ASX-listed AVZ Minerals has signed a Memorandum of Understanding with Guangzhou Tinci Materials Technology Co. for potential investment in the company and off-take opportunities from the Manono lithium project in the Democratic Republic of Congo.
Tinci is a national high-tech enterprise and specialises in R&D, manufacture, application and marketing for lithium-ion battery materials and its upstream raw materials.
It is the largest battery electrolyte manufacturer globally and supplies a substantial portion of the global battery electrolyte market – having invested in Ronghui Industry and Jiangxi Lithium and other lithium carbonate manufacturers.
Executive level meetings by AVZ Minerals’ strategic adviser Singapore-based Airguide International are ongoing in China between multiple entities discussing potential investment and off-take opportunities with the Company.
AVZ Minerals has executed the MOU with Tinci to advance discussions towards formalising potential investment and off-take agreements.
As part of this process, AVZ Minerals has extended an invitation to Tinci, and other groups, to visit its operations in the DRC for more formal discussions and to help facilitate a proper appreciation of the enormous potential of the Manono lithium project.
“We are pleased to progress discussions with Tinci Group as they are a very well-regarded company globally and significant in the battery materials supply chain. Our excellent drilling results released to date underpin the world-class status of Manono and highlights the unique opportunity that exists for the company relative to all other hardrock deposits,” says AVZ Minerals executive chairman Klaus Eckhof.
AVZ Minerals will continue an active dialogue with multiple Chinese groups seeking investment opportunities in the company and project.
Meanwhile, the company also advises that Patrick Flint has resigned as a non-executive director.