Tag: DRC

AVZ Expedites Completion Of US$240m Cornerstone Investment For Manono Project

AVZ Expedites Completion Of US$240m Cornerstone Investment For Manono Project

AVZ Minerals Limited (ASX: AVZ, OTCQX: AZZVF) has reached agreement with Suzhou CATH Energy Technologies to complete its US$240 million investment into the Manono Lithium and Tin Project in the DRC. Further to the company’s previous announcements, 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. Managing Director, Nigel Ferguson, said 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…

Cobalt on a tear

Cobalt on a tear

Workers at the Kamoto underground mine in the Congo. Image: Katanga Mining. By Cameron Drummond COBALT – one of the fastest rising commodities of 2017 – has attracted attention from a plethora of mining companies looking to take advantage of heightened demand for the strategic metal. A key component in the production of lithium-ion batteries, cobalt flew ‘under the radar’ relative to commodity darling lithium in 2016. However, in the past few months the spot price has more than doubled year-on-year, sparking a flurry of activity from opportunistic Australian mining juniors. On 29 March, the London Metals Exchange (LME) cash price for cobalt was $US53,500 per tonne (t), representing a 122 per cent…