![]() ![]() Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements. 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. The Company notes that the Interim Financial Report 31 December 2022 released to the market on 16 March 2023 contained a typographical error on page 7, which states: 'The Company is confident of a positive outcome in relation to the award of the Mining Licence pending resolution of the ICC arbitrations' The statement should have read: 'The Company is confident of a positive outcome in relation to the award of the Mining Licence and pending resolution of the ICC arbitrations' It should be noted that this does not finally determine whether the sale of shares from Cominiere to Jin Cheng was effective, which will remain to be determined in separate proceedingsĬlarification - Interim Financial Report 31 December 2022Īs previously advised by the Company, the award of the Mining Licence is not subject to the conclusion of the ICC proceedings with Jin Cheng and Dathomir and the Company continues its discussions with the DRC Government which at the date of this announcement remain incomplete. An award on jurisdiction can reasonably be expected to be handed down mid-2023. The status of the Jin Cheng proceedings is as follows: on 5 October 2022, the sole arbitrator upheld AVZI's application to bifurcate proceedings, noting that the document production phase was completed on 22 February 2023 on 9 December 2022, Jin Cheng submitted its Statement on Jurisdiction and AVZI submitted its Reply on Jurisdiction on 10 March 2023 Jin Cheng will submit a rejoinder on jurisdiction on 22 March 2023 and the hearing on jurisdiction will take place on 19 - 20 April 2023.ĪVZI remains of the view that its jurisdictional challenge will be successful, which will affirm that Jin Cheng does not have the right to instigate the ICC arbitration proceedings against AVZI under the Dathcom Joint Venture Agreement (JVA), since it is not a party to the Dathcom JVA. The Company currently defends a case in the ICC brought against its subsidiary AVZ International Pty Ltd ('AVZI') by Jin Cheng Mining Company (Jin Cheng), a subsidiary of Zijin Mining Group Company Limited (Zijin) regarding a 15% interest Jin Cheng purportedly acquired from La Congolaise d'Exploitation Miniere (Cominiere) in Dathcom. 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. AVZ 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.
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