AVZ Successfully Restrains Cominiere
AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (AVZ or Company) provides the
following update to its shareholders.
Emergency Relief against Cominière
AVZ’s subsidiaries previously obtained orders for emergency relief from the
International Chamber of Commerce (ICC) in Paris against La Congolese
D’Exploitation Minière (Cominière) imposing a penalty of €50,000 per day if
Cominière took any steps to implement its purported termination of the joint
venture agreement in respect of Dathcom Mining SA (Dathcom and Dathcom JVA)
(refer to ASX announcement dated 8 May 2023 ‘Favourable Ruling in ICC Emergency
Arbitration Proceedings’).
Cominière subsequently took steps to implement its purported termination of the
joint venture agreement in respect of Dathcom JVA (refer to ASX announcement
dated 30 October 2023 ‘Zijin Response’).
Accordingly, on 30 October 2023, AVZ’s subsidiaries applied to the ICC for further
emergency relief against Cominière. The application was heard on 9 November
2023.
AVZ is pleased to report, on 15 November 2023, the ICC emergency arbitrator
ordered that:
1. Cominière must not take any steps to explore and exploit, directly or indirectly,
within the perimeter of PR 13359 and PR 15775 until such time as the ICC
tribunal in charge of determining the validity of the termination of the Dathcom
JVA hears this issue;
2. Cominière pay a fine of €50,000 per day for any non-compliance with the order
in paragraph 1; and
3. Cominière must pay the ICC’s administrative costs and part of the legal costs of
AVZ’s subsidiaries.
The ICC emergency arbitrator also refused Cominière’s request to set aside the
emergency order dated 5 May 2023. Accordingly, the latest €50,000 daily penalty is
in addition to the original €50,000 daily penalty in respect of the first emergency
order against Cominière dated 5 May 2023. In light of Cominière’s conduct to date,
AVZ notes the original €50,000 daily penalty continues to accrue.
Among other findings, the ICC emergency arbitrator:
• concluded Cominière had deliberately concealed it had sought and obtained a ruling from the
Kalemie High Court in the DRC on 3 May 2023 in respect of the purported dissolution of Dathcom;
and
• indicated Cominière’s position on the termination of the Dathcom JVA was seemingly based on an
erroneous interpretation of Article 18.3 of the Dathcom JVA.
Update on Provisional Measures against Dathomir
AVZ and AVZI previously applied to the arbitral tribunal acting in ICC arbitration proceedings (ICC No.
27401/SP) for provisional measures to preserve the status quo including an injunction compelling
Dathomir to:
• withdraw the application to the Commercial Court of Lubumbashi to dissolve Dathcom; and
• comply with the arbitration clause in the 2020 SPA and, in particular, to refrain from bringing any
action before a DRC local court on grounds that prejudge the issues at stake in the ICC arbitration
proceedings.
AVZ is pleased to report, in relation to the provisional measures application, the ICC tribunal has
directed that:
• Dathomir file its defence on 17 November 2023;
• AVZ and AVZI file any reply on 27 November 2023; and
• Dathomir file its rejoinder on 7 December 2023.
The ICC tribunal indicated it will rule on AVZ and AVZI’s application for provisional measures on 19
December 2023.
In respect of the broader arbitration proceedings against Dathomir:
• each of AVZ and AVZI confirm they filed their statement of claim on 11 November 2023 (on the
merits of ICC arbitration proceeding (ICC No. 27401/SP).
• Dathomir’s defence is due to be filed on 4 March 2024.
Update on Jin Cheng Arbitration
The Company has received the approved procedural timetable from the ICC regarding the ICC
arbitration proceedings (ICC No. 26986/SP) issued by Jin Cheng Mining Company (Jin Cheng), a
subsidiary of Zijin Mining Group Ltd, which spuriously alleges it acquired a 15% interest in Dathcom
from Cominière notwithstanding Cominière failed to comply with the pre-emptive rights provisions in
the Dathcom JVA.
The key milestones summarised below:
• post-hearing briefs to be filed on 24 November 2023;
3 | P a g e
• statement of costs to be filed on 8 December 2023; and
• subject to the proceedings, draft award to be provided to ICC in late January 2024.
As previously advised, AVZ is confident AVZI’s jurisdictional challenge will be successful, which will
affirm Jin Cheng does not have the right to instigate the ICC arbitration proceedings against AVZI on
the basis it is a purported shareholder in Dathcom.
This announcement was authorised for release by the Board of Directors of AVZ Minerals Limited.
For further information, visit www.avzminerals.com.au or contact:
Mr. Jan de Jager or Mr. Ben Cohen Media Enquiries:
Joint Company Secretary Mr. Peter Harris
AVZ Minerals Limited Peter Harris & Associates
Phone: +61 8 6117 9397 Phone: +61 (0) 412 124 833
Email: admin@avzminerals.com.au
FORWARD LOOKING INFORMATION
This announcement contains certain forward-looking statements and comments about future events,
Forward looking statements can generally be identified by the use of forward-looking words such as
‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’,
‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other similar expressions within the meaning of securities
laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position
or performance are also forward-looking statements.
Forward looking statements involve inherent risks and uncertainties, both general and specific, and
there is a risk such predictions, forecasts, projections and other forward-looking statements will not
be achieved. Forward looking statements are provided as a general guide only and should not be relied
on as an indication or guarantee of future performance. Forward looking statements involve known
and unknown risks, uncertainty and other factors which can cause the Company’s actual results to
differ materially from the plans, objectives, expectations, estimates and intentions expressed in such
forward looking statements and many of these factors are outside the control of the Company. As
such, undue reliance should not be placed on any forward-looking statement. Past performance is not
necessarily a guide to future performance and no representation or warranty is made by any person
as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast
financial information or other forecast. Nothing contained in this announcement nor any information
made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee
as to the past, present or the future performance of the Company.
Except as required by law or the ASX Listing Rules, the Company assumes no obligation to provide any
additional or updated information or to update any forward-looking statements, whether as a result
of new information, future events or results, or otherwise.
https://stocknessmonster.com/announcements/avz.asx-6A1181094/
|
1 |
... |
281 |
282 |
|
284 |
285 |
...
| 286
Thread abonnieren
