DRC: AVZ Minerals raises USD 17.8 million for the expansion of its Manono Lithium and Tin project
AVZ Minerals said it has secured funding of around US$17.8 million to accelerate work on its Manono Lithium and Tin project in the province of Haut-Katanga in the Democratic Republic of Congo (DRC).
According to AVZ Minerals, these funds raised will finance the initial construction of the mine and the continuation of the exploration program at Manono.
Of the total expenditures to be incurred during the current fiscal year, AVZ Manono expects an envelope of approximately 13.5 million USD for the upgrading of existing roads and bridges to help transport equipment to the site of the plant, the purchase of essential mobile equipment needed for the initial development work of the project, to advance the construction of the camp and to conclude contracts for key services, as well as to advance the metallurgical studies, downstream processing and infrastructure.
The remaining US$4.2 million will be spent on an expanded drilling program at the Roche Dure site.
These financial resources are also expected to help maintain Manono’s development schedule, with the first shipment of SC6 scheduled for mid-2023 and the first production of primary lithium sulphate expected approximately six months later.
