Insights

Is the AVZ share price still suspended?

This embattled lithium share was due to return to trade on Friday…
The post Is the AVZ share price still suspended? appeared first on The Motley Fool Australia. –

The AVZ Minerals Ltd (ASX: AVZ) share price was scheduled to return to trade on Friday after being suspended for over two and a half months.

But yet again, the lithium developer has requested that its shares remain out of action for a further two weeks.

What’s happening with the AVZ share price?

Back on 9 May, the AVZ share price was slammed into a trading halt while the company dealt with an ownership battle.

This relates to the ownership of the Dathcom Mining SA (Dathcom) business, which is the owner of the licence for the massive Manono Lithium Project in the Democratic Republic of the Congo.

While there is no dispute that AVZ is an owner of Dathcom, the issue is how much the company will ultimately own.

China’s Jin Cheng Mining Company claims to have snapped up a stake from La Congolaise D’Exploitation Miniere SA. And while AVZ has labelled this as a “meritless claim”, it hasn’t stopped Jin Cheng from taking the company to an arbitration.

The concern is that if things don’t go in the company’s favour, it could be left with a stake as little as 36%. This includes the proposed sale of a 24% interest to Suzhou CATH Energy Technologies.

What’s the latest?

It looks as though the AVZ share price will be out of action for at least three months in total.

This morning the company revealed that it hasn’t settled the aforementioned dispute and has requested that its suspension continue until the middle of August. It explained:

The Company advises that the subject of the initial trading halt request remains incomplete and requests a further extension to the voluntary suspension until the commencement of trade on 15 August 2022 or an earlier announcement to the market regarding its mining and exploration rights for the Manono Project.

The post Is the AVZ share price still suspended? appeared first on The Motley Fool Australia.

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More reading

5 things to watch on the ASX 200 on Friday
ASX 200 midday update: Rio Tinto’s update, BHP and Fortescue sink, AVZ remains suspended
What’s going on with the AVZ share price?
5 things to watch on the ASX 200 on Friday
Why did the AVZ share price thump the market in FY22?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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