Home / Sector / Materials Shares / AVZ shares are still frozen. What's going on?

AVZ shares are still frozen. What's going on?

What's going on?

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • The AVZ Minerals share price remains in a trading halt 
  • The company remains under voluntary suspension pending news on the mining and exploration rights for the Manono Lithium and Tin Project 
  • The trading halt will remain until 15 September, or earlier if there is an announcement 

AVZ Minerals Ltd (ASX: AVZ) shares remain on ice today amid a further trading halt extension.

The explorer's shares have been frozen since May and last traded at 78 cents.

So why are AVZ shares still in a trading halt?

a woman wearing a dark business suit holds her hand up in a stop gesture while sitting at a desk. She has a sombre look on her face.

Image source: Getty Images

Still on ice

AVZ Minerals shares are frozen after the company requested an extension of its voluntary suspension on the ASX.

The company is still finalising an announcement on the mining and exploration rights for the Manono Lithium and Tin Project.

This project is located in the Democratic Republic of Congo.

Today, AVZ Minerals said "the company advises that the subject of the initial trading halt request remains incomplete"

AVZ Minerals has requested to stay in a trading halt until 15 September, or earlier if an announcement is made on the Manono Project.

On 25 August, AVZ Minerals provided a drilling update on the Manono Lithium and Tin Project. The company advised, "diamond drilling is progressing smoothly". Eight new diamond drill holes all showed visual spodumene.

AVZ managing director Nigel Ferguson said:

We are happy to report that the first eight holes are mineralised with coarse crystalline spodumene present. Hole MO22DD008 is located about 300metres north-east of the current open pit design.

AVZ Minerals share price snapshot

The AVZ Minerals share price has soared nearly 206% in the past year, despite being in a trading halt since May.

In the past five years, the company's share price has gained more than 457%.

AVZ Minerals has a market capitalisation of $2.75 billion.

Motley Fool contributor Monica O'Shea 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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