- Write by:
-
Monday, September 21, 2020 - 10:27:40 AM
-
892 Visit
-
Print
Mining News Pro - AVZ Minerals is set to acquire an additional stake in the Manono lithium-tin project in the Democratic Republic of Congo (DRC) for $US15.5 million ($21.3 million).
This will be acquired through increasing its stake in Dathcom Mining, which holds 100 per cent of the Manono project.
Upon the completion of the agreement, AVZ will own 75 per cent of Manono with the DRC Government holding the remaining.
AVZ already increased its stake in Dathcom Mining by 5 per cent to 65 per cent last year.
“The recently completed definitive feasibility study clearly demonstrated our Manono project is very robust, with strong financial metrics,” AVZ managing director Nigel Ferguson said.
“This additional equity in the Manono project will add significantly to the project’s bottom line and net present value and is critical to AVZ’s ongoing discussions with prospective financiers.”
AVZ expects Manono’s net present value, or future value of the project, to increase from $US1.41 to $US1.76 billion before tax.
AVZ is required to complete the payment within 12 months of executing the agreement, subject to relevant approvals.
The Manono project covers 188 square kilometres in the mid-Proterozoic Kibaran Belt which stretches into southwest Uganda.
Short Link:
https://www.miningnews.ir/En/News/602181
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
India is considering offering incentives to encourage private companies to set up lithium processing facilities, as New ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on ...
Equinor on Wednesday said it has entered an agreement with Standard Lithium to acquire a 45% stake in lithium projects ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
China’s Ganfeng Lithium Group Co. plans to pay about $408 million to buy out its partner in a lithium mine being ...
The chairman of Chile’s state-run copper giant Codelco said on Monday that he expects to reach a lithium deal with ...
No comments have been posted yet ...