Mincore will accept part payment for the FEED contract in shares of AVZ Minerals.ĪVZ Minerals said that Mincore’s decision in this regard shows its confidence in the viability of the Manono project.Īccording to AVZ Minerals, the Australian engineering company is also in the shortlist for winning the engineering, procurement and construction (EPC) contract for the main process plant. It also includes confirmation of the pricing of selected equipment, and finalisation of the execution schedule among others. The 12-week FEED study will cover confirmation of the process flow sheet and all bulk material quantities to verify pricing. (Credit: Free-Photos from Pixabay)ĪVZ Minerals has awarded a front end engineering and design (FEED) contract to Mincore for the Manono Lithium and Tin Project in southern Democratic Republic of Congo (DRC). Mincore wins the FEED contract for the Manono project. The statement continued that AVZ “has and continues to comply with the Company’s disclosure obligations under the Corporations Act and the ASX Listing Rules.”ĪVZ Minerals has not reported any legal representation for the class action, while the company shareholders have hired Australian firm Johnson Winter Slattery.Īccording to Omni Bridgeway, shareholders who bought AVZ shares between 17 March 2021 and are currently eligible to sign up for the class action.The lithium and tin project in DRC is underpinned by an offtake agreement with China-based Ganfeng Lithium It will claim that, consequently, the value of the shares was artificially inflated due to the information withheld from public disclosure.ĪVZ said in a statement on 23 December 2022: “No proceedings have been served on AVZ in connection with Omni Bridgeway’s announcement, nor has Omni Bridgeway or lawyers connected with Omni Bridgeway made any contact with AVZ.” The class action will allege that AVZ broke its obligations under the Corporations Act and the Australian Stock Exchange Listing Rules to tell its shareholders about the Jin Cheng Mining stock transfer and the valid shares certificate held by Dathomir. However, on it was reported that Cominière had transferred a 15% stake in Dathcom to Jin Cheng Mining Company, and a claim by Dathomir for 15% of the shares in the operation came to light after a DRC tribunal approved the validity of its share certificate. Two additional companies, Dathomir Mining Resources SARL and a DRC entity, La Congolaise D’Exploitation Minière ( Cominière ) also hold stakes in the project.ĪVZ claimed to have “rights of first refusal” over additional project equity, and on 18 July 2021 released a statement that it had secured 75% of the project. Perth, Australia-headquartered AVZ holds its stake in the Manono project through a wholly owned subsidiary, which holds equity in Dathcom Mining SA, the company which currently has 100% ownership of the operation. Its shares were suspended voluntarily from the Australia Stock Exchange on and remain suspended at the time of writing. Shares in AVZ plunged 21% from USD 0.99 to USD 0.78 by close of trading on, after the group responded to “media speculation” on matters affecting its stake in the Manono project. The class action alleges AVZ neglected to pass along vital information to shareholders, resulting in a financial loss, and will be funded by litigation finance company Omni Bridgeway. Shareholders of mineral exploration company AVZ Minerals (AVZ) are set to file a class action against the Australian mining group over a dispute linked to the Manono Project, one of the largest global lithium-rich pegmatite deposits in the Democratic Republic of Congo, which provide lithium, caesium and tantalum. An Australian mining company faces a shareholder class action over an alleged failure to disclose corpora.Īn Australian mining company faces a shareholder class action over an alleged failure to disclose corporate details of its mining project in Democratic Republic of Congo.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |