from JEAN KASSONGO in Kinshasa, DRC
KINSHASA, (CAJ News) – A CHINESE energy technology firm is investing US$240 million into a lithium and tin project in the Democratic Republic of Congo (DRC), anticipated to be one of the biggest in the world.
AVZ Minerals Limited, which operates the Manono Lithium and Tin Project, confirmed the investment agreement with Suzhou CATH Energy Technologies.
It is anticipated the proposed transaction will be concluded in March.
This will allow for the commencement of a multi-faceted global joint venture between AVZ and CATH focussed on multiple aspects of the battery metals supply chain.
“Finalising our agreement with CATH provides certainty of funding to progress development of the Manono project,” said AVZ’s Managing Director, Nigel Ferguson.
This is pending the award of the mining licence and collaboration development agreement from the DRC government.
“We are in close consultation with the DRC government authorities that are undertaking the Mining Licence assessment and are confident of delivering a favourable outcome for all stakeholders – most importantly the people of the DRC and our shareholders,” Ferguson said.
Located some 500km north of Lubumbashi, Manono is projected to produce approximately 180 000 tonnes of tin over a 60 year mine life.
– CAJ News