As I said I was not aware that the precondition had been waived but as you point out, another contributor has directed me back to an announcement dated 16 th feb 2022 thanks
Note The pre condition for the mining lic to be obtained by dathcom by Avz
was waived but obviously not removed.
Noting, funding
pending mining lic was still required as per md comment
View attachment 5357530Once the mining lic decrees were cancelled in jan 2023 - Avz had to recognize that it was in breach of the tia with no real pathway forward to obtain a mining lic in dathcom
This resent action against drc in USA is about the lic, Avz seeks Remedies specifically noting the serve impacts the failure to have issued a mining permit has and would have on the principle Asset of dathcom- which as Avz states they own 75 - one
Of those impacts would be that Avz as principal
Owner of dathcom Would be in no doubt in breach of the Tia agreement - lose funding- lose the future right to create a business and suffer financial Penalty for not being able
To deliver a principal condition of its funding agreement with cath
appears to me Avz has no pathway to obtain a ml for dathcom- icc actions are amongst other things seeking formal order of termination of the dathcom jv- and now Avz action in USA seeking an order from drc we presume (and other remedies) if lic not granted because, it’s probably worked out all the icc actions were not going to overturn the fact the mining
Lic decrees we’re cancelled by the drc government who issue the lic/permit to the dathcom
looks imo like this last action seeks ( amongst other things) try and remedy the existing obvious existing breach of the Tia, as Avz has no way to obtain a mining loc for dathcom which is a principal term once the government cancelled the mining loc decrees
time will tell Of cath extend again and in all likelihood draw down liquidity to a point we’re Avz would be unable to meet its obligation - or if either arbitrations in the icc or usa seal its fate beyond any doubt that it is unable to deliver on a principal term of its Tia with cath triggering a penalty which would all but wipe out its last reported bank balance
