![]() They provide products that include lithium, caesium, and tantalum. The matter is now scheduled to go to the International Court of Arbitration in May 2023.ĪVZ further said on Thursday it didn’t disclose a December 2021 DRC court ruling related to Dathomir’s 15 per cent ownership rights, as it also considered the ruling “spurious” with no foundation in fact or law. AVZ Minerals is a mineral exploration and development company. Zijin says it acquired the 15 per cent stake from Cominiere for $US33.4 million in November 2021 and has sound legal title.ĪVZ did not disclose the Zijin dispute until May 2022. ![]() ![]() AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (AVZ or Company) provides an update. AVZ Minerals (ASX:AVZ) is the majority owner of the Manono Lithium and Tin Project in the Democratic Republic of Congo, which contains one of the largest. ![]() In a statement on Thursday, AVZ conceded it sought to dissuade Cominiere from selling the 15 per cent stake to Zijin “around July/August 2021” and said it never disclosed the matter as it considered the claim “spurious in nature, without merit, containing fundamental and material errors, and as having no substance in fact or law”. Arbitration Proceedings Update and Interim Financial Report Clarification. AVZ LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges. It also told Cominiere it was still interested in buying the 15 per cent stake. Before making any investment decision, prospective investors should seek advice from appropriately qualified and licensed financial, legal, tax and accounting advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.On Monday, The Australian Financial Review revealed that DRC state-backed mining body Cominiere wrote from Lubumbashi to AVZ on July, 21, 2021 to inform it that Zijin Mining sought to buy a 15 per cent stake in Manono.ĪVZ’s Kinshasa-based lawyer wrote to Cominiere on August 4, 2021, to object to the proposed Zijin deal and remind Cominiere of its obligations. A decision to invest in any regulated products, securities or investments should not be made in reliance on any of the information or materials on this Web site or in The Assay magazine. This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine do not, and shall not be construed as, making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of any regulated products, securities or investments, including, without limitation, any advice to the effect that any mining or metals related transaction is appropriate or suitable for any investment objective or financial situation of a prospective investor. AVZ MInerals Limited is a locally owned publicly listed company that derives revenue from mineral exploration. This Web site and The Assay Magazine do not, and should not be construed as acting to, sponsor, advocate, endorse or promote any regulated products, securities or investments. Fortune-500 company Zijin said the deal was struck in September 2021 and the Commercial Court of Lubumbashi rejected AVZ’s attempt to have the deal thrown out in November 2021 and January 2022. Zijin said Cominiere agreed to transfer a 15 per cent interest in. Shares in AVZ, which investor excitement propelled to a market valuation of 4.6 billion, have been suspended since May amid increasing tensions between the company and Chinese interests racing to. AVZ Minerals Limited refers to the Company's request for an extension to its voluntary suspension dated 1 June 2022, in relation to the finalisation and release of an announcement with respect to. Please note: This Web site and The Assay magazine and the information and materials on this Web site and in The Assay magazine are not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, any regulated products, securities or investments. As part of the deal, AVZ had a 60 per cent equity stake, while Dathomir Mining Resources (Dathomir) had the remaining 15 per cent.
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