Australia's largest stock trading and investment forum Australia's #1 stock forum

AVZ

0.00%

78.0¢ avz minerals limited

Ann: Receipt of Request for Joint ICC Arbitration Proceedings, page-116

First 116 Last

Share
Profile

Follow
pidg

1,007 Posts.

134

16/05/23

13:08

Post #: 67798666
Share

Originally posted by Amovatio ↑

I was thinking the same. The action taken by Cominiere is a deliberate and decisive breach of the ICC Order.

Also, does anyone know when Zijin fronted up and paid the balance of the deposit for the 15% they wanted to acquire. The original deposit was around $6M that Cominiere officials eroded on the refreshment bar. So unless I am mistaken the purported transfer hasn't contractually happened because full payment hasn't been made. The DRC needs to look into where the balance of this payment has gone if the Zijin payment has been fulfilled.

IMO the request for Arbitration is to get AVZ to spell out the true valuation and life expectancy of the mine and release more upto date information. The only subjective basis I can come up with for the calculation of the compensation claims by Zijin and Cominiere is on the first edition of the DFS. Hence, the exchange of information by either party before arbitration would be a plan to acquire this.

One thing is for certain. AVZ will not do any deal with either Zijin or Cominiere to have ANY say in the future of the Manono site. We have the controlling interest after having invested over $100m. The best they can hope for from Arbitration/mediation is to now put forward a Takeover offer for the knowledge we have and our proposed plans.
AVZ management and legal team are starting to gain the upper hand as it now seems the leakage of information has dried up and the only way to get access to the information they require is via the court process.
Lets hope the ICC outline the process and get the parties to commit to timelines so a decision can be expedited.

Expand

I had a closer look after I posted and I think that Cominiere are prohibited from taking any further action by the ICC in DRC courts and legal system, not the ICC as it appears from the AVZ announcement
The 50000 euro daily penalty only applies if Cominiere pursue any further action in DRC

AVZ Price at posting: 78.0¢ Sentiment: None Disclosure: Not Held
3 Upvote

0 Great analysis

Reply

Top Stories

Talking the US election, the spectre of Trump and what's hot on the ASX200: Wealth Within

BYH

Bryah gains $408K government rebate for work on copper target Narracoota

WC8

Leia pegmatite pulls up recoveries of 84% lithium for Wildcat in WA

AI stocks: What to expect in 2024-25

IVR

Investigator Resources hits 8m @ 1.06% copper on-site Stuart Shelf JV project acreage