AVZ Minerals Limited has announced that it has reached agreement with Suzhou CATH Energy Technologies to complete its US$240 million investment into the Manono Lithium and Tin Project. Further to the company’s announcements last year that a cornerstone investor has been secured for the development of Manono Lithium and Tin Project; and Extension of End Date to the Transaction Implementation Agreement; the parties have now agreed to waive the following conditions precedent:
- the Mining Licence for the Manono Project being granted to Dathcom Mining SA;
- the entry by Dathcom and the DRC Government into the Collaboration Development Agreement; and –
- Dathcom board and shareholders making a final investment decision and approving the transaction.
Completion of the transaction
It is anticipated that completion of the proposed transaction will occur during March 2022, allowing for the commencement of a multi-faceted global joint venture between AVZ and CATH focussed on multiple aspects of the battery metals supply chain.
“Finalising our agreement with CATH provides certainty of funding to progress development of the Manono Project, pending the award of our Mining Licence and Collaboration Development Agreement from the DRC Government,” said AVZ’s Managing Director, Mr. Nigel Ferguson.
“We are in close consultation with the DRC Government authorities that are undertaking the Mining Licence assessment and are confident of delivering a favourable outcome for all stakeholders – most importantly the people of the DRC and our shareholders,” he added.