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KoBold Metals to acquire AVZ’s interests in DRC lithium deposit
Bill Gates-backed US company KoBold Metals and Australia-headquartered AVZ Minerals have agreed on a framework for KoBold to buy AVZ’s interests in the Manono lithium deposit, in the Democratic Republic of Congo (DRC).
By Tasneem Bulbulia in
Bill Gates-backed US company KoBold Metals and Australia-headquartered AVZ Minerals have agreed on a framework for KoBold to buy AVZ’s interests in the Manono lithium deposit, in the Democratic Republic of Congo (DRC).
The companies highlight that rapid, ethical development of the deposit should play a role in supporting peace and security, and are advancing this process through reaching consensus on a commercial framework enabling Manono’s development, they state.
This framework entails AVZ selling its commercial interest in the deposit to KoBold for fair value.
The agreement is expected to enable Kobold to rapidly deploy more than $1-billion to bring Manono lithium to Western markets.
The companies posit that the development could create considerable amounts of high-paying Congolese jobs for a long period.
The companies are working to conclude the commercial agreement for KoBold to buy AVZ’s interest in the deposit and develop it.
AVZ has committed to proposing to the DRC government a temporary suspension of the International Centre for Settlement of Investment Disputes arbitration proceedings to facilitate discussions.
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