Meetings were held between the Company's senior management and DRC senior officers in Brussels between 24 to 26 May 2024 and in Kinshasa on 21 June 2024 to discuss the terms of the memorandum of understanding (MOU). The draft MOU provided by AVZ in response to the DRC Government's request provided for a staged settlement of the various proceedings by AVZ against the DRC and other parties together with the grant of the outstanding PE to Dathcom. Notwithstanding the Company's concerted engagement, the parties have not reached agreement on the terms and conditions of the settlement arrangements for inclusion in the MOU.
One minute management stating having meeting, then this STATING to the DRC the RULES..!!...OMG.. I think the DRC have had enough of AVZ...imo..
The Company is also seeking further information from the DRC Government regarding its knowledge and involvement in respect of the above changes to the CAMI register. Should these changes reflect the actual situation of PR 15775, the DRC Government would thus have been knowingly involved in these changes. Such conduct would itself constitute a breach the ICSID Tribunal's Procedural Order no. 3 dated 16 January 2024, which among other things ordered the DRC to "refrain from taking, either through its officials, bodies, emanations or companies (...) any new act likely to call into question PR 13359 or which could lead to an aggravation of the present dispute or deprive the award to be made of its effect". If confirmed, the Company will consider all available relief and punitive orders against the DRC Government.
AVZ Price at posting:
78.0¢ Sentiment: None Disclosure: Held