from JEAN KASSONGO in Kinshasa, DRC
KINSHASA, (CAJ News) – INVESTORS are planning to raise $40 million towards the commencement of the Manono project in the Democratic Republic of Congo (DRC).
It is set to be one of the biggest lithium and tin projects globally, producing approximately 180 000 tonnes of tin over a 60 year mine life.
AVZ Minerals Limited, the Australian-based company, is working in the facility.
The consortium on Friday reported it had received firm commitments for a placement to raise the money from sophisticated, professional and institutional investors to accelerate the advancement of the Tier 1 project.
“The capital raising marks an important milestone in our journey to develop the Manono Project, providing AVZ with the required funds to increase the company’s stake in the project and secures the necessary working capital to commence the early capital works programme,” Nigel Ferguson, AVZ’s Managing Director, said.
He said increasing AVZ’s equity stake to 75 percent of the Manono project addd significant value to AVZ shareholders, including the possible option to attract strategic cornerstone equity partners at the project level, which would assist to de-risk and potentially accelerate Manono’s development.
“We welcome our new shareholders and thank our existing shareholders for their continuing support in what is expected to be an exciting time in the development of this truly world-class asset,” Ferguson said.
The lithium and tin project is located approximately 500km north of Lubumbashi in the southern part of DRC.
– CAJ News