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Ann: Manono Project Licence, page-149

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Glyco

6,165 Posts.

2345

12/03/17

14:54

Post #: 23283194
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Originally posted by mineralised ↑

Not much to say that hasn't been said.

I had a read through the latest MMCS / Cominiere Manomin JV contract from September 2013. Both Cominiere and MMCS have obligations and both have out clauses.

The definitions for feasibility study and work required of MMCS are quite specific and extensive and include resource estimation and drilling. Once the feasibility study is done there is also a stipulated minimum timeframe to organise finance and development or Cominiere has exit option again.

I also noted that the MMCS contract was signed by someone who is no longer the head of Cominiere, effective some time in 2015. Not that this detail matters but in my previous attempts to find out about possibility of acquiring Manono this is what I heard about MMCS:

- The way that MMCS entered into the JV with Cominiere would land them in hot water in court (and I assume those in charge of Cominiere at the time)

- They were notified in advance by both Ministry of Mines / Cominiere to get on with the work or lose the license by Sept 16 2016.

- MMCS don't have a good reputation and are known as wheeler/dealers and not serious investors, the word "scammer" was used

- They've haven't done any real work and zero drill holes, no results to show for the work they say they've done

I also compared satellite images from 2010 to 2017 and can't see any difference at all. The most glaring issue being you would need to drain the Kitolo pit of water to do properly spaced resource estimated drilling. You can put together a chemistry set and call it a pilot plant if you like, but you can't fake drill holes.

Actions of MMCS to retain the license look a bit "sharky".

The most direct path to retain the rights they believe they have is with the DRC govt and Cominiere. The contract document also states it is under DRC law.

This big rush of press releases seems to be more about seeding the idea that they've been investing in the project and its been wrongfully taken by AVZ and that AVZ are in big trouble in WA court.

The target of this story is AVZ shareholders and specifically in advance of the general meeting to vote for the shares and cash needed for the project.

Hopefully MMCS have shown the journalists who re-printed that US$9M of expenditure claim some receipts or proof of investment, or they will be embarrassed to have just accepted the false information of just another parasite sitting on resources in the DRC. Who am I kidding, journalists don't have any shame any more.

Expand

Private firm takes AVZ to court | Business News

https://www.businessnews.com.au/article/Private-firm-takes-AVZ-to-court
4 days ago - “MMCS is a 68 per cent direct shareholder in Manono Minerals SARL, a joint ... “Under DRC law, when an appeal is brought in relation to the ...

-

Dispute over DRC-based lithium licences goes to WA Supreme Court

https://www.miningreview.com/.../dispute-drc-lithium-licences-heard-in-wa-supreme-...
3 days ago - MMCS is a 68% direct shareholder in Manono Minerals, a JV between it and the DRC government-owned Cominière, which holds mining ...

AVZ Price at posting: 2.0¢ Sentiment: None Disclosure: Not Held
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