https://www.miningweekly.com
Mining|PROJECT
Mining|PROJECT
mining|project

AVZ to raise $20m for DRC litigation funding

17th November 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Australian company AVZ Minerals has signed a binding term sheet with global litigation funder Locke Capital, providing a pathway towards securing $20-million.

The funds will be used to cover corporate, legal and project costs, while it resolves various litigation matters relating to the Manono lithium and tin mine, in the Democratic Republic of Congo (DRC).

AVZ is involved in several arbitration cases at the International Chamber of Commerce (ICC), in Paris, over the rights to the Manono lithium permits, including one with a unit of China’s Zijin and another with State-owned Comieniere.

AVZ reported on Friday that it had successfully obtained emergency relief orders from the ICC against Cominiere, with the court imposing a €50 000-a-day penalty on Cominière if the State-owned firm took any steps to implement its purported termination of the Dathcom Mining joint venture (JV).

AVZ owns the Manono project, which is one of the world’s biggest hard rock deposits of the minerals, through the Dathcom JV.

Cominiere has also been ordered to explore and exploit within the perimeter of PR 13359 and PR 15775 until the ICC tribunal in charge of determining the validity of the termination of the Dathcom JV has heard the issue.

Last month, Zijin Mining and JV partner Manono Lithium, in which Jinxiang Lithium owns a 61% interest and Cominiere has the remaining interest, said it was granted rights over the north-eastern tenement of the Manono mine.

The DRC has reportedly revoked the permit, arguing that the company had not developed the project fast enough.

"AVZ is extremely pleased to have signed this term sheet with Locke, a global litigation funder with deep experience in funding complex litigation proceedings like the ones AVZ is pursuing.

"Having Locke provide this proposal after completing a round of diligence validates AVZ’s strong position across all its legal disputes with a clear pathway to conclusion in AVZ’s favour," commented CEO Nigel Ferguson.

 

Edited by Creamer Media Reporter

Comments

Showroom

Klüber Lubrication
Klüber Lubrication

Klüber Lubrication ensures that the world’s essential systems—drive units, machines, and water flow—operate efficiently, sustainably, and reliably...

VISIT SHOWROOM 
Victaulic
Victaulic

Since 1919, Victaulic’s innovative solutions and design services continue to increase construction productivity and reduce risk, ensuring projects...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 06 December 2024
Magazine round up | 06 December 2024
6th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.044 0.072s - 126pq - 2rq
Subscribe Now