AVZ ups stake in DRC lithium/tin project to 75%
Mineral exploration company AVZ Minerals has revealed that it will boost its equity stake in the Manono lithium/tin project, in the Democratic Republic of Congo (DRC), to 75% in a $15.5-million share shale purchase agreement.
The ASX-listed company will buy an additional 10% equity stake in the project from its joint venture partner, Dathomir Mining.
Under the agreement, AVZ has paid $500 000 to Dathomir Mining as an advance payment. The remaining $15-million will be paid at any time within 12 months of the agreement being executed, or as soon as AVZ secures a minimum of $50-million project financing.