Longunvest
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AVZ Discussion 2022
- Thread starter GazDix
- Start date
cruiser51
Top 20
Reported by Reuters,
February 17, 202310:08 PM GMT+8Last Updated a day ago
A copper and cobalt mine run by Sicomines is seen in Kolwezi, Democratic Republic of Congo, May 30, 2015. REUTERS/Aaron Ross
Feb 17 (Reuters) - Congo's state auditor has demanded an additional $17 billion of investments from a 2008 infrastructure-for-minerals deal with Chinese investors that is currently being renegotiated, a report seen by Reuters showed.
China's embassy in Congo said on Friday it was shocked by the state auditor's report, calling it "full of prejudice" and not corresponding to reality.
President Felix Tshisekedi's government has been revisiting the deal struck by his predecessor Joseph Kabila under which Sinohydro Corp (SINOH.UL) and China Railway Group Limited agreed to build roads and hospitals in exchange for a 68% stake in Sicomines, a cobalt and copper joint venture with Congo's state mining company Gecamines.
Under the Sicomines deal, the Chinese investors committed to spending $3 billion on infrastructure projects, but the state auditor - Inspection Generale des Finances (IGF) - demanded that commitment be increased to $20 billion to reflect the value of the mining concessions that Gecamines contributed to the deal.
In a response posted on Twitter, Sicomines said it objected to the contents of the report and challenged the "competence" of the auditor.
"Unjustified criticisms and measures taken against SICOMINES affect the functioning of the company and of the Cooperation Project, jeopardising the interests of the country and the Congolese people," Sicomines said.
The Chinese embassy said the deal was "a great example of win-win partnership", using a catchphrase of Tshisekedi's when he talks about Congo's ventures with other countries.
Neither the embassy nor Sicomines specifically addressed the IGF's criticisms and demands.
So far, Sicomines has only spent $822 million on infrastructure investments, according to the IGF report. The auditor also called for an "immediate" $1 billion investment from Sicomines, and a commitment to 50% of the workforce on infrastructure projects being Congolese.
Among a list of 16 demands, the IGF called for the "renegotiation of the Convention to adjust and balance the duties and benefits of both parties and bring them into line with the value of their respective contributions".
The auditor also demanded that Gecamines be given a bigger stake in Sicomines. It currently has a 32% holding.
Congo's finance minister Nicolas Kazadi told Reuters last month that the government expected to reach an agreement on the Sicomines deal this year.
Congo in September suspended a tax break on Sicomines, exonerating the firm from paying import taxes. Two officials told Reuters that suspension was still active.
Hopefully Reuters will report also on the underhanded blackmail letter of Zijin's Chairman to Cominière.
And what does Tommy the Twat report??
He is reporting a little more from the backfoot:
Correspondence from Zijin Mining to a DRC state-run firm known as Cominiere sent on October 21 shows the Chinese company requested it be assigned the northern-eastern part of the Manono project, which AVZ claims a significant ownership interest in.
Requested my arse, it was demanded. He should properly read the fukkin letter before reporting on it.
AVZ doesn't claim a significant ownership interest, Dathcom has the exploration rights over the entire fukkin 13359 lease!
It looks like the AFR has told him to pull his head in a little.
February 17, 202310:08 PM GMT+8Last Updated a day ago
Congo demands $17 bln more in infrastructure investments from China deal
Reuters
A copper and cobalt mine run by Sicomines is seen in Kolwezi, Democratic Republic of Congo, May 30, 2015. REUTERS/Aaron Ross
Feb 17 (Reuters) - Congo's state auditor has demanded an additional $17 billion of investments from a 2008 infrastructure-for-minerals deal with Chinese investors that is currently being renegotiated, a report seen by Reuters showed.
China's embassy in Congo said on Friday it was shocked by the state auditor's report, calling it "full of prejudice" and not corresponding to reality.
President Felix Tshisekedi's government has been revisiting the deal struck by his predecessor Joseph Kabila under which Sinohydro Corp (SINOH.UL) and China Railway Group Limited agreed to build roads and hospitals in exchange for a 68% stake in Sicomines, a cobalt and copper joint venture with Congo's state mining company Gecamines.
Under the Sicomines deal, the Chinese investors committed to spending $3 billion on infrastructure projects, but the state auditor - Inspection Generale des Finances (IGF) - demanded that commitment be increased to $20 billion to reflect the value of the mining concessions that Gecamines contributed to the deal.
In a response posted on Twitter, Sicomines said it objected to the contents of the report and challenged the "competence" of the auditor.
"Unjustified criticisms and measures taken against SICOMINES affect the functioning of the company and of the Cooperation Project, jeopardising the interests of the country and the Congolese people," Sicomines said.
The Chinese embassy said the deal was "a great example of win-win partnership", using a catchphrase of Tshisekedi's when he talks about Congo's ventures with other countries.
Neither the embassy nor Sicomines specifically addressed the IGF's criticisms and demands.
So far, Sicomines has only spent $822 million on infrastructure investments, according to the IGF report. The auditor also called for an "immediate" $1 billion investment from Sicomines, and a commitment to 50% of the workforce on infrastructure projects being Congolese.
Among a list of 16 demands, the IGF called for the "renegotiation of the Convention to adjust and balance the duties and benefits of both parties and bring them into line with the value of their respective contributions".
The auditor also demanded that Gecamines be given a bigger stake in Sicomines. It currently has a 32% holding.
Congo's finance minister Nicolas Kazadi told Reuters last month that the government expected to reach an agreement on the Sicomines deal this year.
Congo in September suspended a tax break on Sicomines, exonerating the firm from paying import taxes. Two officials told Reuters that suspension was still active.
Hopefully Reuters will report also on the underhanded blackmail letter of Zijin's Chairman to Cominière.
