Avz Minerals Limited
2
2
Breaking News: AVZ Minerals Scores Victory in ICC Arbitration with Cominière
AVZ Successfully Restrains Cominière and Additional ICC Arbitration Updates: A Battle for Mining Rights Intensifies
Emergency Relief against Cominière: An Unyielding Battle
In a stunning turn of events, AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF), a prominent mining company, has emerged victorious in a high-stakes battle for mining rights. AVZ's subsidiaries sought urgent recourse from the International Chamber of Commerce (ICC) in Paris, obtaining orders for emergency relief against La Congolese D'Exploitation Minière (Cominière) that effectively restrained their actions.
These orders imposed a staggering penalty of €50,000 per day on Cominière, should they dare to maneuver against AVZ's joint venture agreement with Dathcom Mining SA (Dathcom and Dathcom JVA) (refer to ASX announcement dated 8 May 2023 'Favourable Ruling in ICC Emergency Arbitration Proceedings').
Cominière's Defiance Fuels the Fire
However, Cominière stubbornly proceeded to terminate the joint venture agreement concerning Dathcom JVA, defying the earlier ICC orders (refer to ASX announcement dated 30 October 2023 'Zijin Response'). Unyielding in their pursuit of justice, AVZ's subsidiaries promptly applied to the ICC on 30 October 2023, seeking further emergency relief against Cominière. The gravity of the situation demanded swift action, as the application was scheduled to be heard on 9 November 2023.
A Renewed Triumph: ICC Emergency Arbitrator's Decree
Today, on 15 November 2023, AVZ has the honor of announcing a resounding victory in their battle against Cominière.
Story Continues.. after this ad because we need some dollarydoos
The ICC emergency arbitrator, presiding over the case, has issued a momentous decree that cements AVZ's claim to the disputed mining perimeter. The arbitration details are truly astounding:
Cominière is unequivocally forbidden from engaging in any activities, regardless of their nature, within the boundaries of PR 13359 and PR 15775. This injunction remains in effect until the ICC tribunal overseeing the determination of the Dathcom JVA's termination hears and adjudicates on this matter—a testament to the ICC's commitment to upholding justice.
A punitive measure has been levied against Cominière: a staggering fine of €50,000 per day will be imposed for any non-compliance with the aforementioned order. This financial penalty serves as a stark reminder of the severity of Cominière's transgressions against the established agreements.
Cominière, in addition to bearing the cost of this legal battle, will now shoulder the ICC's administrative expenses and contribute towards AVZ's subsidiaries' legal fees. This financial burden serves as a testament to the pursuit of justice and holds Cominière accountable for their actions.
A Denial to Set Aside the Emergency Order: AVZ's Triumph Sustained
In a further blow to Cominière's aspirations, their audacious attempt to overturn the emergency order dated 5 May 2023 was resoundingly denied by the ICC emergency arbitrator. Consequently, the newly imposed daily penalty of €50,000 adds to the existing penalty from the prior emergency order—still accumulating, given Cominière's persistent defiance of the ruling thus far.
As the dust settles and the battle for mining rights rages on, AVZ Minerals Limited remains steadfast in their unwavering pursuit of justice. In the face of Cominière's audacity, AVZ stands resolute, emboldened by their recent successes in the ICC arbitration proceedings. With each passing day, AVZ's grip on the disputed mining perimeter tightens, fortified by the weight of legal victories and a relentless dedication to preserving their joint venture agreement with Dathcom Mining SA.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult with a professional advisor before making any investment decisions.
Promote your business on our growing investor platform: Advertise With Us
Trending