw">#COMINIERE</a> une coentreprise où elle aurait 71% et l&#39;État Congolais🇨🇩 29%.<a href="https://t.co/Mvar5ZEkdq">https://t.co/Mvar5ZEkdq</a></p>&mdash; Kiki Kienge (@KiengeKki) <a href="">August 1, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 
24/08/2023
Carlos Posted

Is this new information? @Carlos Danger
https://x.com/franckfwamba/status/1694361559370252390?s=12
Big Liars, STOP LYING. FACTS
1. Legal case N. RP14944 by Dathomir vs Dathcom (JV of AVZ, Cominiere and Dathomir) not AVZ. Legal Procedure not yet exhausted
2. Commercial Court appointed Eugene Mbomb as Special Rep to gather Dathcom's partners & decide. Zijin lost then went to ICC
Click to expand...

RP14944 has been talked about in a few media articles. It's also cited in the full letter (see below) by the green goblin where she tries to rat fuck us on ceding the 10% pro rata that Cominiere are obligated to transfer in full to the DRC government.

It's the case where Dathomir sought to have the action certificates and register of Dathcom associates dated 31 August and 1 September 2021 obtained from the Chief Registrar of the Unique Enterprise Creation Guichet, Antentenna of Lubumbashi confirming that AVZ owns 75% of Dathcom from the completion of the SPA's with Dathomir annulled and Graeme Johnson was sentenced to 3 years.

I'm not sure what part 2 is referring to and was unaware that Zijin's decision to take AVZ to the ICC was based on decision against them by the commercial court. My understanding was that they brought the case because we as the controlling party of the JV wouldn't recognise them in Dathcom. I don't have any documentation from these court cases mentioned.

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