Thanks to a world-class lithium deposit, COMINIÈRE was counting heavily on the said project, but compliance with the clauses by the shareholders posed a problem. AVZ preferred to obstruct this project with opacity in fundraising operations.ĬOMINIÈRE also expressed its indignation about the sub-contracts of 500,000 USD which were signed without the approval of the partners. A management judged to be cavalry in the absence of COMINIÈRE’s agents. In the understanding of COMINIÈRE, who castigates this attitude, once the feasibility study is ready, it should give its favorable opinion for formalities in the Mining Cadastre with a view to transforming PR 13359 into a PE. And to add, the feasibility study sent to COMINIÈRE contains an assertion which renders it inadmissible. This is how COMINIÈRE was contacted by the Chinese company ZIJIN, which had its eye on a project called Manono-Kitotolo. She also denounces the raising of funds by AVZ on the Australian stock exchange without taking into account the other shareholders who are not involved.įive years later, the project remained in a research phase. In addition, COMINIÈRE complains that on behalf of the Government, the Minister of State in charge of the Portfolio would have signed an operating permit for AVZ while the contract with DATHCOM provides for the AVZ partner to submit the feasibility studies to COMINIÈRE for its favorable opinion.Īnother complaint is that today, AVZ continues to hold Board meetings to which COMINIÈRE says it is not invited. Yet AVZ had indeed received 50% more and the motivation to do so. The investigation also shows that this non-compliance with the contract caused COMINIÈRE to cease operations. Also, all the works that the AVZ company had promised to carry out on the ground have still not been carried out.Īccording to the agreements, it was a question of building roads, an electronic dam as well as a residential camp. The construction project of this camp was overcharged at 2,000,000 USD, while it does not represent this amount, some sources report. Should you require assistance in determining whether an investment in the service is right for you, you may wish to seek personal advice from an appropriately licensed financial adviser.Within the framework of the exploitation of minerals specifically lithium in Manono in the current province of Tanganyika, the company AVZ Minerals is singled out for non-compliance with the clauses of the contract signed with the company DATHCOM Mining SA, created by two shareholders namely COMINIÈRE and DATHOMIR. Each holding respectively 30 and 70% of the shares.Īccording to a recent survey carried out on the ground, the contract which binds the Australian firm AVZ to the State with the Congolese clubs is to date in its fifth year. Before making any investment decision, please review the PDS and Target Market Determination available at. ![]() This website provides factual information about the service, and any general advice contained does not take into account your objectives, financial situation or needs.
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