AVZ Discussion 2022

Frank

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Fortescue excluded from world’s biggest hydropower plant development

A company owned by Australian mining billionaire Andrew Forrest will no longer develop the world’s biggest hydropower project in Democratic Republic of Congo, according to President Felix Tshisekedi’s office, which has replaced the firm with a Nigerian oil producer.
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Natural Oilfield Services Ltd. signed a preliminary deal with Congo on May 9 to build a smaller version of Fortescue Ltd.’s proposed Grand Inga project, which would have generated around 40 gigawatts of hydropower.

The Lagos-based company has agreed to undertake feasibility studies for a 7-gigawatt facility on the Congo River, according to a statement from the presidential agency overseeing Inga’s development.

The revised proposal – concluded at a ceremony in the capital, Kinshasa – includes the construction of an aluminum foundry and a refinery capable of processing 4 million tons and 8 million tons each year, respectively.

Natural Oilfield’s Indian owners have been accused by the authorities in New Delhi of absconding after defrauding public banks of about $1.7 billion.

The company and a lawyer representing its founders didn’t respond to requests for comment.


If built to full capacity, Grand Inga would supplant the Three Gorges Dam as the world’s biggest source of hydropower.

It’s long faced headwinds because of Congo’s history of corruption and the expected cost of the multiphase project – with some estimates topping $80 billion.

There are already two dams at the Inga site with about 1.8 gigawatts of installed capacity that were built more than 40 years ago.

Most of that electricity is transmitted 1,000 miles across the country to power Congo’s copper and cobalt mines, which are run by the likes of CMOC Ltd., China Railway Group Ltd. and Glencore Plc.

Fortescue itself replaced a consortium of Spanish and Chinese companies, which failed to develop a $14 billion, 11-gigawatt version of the project known as Inga III.

Fortescue will no longer participate in the revised Inga plan, Congo’s presidency told Bloomberg.

“We have not been notified of any change to the deed of agreement we have in place with the DRC government, or about any other agreements that have been signed with other parties,” a spokesperson for Forrest’s firm said in an emailed response to questions on Thursday.

“Fortescue remains open to continuing discussions about our future in the DRC.”

The Australian company planned to develop a green hydrogen project using Inga’s power.

The webpage for the project is no longer operational.

Natural Oilfield is a subsidiary of Sterling Oil Exploration & Production Co., which pumps more crude in Nigeria than any company other than multinational giants like Shell Plc, Exxon Mobil Corp. and Chevron Corp.

Sterling currently produces about 70,000 barrels per day, while Natural Oilfield this month commissioned a new oil block in the West African country, where it’s targeting an additional 40,000 barrels a day.

India’s top investigating agency charged Sterling’s founders – Nitin and Chetan Sandesara – in late 2019.

The Central Bureau of Investigation has told the country’s Supreme Court that the brothers conducted a “well-calculated economic fraud” that left their Mumbai-headquartered conglomerate owing more than 140 billion rupees ($1.7 billion) to public lenders.

In a complaint, India’s Enforcement Directorate – another federal investigative agency – alleged that 60% of about $900 million raised between 2004 and 2013 for the Sandesaras’ Indian companies “was diverted and ultimately laundered” before being “taken to Nigeria to fund their oil business.”

The brothers were declared fugitives by an Indian court almost four years ago.


mining.com

So let me get this straight,

They ( DRC / Felix ) would rather go with a couple of Dodgy fuckin' fugitives from Delhi / Nigeria :eek:

Than our Billionaire brother from another Mother Twiggy of the Forest from Downunder :unsure: :ROFLMAO: :rolleyes:

Well Fuck me Drunk DRC- Why am i not surprised 🤡 💰 💵 💰 🤡

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My thoughts are that whom ever made the offer has a very limited budget, they avoided shareholders where they could not afford to pay

I would think they are only interested in paying whatever they could find behind the couch, not a cashed up offer from anyone serious
My thoughts are the opposite, they're targeting shareholders with a larger number of shares (500,000+ ?) and only offering to pick them up on the cheap. They're looking to get in a bulk supply on the cheap and don't want to do so by dealing with thousands of mini-transactions. Imagine picking up $2M shares for $2k after shorting at $0.80 - $1.00 level. Or buying and then this gets back to $1+ps valuation on selling the asset or coming out of this shitshow with the DRC. Insane.

Purely targeting the potentially large holders who aren't paying attention and hoping for a panic sell. I would rather suck a dog's fart direct from the source than take an offer of $0.001. Rather it just went to zero :ROFLMAO:
 
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Spikerama

Regular
Anyone have that video of the Chinese foreman beating the Congolese workers? Or something similar?

