Mining

AVZ Minerals secures Chinese investor for major DRC lithium and tin project

DRC officials met earlier this year with DFIs in South Africa to get support for the Manono Lithium and Tin Project. Photo credit: AVZ Minerals

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AVZ Minerals has announced this morning the signing of a transaction implementation agreement (TIA) with Suzhou CATH Energy Technologies of China.

Under the agreement, CATH will earn a 24% equity interest in the joint-venture set up to develop the Manono Lithium and Tin Project in the Democratic Republic of Congo (DRC). In return, CATH is to contribute $240m in cash towards the development of the project.

“Proceeds from the transaction will fund a majority of the total project financing required, whilst AVZ will retain a controlling 51% interest in the Manono Project post-completion of the transaction and its position as lead developer of the Manono Project,” AVZ said in a statement this morning.

In addition, the existing Offtake Agreement with Yibin Tianyi will be assigned to CATH and expanded in scope to provide offtake of SC6 for the life of the Manono Project. CATH will also enter into a long-term Primary Lithium Sulphate offtake or tolling agreement in respect of PLS produced from the PLS calcining plant.

The Manono project is one of the largest upcoming mining development in the DRC, with a Roche Dure Mineral Resource of 401m tonnes grading 1.65% Li2O, 752ppm Sn, 34ppm Ta

is world-class in scale and grade. It is strategically positioned as a clean and sustainable source of lithium for the global EV battery value-chain.

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Chariot to work on setting up a 10 GW green hydrogen development in Mauritania

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IsDB allocates $20 million for Togo’s rural electrification

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