Latest news with #Cominière
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.
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.
