AVZ Minerals Secures $15 Million Litigation Funding for DRC Disputes
AVZ Minerals Limited, a lithium mining company, has secured $15 million in litigation funding from Locke Capital II to support its legal efforts related to disputes over its mining projects, including the Manono project in the Democratic Republic of Congo (DRC).
AVZ CEO Nigel Ferguson expressed satisfaction with the agreement, stating on November 28: “Locke, a global litigation funder with a strong track record, has approved funding for AVZ, validating our strong position in these disputes and paving the way for a successful resolution.”
The company plans to draw an initial tranche of funds in December 2024, emphasizing its commitment to defending its legal rights for the benefit of shareholders and stakeholders, while advancing the Manono project.
The funding will exclusively cover legal fees for multiple arbitration proceedings, including:
- Three ICC cases involving Congolaise d’Exploitation Minière and Jin Cheng Mining Company.
- Two ICC cases involving Dathomir Mining Resources SARLU.
- ICSID arbitration against the DRC.
It will also support other related disputes involving AVZ Minerals and its affiliates.
This funding arrangement allows AVZ to pursue critical legal battles without diverting resources from operational activities, underscoring the challenges of safeguarding interests in the lithium sector—key to the global energy transition.
