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

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.

Read more

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

Earlier today, Chariot signed a memorandum of understanding (MoU) with the Mauritanian Ministry of Petroleum, Mines & Energy to progress Project Nour, a potential green hydrogen development of up to 10 GW. Under the MoU, Project Nour has been given exclusivity over 14,400km2 of onshore and offshore area where pre-feasibility and feasibility studies will be […]

IsDB allocates $20 million for Togo’s rural electrification

During its 342nd period meeting under the chairmanship of H.E. Dr. Muhammad Al Jasser on Sunday, the Islamic Development Bank has approved $20.15 million for a rural electrification project based on mini solar power plants in Togo. In addition, the IsDB announced that its Lives and Livelihoods Fund provided $10.85m to improve the level of […]