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- AVZ Minerals (AVZ) awarded a mining licence for the Manono lithium and tin project in the Democratic Republic of Congo (DRC) in central Africa
- The Minster of Mines signed the ministerial decree to award the mining license for Manono to Dathcom Mining, which AVZ owns a 75 per cent interest
- AVZ Managing Director Nigel Ferguson said the award is a “watershed moment for AVZ”
- The licence paves the way for AVZ to start developing Manono
- AVZ Minerals was up 13.13 per cent to $1.12 per share at 10:05 am AEST
AVZ Minerals (AVZ) has been awarded a mining licence for its flagship Manono lithium and tin project, located in the Democratic Republic of Congo (DRC) in central Africa.
The DRC Minster of Mines signed a ministerial decree to award the mining license for Manono to Dathcom Mining, in which AVZ owns a 75 per cent interest.
AVZ Managing Director Nigel Ferguson said the award is a “watershed moment for AVZ.”
“This paves the way for AVZ to start developing what is arguably one of the most important new mining projects in the world that will significantly contribute to the global green energy transition,” he said.
“We have maintained a strategic approach to developing our world-class Manono Project and we will continue to tick every box that will deliver long-term value to what we believe is the largest global hardrock lithium resource, based on current Proved and Probable Ore Reserves.”
The company is advancing its early works program ahead of a final investment decision to commence major works.
The ministerial decree does not include a portion of the land holding to the north, which will be required to be renewed under a five-year “permit de research” (an exploration licence). Discussions on this permit is to be finalised in the near future.
Following the award of the mining licence, and under terms of the joint venture agreement, La Congolaise D’Exploitation Miniere, which owns the remaining 25 per cent of Dathcom, will cede 10 per cent of its interest to the DRC Government.
AVZ is in discussions with the DRC Government regarding the purchase of Cominiere’s
remaining 15 per cent interest
AVZ Minerals was up 13.13 per cent to $1.12 per share at 10:05 am AEST.
