AVZ (ASX) Ann: AVZ Successfully Restrains Dathomir

Originally posted by Roon-Aus: ↑

My understanding is that AVZ were told by Jean Felix Mupande, then head of CAMI, that we wouldnt be able to get a ML for the entirety of the tenement due to having only drilled out to JORC specifications the Roche Dure zone. It was claimed that JFM also said that AVZ would be have to officially waive that northern area to release it from 13359 so that a ML could be delivered for 13359 in line with the Ministeral Order, but that we would then keep the north subsequently as part of a new exploration permit. Perhaps most notably, it was alleged by NF that JFM insisted that this order came directly from President FT and it was the only was forward to our ML.

So, in line with this advice, AVZ (in the form of Balthazar) signed and submitted the document to officially relinquish a chunk of the 13359, the so-called 'northern tenement' area which i seem to recall was 88 squares. As soon as this was submitted however, the area was allegedly claimed by AJN, seemingly through a dodgy deal done by JFM and our old friend Klaus, likely with the intent on KE selling it down the line to Zijin. That fell through for various reasons, but it's been brought up ever since as an attack point against our AVZ management.

IMO the situation had never really been cleared up to the extent that shareholders deserve. Trickery does seem to have taken place, though should this have been identified? Given we always thought CDL larger than Roche, nd JFM had already proved himself a slippery character, one would think that this would have been especially carefully run through. NF'S later comments about its fine the north is full of Mica anyway were a bit of a red flag to me that they were trying to cushion the perception of their error.

Anyway in the Mining Code it indicates any territory relinquished is returned to the state for tender, and thats what we did. There is allegedly supporting documents indicating the dodgyness and also about us retaining the tenement but they havent publicly surfaced yet. We're certainly contesting the legitimacy of the split.

Also worth noting however the territory more recently cut off from 13359 and signed over by the MoM to the Zijin-Cominiere Manono lithium JV is substantially larger than this initially waived tenement area. I think the argument there is that after 13359 was returned in its entirely to Cominere (according to them and CAMI etc), that it was then split again with governnental approval with a chunk then sold off through a JV and cash deal for Zijin to exploit.

I imagine a lot of the opacity of this may come out in the wash, whether through the upcoming Cominiere ICC case or, if no deal is done in the interim, then the ICSID hearing.

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Nice post Roon.

I don't understand some holders love affair of NF.

The comment about the north being full of Mica certainly is a red flag and pair that with NF being a former director and major share holder of AJN (who happened to take up the northern portion), I guess it was just a unlucky coincidence that JFM and KE conspired using a company that NF was (is?) a major shareholder in.

This article sheds some light into AVZ management's failings at Manono - https://newlinesmag.com/reportage/the-dirty-business-of-green-energy-in-congo/

IMO, fresh leadership is needed at the top. However, I don't believe FT noms to be the answer...