Huayou Cobalt invests $10m in AVZ’s lithium project

Huayou International Mining (Hongkong), a wholly-owned subsidiary of Huayou Cobalt, will invest AUS$13.02 million ($10.26 million) in AVZ Minerals Ltd to fund its Manono project, showing the Chinese cobalt giant’s ambitions to gain access to the complete lithium-ion battery supply chain.

Located in the south of the Democratic Republic of Congo (DRC), the Manono project is a lithium-rich pegmatite deposit, which the Australia-listed company holds a 60% interest, according the AVZ Minerals’ website. Huayou International Mining’s investment will give the Chinese company an 11% interest in AVZ Minerals, equating to 186 million shares at an issue price of AUS$0.07 per share, together with 186 million attaching options exercisable at AUS$0.1 which will be expired 20 months from the date of issue to raise AUS$13.02 million, according to AVZ Minerals. In addition, Huayou Cobalt will also...

Published

Susan Zou

August 11, 2017

11:59 GMT

Shanghai