AVM 0.00% 2.0¢ advance metals limited

So the NGO's now insist that the government should answer a...

  1. KKR
    1,217 Posts.
    lightbulb Created with Sketch. 433
    So the NGO's now insist that the government should answer a series of questions about the proposed appeal process. I agree that some of these questions should be answered. But shouldn’t the NGO's demand similar questions be asked of the DRC inter-ministerial commission that reviewed the mining contracts?

    Questions such as what was the composition of the commission, backgrounds and expertise of the members, were there any institutions of international standing that assisted the commission?

    From what I understand, the Commission was very under-resourced in terms of capability and did not have the capacity to do such work. The NGO coalition however, is taking the work of the Commission as "well done and reliable work". But was it?

    The NGOs justification for taking this view appears to be that the Commission (according to the leaked report) has determined that, a) no contracts should proceed in their current form, b) 37 need to be re-negotiated, and c) 24 need to be terminated.

    We all know there was no official contact between the miners and the commission, (based on reports mentioned here and ASX announcements). Submissions were not asked for. We have all listened to Bill's response and those of the analysts and other miners. It's a very odd position for the government to take with no justification for changes explained in any way. As Flats said "a shake down", a probable breach of contract, and a pure grab for money by the government.

    We can all see, it would appear the review by the Commission would probably not stand up to examination by a credible international entity.

    I wrote to the NGO coalition requesting they answer these questions, and guess what? "Thanks for your email, we refer you to one of our earlier articles..." Which still didn't answer these questions.

    As I said before, NGOs have their own political agenda to push. But what I don't think they realise is, "it is better the devil you know..." The Chinese have a very different view of operating in the Congo.

    As Miningnut said, "a contract is a contract, even in Africa." Once the miners can put forward their cases, to hopefully a better qualified panel, an open and legal negotiated settlement can quickly occur.

    This week we have our EOY finance results conference call which is something to look forward to.

    All the best

    KKR

 
watchlist Created with Sketch. Add AVM (ASX) to my watchlist
(20min delay)
Last
2.0¢
Change
0.000(0.00%)
Mkt cap ! $2.708M
Open High Low Value Volume
2.0¢ 2.0¢ 2.0¢ $40 2K

Buyers (Bids)

No. Vol. Price($)
4 284547 2.0¢
 

Sellers (Offers)

Price($) Vol. No.
2.6¢ 240382 1
View Market Depth
Last trade - 10.23am 16/08/2024 (20 minute delay) ?
AVM (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.