AVZ Top 20, page-921

After discussing this offline, there is really only one of two options that are correct regarding our friends at Bellamel Mining (Aka Norton Gold Fields: Aka Zijin Mining). Either:

1) Bellamel Mining was the main accumulator on market in July given the fairly low volume on market during the month; or
2) The Capital Raise Presentation that showed no Chinese participation doesn't reflect who was behind the purchases. Bellamel Mining might be registered in Australia, but clearly China through Zijin is pulling the strings.

If the truth is #2, then I would wonder how much of the CR was simply shell companies that are controlled and funneled back to Beijing.

From my calculations, China makes up at least 5 of the Top 8 Holders in AVZ, 1 is definately not, whilst the remaining 2 are unknown who is behind the holding entity. Bit of a worry when you consider 80% of the saleable product is under contract with China, whilst the vast majority of the Top 10 are also Chinese entities.