Latest news with #AVZMinerals
Yahoo
24-06-2025
- Business
- Yahoo
AVZ Minerals to resume arbitration proceedings against DRC
AVZ Minerals has announced the resumption of arbitration proceedings against the Democratic Republic of the Congo (DRC) regarding a contentious lithium deposit. This follows a temporary suspension period that ended without engagement from the DRC. The International Centre for Settlement of Investment Disputes (ICSID) proceedings, involving AVZ Minerals' subsidiaries, were initially paused until 23 June 2025, after the US government encouraged a conducive environment for potential settlement discussions. However, AVZ Minerals reports that the DRC did not participate in discussions during the suspension, necessitating the resumption of legal action. AVZ Minerals is now taking steps to ensure the DRC is held accountable for not complying with injunctions from Procedural Order n°3. This includes filing a new application with the ICSID Tribunal. Concurrently, the International Chamber of Commerce (ICC) proceedings initiated by AVZ Minerals against La Congolaise d'Exploitation Minière (Cominière) saw the ICC tribunal reject Cominière's request to bifurcate the arbitration proceedings. The company has reaffirmed its openness to discussions, acknowledging its majority stake in Dathcom and legal claims to the Manono Project under PR13359. In March, an ICC tribunal ordered Cominière to pay €39.1m ($42.4m) plus interest to AVZ Minerals for failing to comply with emergency orders. This decision relates to a dispute over breaches of the Dathcom joint venture agreement (JVA) concerning the Manono lithium project, which is among the world's largest hard rock lithium deposits. AVZ Minerals had secured the permit to develop the Manono project, with the DRC Ministry of Mines awarding the mining licence in May 2022. "AVZ Minerals to resume arbitration proceedings against DRC" 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
24-06-2025
- Business
- Reuters
AVZ Minerals to resume proceedings against DRC over disputed lithium deposit
June 24 (Reuters) - Australia's AVZ Minerals said on Tuesday it will resume proceedings against the Democratic Republic of Congo (DRC) over mining rights to the Manono lithium deposit after the parties were unable to reach a settlement on a legal dispute over the deposit. The unresolved issue poses a potential hurdle for California-based metals exploration firm KoBold Metals' plans to acquire AVZ Minerals' stake in one of the world's largest hard rock lithium deposits. AVZ initially held the permit to develop the Manono project, but in 2023 the DRC's mines ministry revoked this permit on the basis that the project had not advanced quickly enough. The rights were later granted to a unit of Zijin Mining ( opens new tab, prompting AVZ to seek relief through both the International Court of Arbitration of the International Chamber of Commerce, and the International Centre for Settlement of Investment Disputes (ICSID). The U.S. government has been encouraging the parties to settle the dispute, which led AVZ to temporarily suspend, opens new tab the ICSID arbitration proceedings in late May. AVZ, whose shares were suspended in May 2022 and delisted two years later due to the dispute, said DRC did not engage with AVZ during the suspension period and the suspension has lapsed. The ICSID proceeding will now resume, the company said. KoBold Metals did not immediately respond to a Reuters request for comments.
Yahoo
24-06-2025
- Business
- Yahoo
AVZ Minerals to resume proceedings against DRC over disputed lithium deposit
(Reuters) -Australia's AVZ Minerals said on Tuesday it will resume proceedings against the Democratic Republic of Congo (DRC) over mining rights to the Manono lithium deposit after the parties were unable to reach a settlement on a legal dispute over the deposit. The unresolved issue poses a potential hurdle for California-based metals exploration firm KoBold Metals' plans to acquire AVZ Minerals' stake in one of the world's largest hard rock lithium deposits. AVZ initially held the permit to develop the Manono project, but in 2023 the DRC's mines ministry revoked this permit on the basis that the project had not advanced quickly enough. The rights were later granted to a unit of Zijin Mining, prompting AVZ to seek relief through both the International Court of Arbitration of the International Chamber of Commerce, and the International Centre for Settlement of Investment Disputes (ICSID). The U.S. government has been encouraging the parties to settle the dispute, which led AVZ to temporarily suspend the ICSID arbitration proceedings in late May. AVZ, whose shares were suspended in May 2022 and delisted two years later due to the dispute, said DRC did not engage with AVZ during the suspension period and the suspension has lapsed. The ICSID proceeding will now resume, the company said. KoBold Metals did not immediately respond to a Reuters request for comments. Sign in to access your portfolio
South China Morning Post
01-06-2025
- Business
- South China Morning Post
Legal action over huge lithium project in DR Congo on hold as US battles China's dominance
Perth-based AVZ Minerals has suspended its arbitration case against the Democratic Republic of Congo until later this month, following US encouragement to resolve the dispute over the massive Manono lithium project The suspension, announced last week, comes as the US backs start-up KoBold Metals – funded by tech billionaires including Bill Gates and Jeff Bezos – to acquire AVZ's stake in Manono. If successful, KoBold will pledge US$1 billion (7.2 billion yuan) to develop the project, countering China 's Zijin Mining, which controls the northern section after Congo revoked AVZ's rights in 2023. However, KoBold is a relatively small entity compared to CMOC Group, CNMC, and other Chinese mining companies in the African country. AVZ said in a statement last week that 'the United States Government has encouraged the parties to take whatever steps are necessary to allow for a climate conducive to discussions leading to a meaningful settlement between the DRC and AVZ'. The move signals Washington's growing efforts to secure critical minerals in Congo , directly challenging China's dominance in the country over control of critical minerals such as lithium and copper, vital for the global green energy transition.
