OK, this is the google translation of the Axinocapital article.
It is not the AVZ ASX announcement, but the interpretation by the Axino people of the AVZ ASX announcement.
06/17/2022 AVZ Minerals responds to the International Chamber of Commerce in Paris
Jun Cheng Mining filed a case against AVZ International Pty, the 100% subsidiary of AVZ Minerals Ltd., before the International Chamber of Commerce in Paris (ICC). (ASX: AVZ, FSE: 3A2) initiated.
Within this process, AVZ Minerals has now submitted its response to the ICC in Paris, fully rejecting the claims made by Jin Cheng Mining.
AVZ Minerals responds to the International Chamber of Commerce in Paris
The case filed by Jin Cheng Mining, a subsidiary of Zijin Mining Group, before the International Chamber of Commerce in Paris has been ongoing since the beginning of May.
The proceeding follows Jin Cheng Mining's allegation that it has acquired La Congolaise D'Exploitation Miniere SA's (Cominière) 15% interest in Dathcom Mining SA (Dathcom) and is now a rightful co-owner of the Manono Lithium Project Congo.
In its response to the International Chamber of Commerce, AVZ Minerals stated that it had carefully examined Jin Cheng Mining's claims.
The result of this examination is that the claims made are unfounded and flimsy.
In addition, they are afflicted with essential and fundamental errors.
They therefore have no substance and are fully and emphatically rejected by AVZ Minerals.
AVZ Minerals insists on its right of first refusal
In support of its position, AVZ Minerals pointed out to the ICC in Paris that the alleged sale of Dathcom's stake by Cominière contradicts Dathcom's existing Articles of Association and the Dathcom Shareholders' Agreement of January 27, 2017.
AVZ Minerals, on the other hand, confirms that Cominière violated the preferential rights granted to AVZ International under the shareholders' agreement when it transferred its stake in Dathcom to Jin Cheng Mining.
This rendered the agreement void and has no legal effect.
The composition of the arbitral tribunal will be decided over the next four weeks
Next up will be the question of whether the arbitral tribunal in Paris will be constituted by a sole arbitrator, as Jin Cheng Mining would like, or a panel of three judges, as AVZ International would like, to consider the case.
This question should be decided in the next four weeks.
The proceedings are thus dragging on and the suspension of the AVZ Minerals share from stock exchange trading will continue for the same length of time, because the company has no information that would make it necessary to withdraw the application for a trading suspension early.
For the invested shareholders, the test of patience continues.
However, two important aspects are encouraging.
Initially, AVZ Minerals saw no reason to deviate from its legal position even a millimeter, despite a thorough examination of the opposing party's arguments.
On the other hand, the company has once again assured its shareholders that it will do everything and will of course also take all necessary measures to defend itself against the unfounded claims.
This protects both their own interests and those of Dathcom, which ultimately owns the Manono project.
Enjoy your weekend.
AVZ Price at posting:
78.0¢ Sentiment: Buy Disclosure: Held
