I have pinched this from another site . From a German publication I believe.
AVZ applies to trade break: the Lithium company rejects Jin Cheng Mining's claims
Thursday, 12.05.2022 07:25 by axinocapital.de
The Australian AVZ holds the majority at the world's largest lithium storage site (fixed stone/Congo) through an object company. The expansion is being moved. From an AVZ point of view, however, a clear thing.
AVZ International Pty Ltd. a 100% subsidiary of AVZ Minerals Ltd. (ASX: AVZ, FSE: 3A2has received a request from Jin Cheng Mining for an arbitration procedure before the International Chamber of Commerce in Paris (ICC). In it, the Chinese company is trying to be recognized as a shareholder of Dathcom Mining SA. These claims are rejected by AVZ Minerals.
The background of the dispute is the property rights at Dathcom Mining SA, which belongs to the Manono lithium project in the Congo. Those who are recognized as the Dathcom's legal shareholder therefore hold a share of the project. For AVZ Minerals, this is the 100% subsidiary AVZ International Pty. Ltd.
For this reason, it has also received the request for the proposed introduction of an arbitration procedure before the International Chamber of Commerce in Paris and the changes of writing that it belongs. In his request, Jin Cheng Mining calls for being recognized as a legitimate shareholder of Dathcom Mining.
AVZ Minerals considers the demand unfounded
AVZ Minerals as the parent company now confirms the entry of the application and the entire letter change, but strongly rejects the claims contained in it. In the background is the claim that Jin Cheng Mining has taken over by La Congolaise D'Exploitation Miniere SA (Cominiere) has taken over their 15% share of Dathcom.
AVZ Minerals sees an effort to now initiate an arbitration procedure, another attempt to support the unauthorized claim in the media that one is a legitimate shareholder of Dathcom Mining.
In fact, however, the content is denied with all determination, because if it had actually come to the alleged transfer of shares to Jin Cheng, it is invalid because it undermines the contractually fixed pre-purchase right of AVZ Minerals.
The demands are bullying and unfounded
AVZ Minerals is now examining the request submitted and the change of writing. The AVZ management explains that it wants to take all necessary measures to fight against Jin Chengs „harassment and unfounded demands and to protect the interests of Dathcom and the company.
The procedure before the ICC in Paris is linked to a commitment to confidentiality. This is of course taking note of AVZ Minerals. On the other hand, however, it is also aware of its information obligations to their own shareholders and will therefore continue to inform the market in accordance with all its duties.
For investors investors, this is annoying news, because they indicate that the course of the AVZ mineral share could be subject to strong fluctuations in the coming weeks, although for AVZ Minerals, the legal situation is actually clear and above any doubt due to its contractually fixed pre-purchase rights.
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