Hi Quarbing, there have been two notices - one on the day of delisting and one on Friday. Sad, sad news unfortunately for Jin Cheng Mining Co. and their controlling business Zijin Mining Co., alongside their Chinese government puppetmasters.
The latest announcement set aside the Jin Cheng protest that AVZ Minerals was not eligible to dispute, as the joint venture agreement was AVZI.
I guess, Jin Cheng and Zijin missed the clause in the contract stating that AVZI was acting on behalf of AVZ Minerals. Too bad for them, more positive news for the people of Manono and shareholders of AVZ, in recognising true rights to the tenement, and ability to extract in a way that is beneficial for not only shareholders but the wider Manono community through above market salaries, new skills and a growing economy.
As panalty amounts build daily, pressure will gradually mount and assist the Congolese government in Kinshasa to see that ownsership of the project stands as laid out in the JV, 85% AVZ 15% DRC government via the holding mechanism.
Luckily Zijin undertake so much business in the DRC, that their taxes realised on other projects assist in paying the imposed penalties and assist AVZ in project funding to mine.
