Shares in the explorer raced to a near-$4.6 billion valuation in April before trading was suspended. New information suggests it concealed an ownership dispute from investors.
Suspended lithium explorer AVZ Minerals kept an ownership dispute over rights to 15 per cent of the Manono lithium project – which has access to a major resource of the vital battery metal – hidden from investors for nearly 10 months, new information shows.
On August 4 last year, AVZ’s lawyer in Kinshasa wrote to Cominiere to urge it to abandon negotiations to sell a 15 per cent interest in Manono to state-owned Chinese miner Zijin. Dathomir is reported to have obtained Congo court orders in December last year to have a deal annulled in which it sold a separate 15 per cent interest in Manono to AVZ for $US20 million in August last year.
It said the December capital raising was partly to help it buy the 15 per cent stake from Cominiere, but never disclosed it had been notified the prior July about Zijin’s intention to buy the stake from Cominiere.The Australian Financial Review.Last week, the picture got murkier for the explorer when it disclosed the findings of a Congo government audit by the General Inspectorate of Finance .
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AVZ hides dispute over title to vast lithium resource in CongoShares in the explorer raced to a near-$4.6 billion valuation in April before trading was suspended. New information suggests it concealed an ownership dispute from investors.
Read more »
ASX LIVE: Australian shares to fall as nerves fray over global interest rate peaksAustralian shares to open lower; Turquoise Hill shareholders approve offer from Rio; iron ore extends gains above US110; $A hovers around US68¢. Follow updates here.
Read more »
South Koreans are about to get a year or two younger, thanks to a new lawAt present it&x27;s common for South Koreans to have not just one age, but three, an "international age," a "Korean age" and a "calendar age."
Read more »
Bankman-Fried ‘would give anything’ to start new business to repay FTX usersFormer boss of collapsed crypto-exchange says he has duty to try to recoup investors’ lost money
Read more »
How new guidelines for supporting children with autism affirm neurodiversityThe updated national autism guidelines will focus on different forms of therapy for children, all of which highlight support over correction for people on the spectrum.
Read more »