How is AVZ Minerals responding to Zijin Mining's announcement?
AVZ Minerals Limited has responded to the recent announcement made by Zijin Mining Group Co Limited regarding its subsidiary Jinxiang Lithium Limited entering into a joint venture with La Congolaise d’Exploitation Minière (Cominière) for the Manono Lithium project in the Congo. AVZ, via its subsidiaries, has resolved to file an emergency arbitration application seeking injunctive relief against Cominière, as their recent actions go against the Emergency Arbitrator’s Order issued earlier this year.
Emergency Arbitration Application
AVZ's emergency arbitration application under ICC rules seeks to enjoin Cominière from conducting any transaction regarding PR13359 and PR15775, the northern portion of the Manono project, and to preserve the rights of Dathcom Mining SA (Dathcom) while the arbitration on the merits is pending. The application also seeks an increase in the amount of the daily penalty ordered by the Emergency Arbitrator's Order dated 5 May 2023.
Observations on Zijin Mining's announcement
AVZ has also made some observations on Zijin's recent announcement, particularly regarding the 15% shareholding in Dathcom. Zijin states that its payment to Cominière of USD33. 44 million for the 15% of shares in Dathcom will be transferred to the joint venture for offsetting against consideration payable by Jinxiang for its 61% interest in Manono Lithium SAS.
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However, AVZ finds this claim to be inconsistent with Zijin's statement that its subsidiary Jin Cheng Mining Company is a 15% shareholder of Dathcom.
Overall, AVZ Minerals seems to be taking a strong stance against Cominière's recent actions, seeking legal action to preserve its rights and interests in the Manono Lithium project in the Congo.
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