AVZI is preparing a reply to this objection.ĪVZI remains of the view that it will be successful in the Dathomir proceedings, with an award in both proceedings unlikely to occur before September 2024. On 27 February 2023, Dathomir objected to the confirmation of the co-arbitrator designated by AVZI in the ICC case No.AVZI will comment on and object to the application once the ICC Secretariat has decided whether to refer the matter to the ICC Court or the Arbitral Tribunal (at which time it will invite AVZI to comment) and 27425/SP (re SPA 2019) on grounds of a prima facie test of lack of jurisdiction. On 8 February 2023, Dathomir filed an application for early dismissal of ICC Case No.27401) and Marc Henry as coarbitrator (ICC Case No. Dathomir has withdrawn its nomination of Jackson Francis Ngie Kamga in both proceedings and nominated instead Caroline DeClercq (ICC Case No.SPA 2020) and is expected to file its Reply on 30 March 2023 in ICC Case No. AVZI filed its Reply to Dathomir's counterclaims on 24 February 2023 in ICC Case No.Dathomir has filed its Answer and Counterclaims in respect of both proceedings on 18 January and 27 February 2023.The status of the Dathomir proceedings is as follows: The Company and AVZI lodged claims against Dathomir Mining SARL (Dathomir) with the ICC to affirm AVZ's acquisition in August 2021 of a 15% interest in Dathcom from Dathomir under the Dathomir SPAs and to put an end, once and for all, to Dathomir's claims and to recover losses sustained from them. 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 proceedings. An award on jurisdiction can reasonably be expected to be handed down mid-2023. 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 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 company update
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.
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