AVZ Minerals to increase stake in Manono Lithium and Tin Project to 75%
2020-09-22 11:58:14 [Print]
On September 21, Australian-based AVZ Minerals Limited advised it will boost its equity stake in the Manono Lithium and Tin Project, in the Democratic Republic of Congo (DRC), to 75% in a $15.5 million share sale purchase agreement.
The company will buy an additional 10% equity stake in the project from its joint venture partner, Dathomir Mining.
Under the agreement, AVZ Minerals has paid $500,000 to Dathomir Mining as an advance payment. The remaining $15 million will be paid at any time within 12 months of the agreement being executed, or as soon as AVZ secures a minimum of $50-million project financing.
The study, released in April, estimated that Manono will produce 700,000tpy of high-grade lithium and 45,475tpy of primary lithium sulfate over 20 years. The project will require a capital investment of $545.5 million.
The company will buy an additional 10% equity stake in the project from its joint venture partner, Dathomir Mining.
Under the agreement, AVZ Minerals has paid $500,000 to Dathomir Mining as an advance payment. The remaining $15 million will be paid at any time within 12 months of the agreement being executed, or as soon as AVZ secures a minimum of $50-million project financing.
The study, released in April, estimated that Manono will produce 700,000tpy of high-grade lithium and 45,475tpy of primary lithium sulfate over 20 years. The project will require a capital investment of $545.5 million.
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