The DRC General Inspectorate of Finance had been authorised to investigate the following matters: whether Cominiere's purported sale of its 15% interest in the issued shares Dathcom Mining SA (Dathcom) to Jin Cheng Mining ( Jin Cheng Sale) was proper and appropriate any liability in connection with the Jin Cheng Sale the legality of Cominiere's and Dathomir's other recent conduct.īy way of summary, the IGF Report includes the following conclusions reached by the DRC General Inspectorate of Finance: Cominiere has acted in violation of its articles of association in respect of its transfers of mining titles to 'external partners' without obtaining financial guarantees Cominiere has acted contrary to the DRC Mining Code in respect of its transfers of mining licences without such transfer having undergone the required prior assessment by a competent DRC governmental authority the Jin Cheng Sale was subject to a number of irregularities including the failure to select the Government's technical body for the valuation of the 15% interest the subject of the Jin Cheng Sale, and the failure to consider the definitive feasibility study valuation completed in respect of the Manono Project Cominiere had inappropriately allocated ~USD6,800,000 out of the total USD33,440,000 in proceeds from the purported Jin Cheng Sale for operating needs (including for commissions, fees and exceptional remunerations of all those who would have otherwise contributed to the operation) to the detriment of productive investments ASX ANNOUNCEMENTĮ: Dathomir failed to comply with its obligations under the incorporated joint venture agreement in respect of Dathcom Mining SA (Dathcom) dated 27 January 2017, as amended from time to time (Dathcom JVA) andĭathcom allegedly transferred mining exploration permits 12436, 1240 illegally to third parties. An English translation of the IGF report is published on AVZ's website. A copy of the IGF Report is publicly available via. AVZ Minerals Limited (ASX: AVZ) (AVZ or Company) notes that on 30 November 2022, the Democratic Republic of Congo's (DRC) General Inspectorate of Finance released its report on the management of mining assets in the DRC by La Congolaise d'Exploitation Miniere (Cominiere) (IGF Report).
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