And what does Tommy the Twat report??
He is reporting a little more from the backfoot:
Correspondence from Zijin Mining to a DRC state-run firm known as Cominiere sent on October 21 shows the Chinese company requested it be assigned the northern-eastern part of the Manono project, which AVZ claims a significant ownership interest in.
Requested my arse, it was demanded. He should properly read the fukkin letter before reporting on it.
AVZ doesn't claim a significant ownership interest, Dathcom has the exploration rights over the entire fukkin 13359 lease!
It looks like the AFR has told him to pull his head in a little.
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congrats on paying off your home in your thirties well done , I have 3 kids 27, 20, 8, I would love to help them and I was close and still hoping im 63 had to go back to work in construction because of this shit show ,myself and my 27 year old live in a factory at work my wife and 2 other kids live overseas and now only see us every 5 months , the covid keep me away from them for 18 months ( thank you china ) now we are keep apart again ( thank you china ) I just say to all hang in there . Shit I had Chinese food last night
The data base of the International Chamber of Commerce (ICC) pending arbitration cases shows nothing. Maybe nothing is filed at this stage, or the website is not fully current.
However, according to Tommy Swallows at the AFR (a truly reputable source of information), the dispute is scheduled for May 2023 .
Cheers
F
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MoneyBags1348
Top 20
No official date given by AVZ, however anyone with access to Christian Lukusa or Momentum Attorneys’ twitter account might get the date from them
Spikerama
Regular
Cool thanks mate. I will see if I can get the drum.
Spikerama
Regular
Cheers Flight,
obe wan
Regular
Both cases are scheduled for April....actual date within April
What a surprise; little tosser Tommy got it wrong.Both cases are scheduled for April....actual date within April
Completely out of character; he's generally so accurate.
Honestly this guy gets fed info and I wouldn't be surprised if he was right
Edit: still a tosser though
Frank
Top 20
Someone try this on mobile please?
I've been trying to make it as failsafe on mobile device. I think the best thing would be to make it go landscape by default but for now I've tired to make it go full width portrait which should fix some formatting issues.
Also look on PC as well if you can and report back.
DRC Lost Revenue Counter
Calculates the amount of revenue the DRC has forfeited since issuing Decree for AVZ / Manono mining licenceenglish-drcmanonotaxlosscounter.netlify.app
Fucken head is about to explode. I got HTML coming out of every orifice right now.
Fucken head is about to explode. I got HTML coming out of every orifice right now.
Ticking away nicely on my Windows 7 Desktop atm Spike - Well done !
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Carlos Danger
Top 20
cruiser51
Top 20
Mr Inappropriate
Regular
Sounds great. How much of that will come to fruition when your own government refuses to follow the rule of law?
Not much.
Until they build trust in their public institutions, build the infrastructure needed to support the local population, and start investing in skills and education, then these advanced manufacturing goals are no chance of being realised.
It’s a vision without a strategy.
Samus
Top 20
That's right they've been talking and talking about this stuff for years.
The place is an international embarrassment, a shameful culture full of greed and stupidity.
Winenut
GO AVZ!!!!
And where is AVZ's name in this graphic???....
Absolutely ready and willing to help the DRC mine one of the biggest resources in the whole supply chain for the betterment of the Congolese people but we're being blocked
Mmmm....
MoneyBags1348
Top 20
ITS NO SURPRISE THAT GLENCORE IS A DIAMOND SPONSOR AND KAMOA COPPER SA (JOINTLY OWNED BY ZIGIN AND IVANHOE MINING COMPANIES) IS A PLATINUM SPONSOR AT THE 2023 DRC MINING WEEK EVENTS ORGANISED BY THE VUKA GROUP
www.canadianminingjournal.com
GLENCORE WAS CHARGED WITH SEVEN COUNTS OF FRAUD BY THE UK SERIOUS FRAUD SQUAD. THE US MINER PLED GUILTY TO VIOLATING THE FOREIGN CORRUPT PRACTICES ACT, AGREEING TO PAY MILLIONS IN FINES AND FORFEITS TO US AUTHORITIES
IVANHOE MINES CONFIRMED A BUSINESS RELATIONSHIP WHERE IT STRUCK A DEAL WITH VIDIYE TSHIMANGA LAST YEAR
www.mining.com
Glencore charged with bribery in London, pleads guilty in the U.S.
Mining and commodities trader Glencore (LON: GLEN) has settled probes into bribery and market manipulation in the U.K. and U.S., which have hung over […]
GLENCORE WAS CHARGED WITH SEVEN COUNTS OF FRAUD BY THE UK SERIOUS FRAUD SQUAD. THE US MINER PLED GUILTY TO VIOLATING THE FOREIGN CORRUPT PRACTICES ACT, AGREEING TO PAY MILLIONS IN FINES AND FORFEITS TO US AUTHORITIES
IVANHOE MINES CONFIRMED A BUSINESS RELATIONSHIP WHERE IT STRUCK A DEAL WITH VIDIYE TSHIMANGA LAST YEAR
Ivanhoe Mines confirms link to Congo aide in copper corruption case
Ivanhoe struck a deal last year with Vidiye Tshimanga, a top aide to Congo’s President Felix Tshisekedi, the firm said in a statement on Dec. 14.www.mining.com
MoneyBags1348
Top 20
VUKA GROUP'S DRC MINING CORRUPTION WEEK SEPTEMBER 2023
ANTOINETTE N’SAMBA KALAMBAYI DISCUSSED WITH THE VUKA GROUP DELEGATION ABOUT DRC MINING WEEK 2023
A Vuka Group delegation led by its Event Manager, Patricia Kazaka was received in audience this Tuesday, November 22, 2022 by the National Minister in charge of mines, Antoinette N’Samba Kalambayi in her office in Kinshasa Gombe.
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