cruiser51
Top 20
And another bit of homecraft from Tommy the Twat
Tom Richardson
ASX-listed Equatorial Resources has filed a $US1.1 billion ($1.6 billion) compensation claim against the Republic of Congo amid claims it was unlawfully stripped of iron ore mining rights in the nation where China exerts increased influence.
According to Equatorial Resources’ claim, the Congo government has until August to respond, subject to jurisdiction issues.
The Perth-based explorer alleges unlawful measures taken against it ‘‘formed part of a wider campaign to dispossess foreign mining companies of their iron ore interests in Congo and grant them to a Chinese-linked company named Sangha Mining’’.
The arbitration taken to the International Centre for Investment Disputes in Washington DC punctuates a high-risk scramble among junior miners to secure African battery metal resources, according to Clancy Moore, the chief executive of campaign group Transparency International.
‘‘One in four corruption cases in the oil, gas, and mining sectors arise at the very start of a mining operation – the licensing stage,’’ said Mr Moore.
‘‘Companies need to detect, prevent and reduce corruption risks by engaging transparently and fairly with communities and governments, undertaking proper due diligence on partners and alerting authorities when red flags are raised. Australia’s foreign bribery laws also need to be strengthened as they currently allow for companies to use facilitation payments.’’
There’s no suggestion that Equatorial Resources engaged in corruption. However, Mr Moore’s warning comes as shareholders face losses in numerous ASX-listed explorers hit by African sovereign risk.
At a private December 2022 annual general meeting held in Perth, the now delisted Sundance Resources said it was pursuing between $US1.5 billion and $US5.7 billion in compensation from the Republic of Congo after being divested of its iron ore mining rights in the central-west African nation amid historical allegations it bribed Congo politicians.
The ongoing arbitration is being pursued at the International Chamber of Commerce in London. According to the AGM notice, Sundance also took the Cameroon government to the ICC in Paris in December to demand it reissue it a mining permit, or pay $US5.5 billion in damages.
On Monday, Atlantic Lithium responded to the ASX’s compliance queries about a report by short seller Blue Orca Research, which alleged Ghana’s parliament may not approve Atlantic’s mining licences because of corruption.
Finally, lithium explorer AVZ Minerals has left shareholders trapped in the suspended $2.6 billion stock for nearly 11 months, after it failed to obtain a mining license from the government of neighbouring country Democratic Republic of Congo (DRC).
AVZ conceded in May that it faced legal challenges in the DRC over ownership of the Manono lithium project and shareholders were warned that ongoing litigation may not conclude until September 2024.
Shares in Atlantic Lithium are down 26 per cent since Blue Orca’s corruption allegations, with Atlantic’s offtake partner – ASX-listed Piedmont Lithium – losing 6 per cent in line with sector weakness.
‘‘Transparency International’s research on corruption risks in the awarding of licenses in Ghana specifically showed the need for greater transparency and stronger procedures for the prevention and management of conflict of interest, involving public officials and politicians in mining license application,’’ said Mr Moore.
The chief executive of the not-for-profit organisation, which works internationally to strengthen responsible business conduct in mining and environmental protection, added the DRC presented significant corruption risks.
‘‘The country scores just 20/100 of Transparency International’s global Corruption Perceptions Index, has increasing numbers of Chinese mining companies and has the world’s largest reserves of cobalt which is in high demand,’’ he said.
Mining
ASX miners demand Congo pay billions in compensation
Tom Richardson
ASX-listed Equatorial Resources has filed a $US1.1 billion ($1.6 billion) compensation claim against the Republic of Congo amid claims it was unlawfully stripped of iron ore mining rights in the nation where China exerts increased influence.
According to Equatorial Resources’ claim, the Congo government has until August to respond, subject to jurisdiction issues.
The Perth-based explorer alleges unlawful measures taken against it ‘‘formed part of a wider campaign to dispossess foreign mining companies of their iron ore interests in Congo and grant them to a Chinese-linked company named Sangha Mining’’.
The arbitration taken to the International Centre for Investment Disputes in Washington DC punctuates a high-risk scramble among junior miners to secure African battery metal resources, according to Clancy Moore, the chief executive of campaign group Transparency International.
‘‘One in four corruption cases in the oil, gas, and mining sectors arise at the very start of a mining operation – the licensing stage,’’ said Mr Moore.
‘‘Companies need to detect, prevent and reduce corruption risks by engaging transparently and fairly with communities and governments, undertaking proper due diligence on partners and alerting authorities when red flags are raised. Australia’s foreign bribery laws also need to be strengthened as they currently allow for companies to use facilitation payments.’’
There’s no suggestion that Equatorial Resources engaged in corruption. However, Mr Moore’s warning comes as shareholders face losses in numerous ASX-listed explorers hit by African sovereign risk.
At a private December 2022 annual general meeting held in Perth, the now delisted Sundance Resources said it was pursuing between $US1.5 billion and $US5.7 billion in compensation from the Republic of Congo after being divested of its iron ore mining rights in the central-west African nation amid historical allegations it bribed Congo politicians.
The ongoing arbitration is being pursued at the International Chamber of Commerce in London. According to the AGM notice, Sundance also took the Cameroon government to the ICC in Paris in December to demand it reissue it a mining permit, or pay $US5.5 billion in damages.
On Monday, Atlantic Lithium responded to the ASX’s compliance queries about a report by short seller Blue Orca Research, which alleged Ghana’s parliament may not approve Atlantic’s mining licences because of corruption.
Finally, lithium explorer AVZ Minerals has left shareholders trapped in the suspended $2.6 billion stock for nearly 11 months, after it failed to obtain a mining license from the government of neighbouring country Democratic Republic of Congo (DRC).
AVZ conceded in May that it faced legal challenges in the DRC over ownership of the Manono lithium project and shareholders were warned that ongoing litigation may not conclude until September 2024.
Shares in Atlantic Lithium are down 26 per cent since Blue Orca’s corruption allegations, with Atlantic’s offtake partner – ASX-listed Piedmont Lithium – losing 6 per cent in line with sector weakness.
‘‘Transparency International’s research on corruption risks in the awarding of licenses in Ghana specifically showed the need for greater transparency and stronger procedures for the prevention and management of conflict of interest, involving public officials and politicians in mining license application,’’ said Mr Moore.
The chief executive of the not-for-profit organisation, which works internationally to strengthen responsible business conduct in mining and environmental protection, added the DRC presented significant corruption risks.
‘‘The country scores just 20/100 of Transparency International’s global Corruption Perceptions Index, has increasing numbers of Chinese mining companies and has the world’s largest reserves of cobalt which is in high demand,’’ he said.
reach that far?
mate 
Maybe you speak to 
