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AVZ Minerals, Australia's lithium mining company, wins legal victory in Congo against Congo

AVZ Minerals, Australia's lithium mining company, wins legal victory in Congo against Congo

AVZ Minerals, an Australian company, announced on Friday that it had won a court case against the Democratic Republic of Congo and China's Zijin Mining for the rights to the Manono Lithium Mine. It is now in negotiations with U.S. parties about raising funds for the project.

The International Court of Arbitration of the International Chamber of Commerce ordered DRC state-owned Cominiere, to pay a fine of 39.1 millions euros ($42.46million) for failing to comply with orders earlier to cease any action terminating its joint enterprise with AVZ.

AVZ originally held the permit for the development of the Manono Project, one the largest hard rock deposits in the world. This was revoked by the DRC’s mines ministry in 2023, citing that the company hadn’t developed the project quickly enough.

The AVZ sought relief from the ICC after a unit of China’s Zijin Mining was granted these rights.

AVZ said it will consider recovering the penalty after its shares were suspended and then delisted in May 2022.

The Australian company also stated that it was in fact-finding talks with several U.S. parties to raise money for the Manono Project. ($1 = 0.9209 euro) (Reporting and editing by Vijay Kishore in Bengaluru)

(source: Reuters)