AFR published four articles this week against AVZ, accusing the mining company of carrying out the business in a dishonest way. Yes, AVZ is not perfect, but trying hard to do honest business in a difficult country. As a shareholder, I think they did two things without doing proper due diligence. They initially bought 60% in Dathcom JV from Dathomir and a further 15% from them, which were not according to JV agreement. The govt provided a one time waver for the 60% to AVZ and thereby legalised the dealing. AVZ lost the second tranche of 15% for not following the JV agreement.
Let's briefly look at what positive things AVZ has done:
- AVZ raised money from ordinary mum and dad shareholders and drilled out the biggest Li deposit in a remote part of DRC.
- They survived Li price crash that killed some other Li companies.
- They didn't provide under the table payments to anyone.
- Trying hard to work with their JV partner (Comminiere), whose two top officials were arrested for corruption.
- The BoD couldn't travel to DRC because of WA's Covid related travel restrictions. Unlucky for us, the bad actors utilised this opportunity and tried to usurp the project.
- They will work on an unused dam and provide extra electricity to the people of Manono.
- AVZ created AVZ foundation to help the poor people in Manono.
- They built a full fledged mining camp and ready for mining when they get the ML.
- When developed, this deposit is going to change the lifes of many, me included.
Now, let's look at AFR, a business daily working in a safe jurisdiction supposed to uphold ethical business practices:
- The latest article has an image taken from another daily, is it a copy right violation?
- The photograph indirectly depicts the locals are protesting against AVZ, but that protest has nothing to do with AVZ.
- AFR published strictly confidential and legally previlaged information in one of its articles to spite AVZ.
- To be fair AFR also published an article which states that they lost a legal case against a PNG politician.
- Four one sided articles published within a week against an OZ battler company, what is the intention?
I am writing this because AFR didn't write anything about the other actors to balance their story. Journalism in your dictionary means publishing one sided stories?
AFR, your one sided stories on AVZ are actually against us, hurting us further, the long suffering mum and dad OZ shareholders. The bad actors pulled us down. AFR, you are actually kicking us while we are trying hard to get up. The only 'crime' the shareholders did was to invest in a company that is trying to develop a critical commodity in a difficult country and try to improve the lifes of the people there.
My heart goes out to the BoD, they have been squeezed from all sides, including from my fellow shareholders. My salute to you guys. Please continue your fight for us.