I want to make something for the X-warriors.
 
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cruiser51

Top 20
Bird Hello GIF

Hoot, Hoot
 
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Panther22

Regular
Thank goodness Fortescue is out of that arrangement. I have plenty of shares in them too. Last thing l need is another future shit show. Fortescue should count themselves lucky IMO, clearly they have not been keeping up with what is happening with AVZ.
 
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Spikerama

Regular
With all the time in the world mate I would but I have a short time frame to push something out so if someone had it at their fingertips I could focus on the creative.
 

cruiser51

Top 20
With all the time in the world mate I would but I have a short time frame to push something out so if someone had it at their fingertips I could focus on the creative.
 
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Dave Evans

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Spikerama

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Thaz

Regular
My thoughts are the opposite, they're targeting shareholders with a larger number of shares (500,000+ ?) and only offering to pick them up on the cheap. They're looking to get in a bulk supply on the cheap and don't want to do so by dealing with thousands of mini-transactions. Imagine picking up $2M shares for $2k after shorting at $0.80 - $1.00 level. Or buying and then this gets back to $1+ps valuation on selling the asset or coming out of this shitshow with the DRC. Insane.

Purely targeting the potentially large holders who aren't paying attention and hoping for a panic sell. I would rather suck a dog's fart direct from the source than take an offer of $0.001. Rather it just went to zero :ROFLMAO:
I think i got targeted because i have a bal of >500K ... and i'm chinese
 
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Dave Evans

Regular
My thoughts are the opposite, they're targeting shareholders with a larger number of shares (500,000+ ?) and only offering to pick them up on the cheap. They're looking to get in a bulk supply on the cheap and don't want to do so by dealing with thousands of mini-transactions. Imagine picking up $2M shares for $2k after shorting at $0.80 - $1.00 level. Or buying and then this gets back to $1+ps valuation on selling the asset or coming out of this shitshow with the DRC. Insane.

Purely targeting the potentially large holders who aren't paying attention and hoping for a panic sell. I would rather suck a dog's fart direct from the source than take an offer of $0.001. Rather it just went to zero :ROFLMAO:

I suspect shareholder’s SMSF were amongst those Jamie Mitchell targeted. It’s also possible he included a number of other shareholders in his emails which I believe violates privacy as well as ASIC laws
 
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Hudnut

Regular
If anyone was selling 500,000 shares for $500, I'd buy them in my SMSF.
Better odds than a lotto ticket into a tax advantaged environment I reckon.
 
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antimatter

Regular
If anyone was selling 500,000 shares for $500, I'd buy them in my SMSF.
Better odds than a lotto ticket into a tax advantaged environment I reckon.
Heck, I am willing to pay 10 times $500 for 500,000 shares.
 
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BRICK

Where’s Zeebot 😶‍🌫️
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wombat74

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Heck, I am willing to pay 10 times $500 for 500,000 shares.
I'll do the same , plus , I'll throw in 5 nights at the Fleuve Congo Hotel Kinshasa with breakfasts included and late check out .
 
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Samus

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Prod

Member
I suspect shareholder’s SMSF were amongst those Jamie Mitchell targeted. It’s also possible he included a number of other shareholders in his emails which violates privacy as well as ASIC laws

From memory, Super Funds are an area where dudbrook has experience
Dave, I'm not sure how or who's been targeted by these guys (dipsticks) I have well over 500,000+ shares in each of my entities superfund, individual and joint names and yet no email received from them, not that I'm complaining. I can't help but think that AVZ and the board must still be in a position of power/influence otherwise why would these pricks still be wanting to purchase our shares??? Just a thought and my opinion.
 
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oxxa23

Regular
I suspect shareholder’s SMSF were amongst those Jamie Mitchell targeted. It’s also possible he included a number of other shareholders in his emails which violates privacy as well as ASIC laws

From memory, Super Funds are an area where dudbrook has experience
Part of me says target those that could be more elderly and not willing to wait it out... which could be those in smsf... but, plenty of younger people have smsf's also...
 
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oxxa23

Regular
If anyone was selling 500,000 shares for $500, I'd buy them in my SMSF.
Better odds than a lotto ticket into a tax advantaged environment I reckon.
Fyi only, Just for those of you that want to transfer avz shares into your smsf... can't do it while unlisted... have to acquire from an unrelated party to do so....

So as long as auditor and ato don't find out about it you can always do a dealnwith someone else wanting to do the same thing.... you buy theirs, they buy yours...
 
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