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Reuters
21-07-2025
- Business
- Reuters
AVZ Minerals says Congo deal with KoBold breaches arbitration order
DAKAR, July 21 (Reuters) - Australia-based AVZ Minerals (3A2.H), opens new tab, which holds a majority stake in the contested Manono lithium project in the Democratic Republic of Congo, said on Monday a new deal between Kinshasa and U.S.-backed KoBold Metals to develop part of the project breaches an existing international arbitration order. The DRC government said on July 18 it had signed an agreement with KoBold to jointly develop the southern section of the Manono lithium and tin deposit, one of the world's largest untapped sources of the battery metal. The agreement commits the Congolese government to support KoBold's plan to acquire and develop the Roche Dure deposit at Manono, effectively positioning the California-based firm as Kinshasa's preferred partner to unlock the stalled project. AVZ, whose stake in the Manono project is held through its subsidiary Dathcom Mining, is currently locked in arbitration with Congo at the International Centre for Settlement of Investment Disputes over the government's failure to grant a mining permit. The company said Congo's deal with KoBold Metals violates interim orders issued by the ICSID tribunal in January 2024, which required Congo to recognize Dathcom as the holder of the disputed mining license and to protect AVZ's rights during the proceedings. Congolese authorities and KoBold Metals did not immediately respond to requests for comment. "On 18 July 2025, (AVZ) informed the ICSID Tribunal of the KoBold agreement which is a breach (of its orders),' the company said. Though not a party to the KoBold agreement, AVZ said it remains open to "constructive dialogue" with all stakeholders, including KoBold, to reach a commercial resolution that respects its legal and contractual rights.
Yahoo
17-03-2025
- Business
- Yahoo
AVZ Minerals wins legal battle over Congo lithium mine dispute
Australian company AVZ Minerals reports that an International Chamber of Commerce (ICC) tribunal has issued a partial award ordering the Democratic Republic of Congo's (DRC) state-owned Cominière to pay €39.1m ($42.4m) plus interest for failing to comply with emergency orders. This ruling follows a dispute between AVZ International (AVZI) and Cominière over breaches of the Dathcom joint venture agreement (JVA) related to the Manono lithium project, one of the largest hard rock lithium deposits globally. AVZ originally held the permit to develop the Manono project. The DRC Ministry of Mines signed the ministerial decree awarding the mining licence for AVZ Minerals' Manono lithium project in May 2022. However, the DRC Mines Ministry revoked the permit in 2023, citing delays in project development. The rights were later awarded to a subsidiary of China's Zijin Mining, leading AVZ to seek relief through the ICC, reported Reuters. The tribunal confirmed that Cominière violated prior injunctions by extending mining title PR 13359 under its own name, splitting PR 13359 and assigning PR 15775 to Manono Lithium, a joint venture with China's Zijin Mining Group. Cominière's attempt to overturn the emergency orders was rejected, and the tribunal reaffirmed the injunctions issued in May and November 2023. The tribunal also reserved its decision on any additional penalties if Cominière continues to breach these orders. In a separate legal case (ICC 27769/SP), Cominière and Jin Cheng Mining Company, a subsidiary of Zijin Mining Group, filed a complaint against AVZI, claiming breaches of the Dathcom JVA. The ICC Tribunal has issued a partial award, rejecting AVZI's objection to Dathomir Mining Resources SARLU (Dathomir) joining the case as a party. Dathomir is now officially part of the proceedings. Addressing media speculation, AVZ confirmed that its representatives visited the US to explore potential funding for the Manono lithium project. Although AVZ met with interested parties, no formal investment proposals have been received and discussions remain preliminary. AVZ assured shareholders it will provide updates as required. "AVZ Minerals wins legal battle over Congo lithium mine dispute" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
14-03-2025
- Business
- Reuters
Australia's AVZ Minerals scores legal victory against Congo over disputed lithium mine
March 14 (Reuters) - Australia's AVZ Minerals said on Friday it secured a legal victory over the Democratic Republic of Congo (DRC) and China's Zijin Mining over the Manono lithium mine rights, and is in talks with U.S. parties to raise funds for the project. The International Court of Arbitration of the International Chamber of Commerce (ICC) ordered DRC's state-owned Cominiere to pay a penalty of 39.1 million euros ($42.46 million) for not complying with earlier orders to stop any actions terminating its joint venture with AVZ. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. AVZ initially held the permit to develop the Manono project, one of the world's largest hard rock lithium deposits, which was revoked in 2023 by the DRC's mines ministry, citing the company had not developed the project fast enough. The rights were later granted to a unit of China's Zijin Mining ( opens new tab, prompting AVZ to seek relief with the ICC. AVZ, whose shares were suspended in May 2022 and delisted, opens new tab two years later due to the dispute, opens new tab, said on Friday it would consider steps to recover the penalty. The Australian firm also said it is in early, fact-finding discussions with several U.S.-based parties to raise funds for the Manono project. ($1 = 0.9209 euros)