Yahoo
08-05-2025
- Business
- Yahoo
Bezos-Backed Firm Signs Deal to Advance Congo Lithium Mine
(Bloomberg) -- KoBold Metals Co. has reached a preliminary agreement to move forward with the development of one of the world's biggest hard rock lithium deposits in the Democratic Republic of Congo. The Battle Over the Fate of Detroit's Renaissance Center Vail to Borrow Muni Debt to Ease Ski Resort Town Housing Crunch Is Trump's Plan to Reopen the Notorious Alcatraz Prison Realistic? Iceland Plans for a More Volcanic Future The firm, backed by billionaires Bill Gates and Jeff Bezos, reached a framework agreement with Australia's AVZ Minerals Ltd. to buy the latter's stake in project on the Manono deposit, according to a letter signed by KoBold Chief Executive Officer Kurt House and his AVZ counterpart Nigel Ferguson. 'The agreement will enable KoBold to rapidly deploy more than $1 billion to bring the Manono lithium to Western markets,' said the companies, which are working on the arrangement with the US and Congolese governments. The announcement comes after Congo's President Felix Tshisekedi met with Massad Boulos, US President Donald Trump's senior adviser for Africa, to discuss potential American investment and security assistance in Congo's fight against a Rwanda-backed rebel group. Tshisekedi is hoping US interest in Congo's minerals will encourage the Trump administration to back his government, which is teetering amid the rebel advance in the east. Besides lithium, the central African nation is the world's second-largest source of copper and biggest producer of the electric-vehicle battery metal cobalt. Any final deal for the lithium around the southeastern town of Manono will require the resolution of multiple arbitration cases surrounding the deposits. AVZ was close to breaking ground on mine construction when Congo canceled its rights in 2023 and split the permit, handing part to China's Zijin Mining Group Co. AVZ is willing to suspend the arbitration proceedings to 'facilitate discussions' between the parties, the two CEOs said in the letter. Congo will need to return the license containing the southern section of the Manono project to KoBold for the development to proceed. KoBold has proposed a plan that would see AVZ receive compensation, while Zijin continues developing a mine in the northern portion of the Manono deposit, according to another letter addressed to Tshisekedi's office in January and seen by Bloomberg. Rio Tinto Group has also held talks with Congo and KoBold about investing in the project. Spokespeople for Congo's presidency and mines ministry didn't immediately respond to questions seeking comment on the agreement between AVZ and KoBold. AVZ said in 2020 it intended to build a mine at Manono capable of producing about 700,000 tons of lithium concentrate a year for two decades. That would the biggest operation of its kind outside Australia. Michael Bloomberg, the majority owner of Bloomberg News's parent Bloomberg LP, is an investor in Gates' Breakthrough Energy, which holds a stake in KoBold, according to the company's website. (Updates with information on arbitration cases from seventh paragraph) US Border Towns Are Being Ravaged by Canada's Furious Boycott Pre-Tariff Car Buying Frenzy Leaves Americans With a Big Debt Problem Made-in-USA Wheelbarrows Promoted by Trump Are Now Made in China Inside the Dizzying Chaos of Running a Freight Business Under Trump Why Juggling IVF With Work Can Be a Career Killer ©2025 Bloomberg L.P. Sign in to access your portfolio
