Hi
@stakx et al,
Not wishing to alarm holders (as I think that any annulment of the DRC's decision to revoke the Manono license from the previous holders [MMCS] is unlikely to affect AVZ's current JVA with Dathomir and Cominiere), however I'm not sure whether it is wise to just automatically dismiss MCCS's claim as 'case closed'.
@Chair-Face has brought this 'out of the blue' article to our attention (as a holder and in good faith I believe) and it does look as though it is a current publication (see below the first part of the article courtesy of Google search).
View attachment 1470059
Now although MMCS's statement of claim (refer:
https://www.asx.com.au/asxpdf/20170731/pdf/43l1xrtl7825ck.pdf ) was lodged and subsequently dismissed in the Supreme Court of WA in 2017, MMCS said at the time that it would consider pursuing other local and
international avenues to protect its rights over the project (refer:
https://www.businessnews.com.au/article/Private-firm-takes-AVZ-to-court )
Fast forward to 2019 (and assuming the publication by Africa Intelligence is current and correct) it appears that MMCS have finally decided to pursue their claim via the International Chamber of Commerce in Paris. Interestingly, this chosen venue for arbitration was documented in a previous JVA that
@UY Scuti found back in March 2017 on the DRC resource contracts page, and that he kindly translated into English (see below).
refer:
http://www.mines-rdc.cd/resourcecon...4534496341#arbitration-and-dispute-resolution
and
https://hotcopper.com.au/threads/an...284738/page-114?post_id=23236019#.XICEZfZuKUk
'I've translated most of the summary below. The document itself is quite detailed.
This document refers to Manono Minerals (MANOMIN) which is the name of the Joint Venture company created for this project.
Date - contract signature - 29/10/2010 (such a long time with no progress? Maybe why it was cancelled?)
Location - Deposits in the territory of Manono, Katanga province.
Name of company created - Manono Minerals (MANOMIN), 32% owned by COMINIERE and 68% owned by DBB (I think MMCS has an interest in DBB as from announcement "third party that previously held an indirect interest", also fits with what articles have suggested that MMCS had a 68% holding in MANOMIN).
Name of company executing document - DBB Resources Corporation, a company registered in the British Virgin Islands (DBB); The Congolese Mining Company (Cominière)
Other general - The level of social interventions will be determined by the feasibility study. The content of the said interventions will be defined by the Board of Managers of MANOMIN and according to the needs of the local authorities.
Resource(s) - Tin, lithium and related metals
Term - The agreement shall continue until the deposit is no longer exploitable and the parties agree to terminate the agreement by mutual agreement.
Type of contract - Establishment of a joint venture in the DRC to develop, process and market tin, lithium and other related metals.
Audit mechanisms - financial obligations - Each party has unrestricted control over MANOMIN operations and may call upon auditors and experts. The management of the company should facilitate these controls.
Infrastructure - Cominière will provide assistance to enable Manomin to dispose of all the existing infrastructures on the most favorable conditions possible.
Work and investment commitments - Manomin undertakes to carry out a feasibility study, to construct and equip plants according to this study, and to exploit the deposits allocated to the project.
Arbitration and dispute resolution - In case of dispute and failure of the amicable procedure the dispute will be settled before the International Chamber of Commerce in Paris.
Confidentiality - Any data and information declared confidential and provided by one party to the other with respect to the agreement, the other party or the deposit shall be treated as confidential and may not be disclosed without the consent of the other unless the disclosure is Either necessary for sale or required by law or authority. Restrictions do not apply to the disclosure of information to affiliated companies and to information in the public domain, except in the event of a fault by one of the parties. The obligation of confidentiality is maintained for a period of 5 years from the termination / dissolution of this contract.
Governing law - Law of the Democratic Republic of Congo
Stabilization - In the event of events not provided for in the Articles or as subsequent laws and regulations fundamentally alter the economic balance of the project and this contract, resulting in an excessive burden on one of the parties in the performance of its contractual obligations, Will seek, in good faith, an agreement to revise the terms of the contract and the terms of implementation of the project in such a way as to restore the economic balance as foreseen at the time of The signature of the contract.'
In summary, whilst I'm not overly concerned about this latest development (at least at this stage and assuming that Africa Intelligence's publication is both current and correct), IMO all investors should be made aware of any event/s that may seek to challenge AVZ's validity / legal right to hold the Manono license as ratified by the DRC's Ministry of Mines.
GLTA and please DYOR.
Cheers
Elpha
