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AMN - DRC: MOU with Chinese for Manono project

AVZ Minerals has signed a Memorandum of Understanding (MOU) with Shanghai Greatpower Industry Co Ltd for a potential investment in the company and offtake opportunities from Manono Lithium Project in the DRC. Discussions with additional groups are also ongoing.

Greatpower is headquartered in Shanghai with operations in the DRC. It is an integrated commodity group with a focus on sourcing and producing battery raw materials and products for the China battery sector.

Executive level meetings, facilitated by AVZ’s strategic adviser Airguide International, were recently held in China between AVZ and several multi-billion dollar Chinese entities discussing potential investment and offtake opportunities.

AVZ has executed the MOU with Greatpower to advance discussions towards formalising potential investment and offtake agreements.

As part of the negotiations AVZ has extended an invitation to Greatpower, as well as others, to visit its operations in the DRC for more formal discussions and to help facilitate a proper appreciation of the enormous potential of the Manono project.

AVZ’s executive chairman Klaus Eckhof said, “We are excited to progress potential investment and offtake discussions with Greatpower. The level of interest we are seeing in the company following the recent drill results confirms once again that the Manono Lithium Project is world-class and unique.

The DRC is a mining friendly jurisdiction with numerous successful tier-one operations in the Katanga region and is seen very favourably by Chinese and European groups as a great place to invest.”

The latest drilling results from the Carriere de L’Est Pegmatite, which has a length of about 5500 metres, include 250.93 metres at 1.48% lithium and 913ppm tin from 1.9 metres.

The thickness of intersected pegmatite and the geometric relationship between the location of this hole and mapped pegmatite boundaries suggests the thickness of the pegmatite may be 280 metres.

The next drilling program will be focused on resource definition, extension drilling and initial mineralogical test-work.

Founded in 2006, Shanghai Greatpower Industry Co Ltd is uniquely positioned as an emerging leader in the new energy market. Its business covers over 20 commodities encompassing metals and minerals as well as related marketing and logistic activities.