![]() The Company believes it is under besiegement by non-state actors who intend to unlawfully acquire, for themselves and/or other third parties, an interest in the Manono Project and continues to take all necessary actions to resist these vexatious and meritless claims and to protect its and Dathcom's interests. The Company has considered the cases before the ICC in detail and considers them to be spurious in nature, without merit, containing fundamental and material errors, and having no substance or foundation in fact or law. This announcement was authorised for release by the Board of Directors of AVZ Minerals Limited.Arbitration Proceedings Update and Interim Financial Report ClarificationĪVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (AVZ or Company) provides an update regarding the arbitration proceedings before the International Chamber of Commerce in Paris (ICC), with respect to the Company's legal rights to a 75% interest in Dathcom Mining SA (Dathcom), the entity under which the Manono Project is held, and its preemptive rights over 15% out of Cominiere's 25% interest, whilst also clarifying a typographical error that appeared in its Interim Financial Report which was released as an ASX Announcement on 16 March 2023. The Company advises that as at the date of this announcement: the subject of the initial trading halt request remains incomplete there is no change to the anticipated timeframe for the completion of the subject of the initial trading halt request (on or before 1 July 2022) and the Company is not aware of any other information necessary to inform the market about the voluntary suspension. The Company expects to be able to lift the voluntary suspension following a decision with respect to the grant of the Permit d'Exploitation (PE or Mining Licence) and an update regarding its exploration rights for the Manono Project. The Company refers to its request for an extension to its voluntary suspension dated, in relation to the finalisation and release of an announcement with respect to its mining and exploration rights for the Manono Lithium and Tin Project ( Manono Project) and this announcement is not intended to end the voluntary suspension. After further consultation with the parties to the arbitration, the ICC will now decide whether the arbitral tribunal will be constituted by a single arbitrator (Jin Cheng's preference) or 3 arbitrators (AVZI's preference). The Company is continuing to take all necessary actions to resist these vexatious and meritless claims and to protect its and Dathcom's interests. The Company has considered Jin Cheng's claims in detail and considers them to be spurious in nature, without merit, containing fundamental and material errors, and having no substance or foundation in fact or law. ![]() AVZ confirms that Cominiere breached the preemptive rights of AVZI under the Shareholders Agreement by purporting to transfer a 15% interest to Jin Cheng, making it invalid and of no force or effect. The Company notes any such transfer would be subject to the terms and conditions of the existing articles of association of Dathcom as well as the Dathcom shareholders' agreement dated 27 January 2017 (as amended from time to time) (Shareholders Agreement). įiling of response to Jin Cheng proceedingsĪVZ International Pty Ltd (AVZI) has filed its response to the ICC proceedings rebutting the meritless claim that La Congolaise D'Exploitation Miniere SA (Cominiere) has transferred a 15% interest in Dathcom Mining SA (Dathcom) to Jin Cheng. ![]() AVZ Minerals Limited (ASX: AVZ, OTCQX: AZZVF) (AVZ or Company) provides an update on the arbitration proceedings before the International Chamber of Commerce in Paris (ICC) instigated by Jin Cheng Mining Company Limited (Jin Cheng), a subsidiary of Zijin Mining Group Company Limited (Zijin), as previously advised in its ASX Announcement dated.
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