(Reuters) – Australia’s AVZ Minerals said on Friday it secured a legal victory over the Democratic Republic of Congo (DRC) and China’s Zijin Mining over the Manono lithium mine rights, and is in talks with U.S. parties to raise funds for the project.
The International Court of Arbitration of the International Chamber of Commerce (ICC) ordered DRC’s state-owned Cominiere to pay a penalty of 39.1 million euros ($42.46 million) for not complying with earlier orders to stop any actions terminating its joint venture with AVZ.
AVZ initially held the permit to develop the Manono project, one of the world’s largest hard rock lithium deposits, which was revoked in 2023 by the DRC’s mines ministry, citing the company had not developed the project fast enough.
The rights were later granted to a unit of China’s Zijin Mining, prompting AVZ to seek relief with the ICC.
AVZ, whose shares were suspended in May 2022 and delisted two years later due to the dispute, said on Friday it would consider steps to recover the penalty.
The Australian firm also said it is in early, fact-finding discussions with several U.S.-based parties to raise funds for the Manono project.
($1 = 0.9209 euros)
(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Vijay Kishore)
