After over four months in suspension, the AVZ Minerals Ltd (ASX: AVZ) share price was scheduled to return to trade on Thursday.
However, once again, this morning the embattled lithium developer has pushed back its return date.
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What's happening with the AVZ share price?
According to today's update, the AVZ share price isn't expected to return to trade for almost a month.
It commented:
[AVZ Minerals] refers to the Company's request for an extension to its voluntary suspension dated 1 September 2022, in relation to the finalisation and release of an announcement with respect to its mining and exploration rights for the Manono Lithium and Tin Project (Manono Project).
The Company advises that the subject of the initial trading halt request remains incomplete and requests a further extension to the voluntary suspension until the commencement of trade on 10 October 2022 or an earlier announcement to the market regarding its mining and exploration rights for the Manono Project.
Though, the company has given shareholders reason for hope. It added:
The Company is confident of a positive outcome for it's [sic] shareholders, resultiung [sic] in the re-instatement of trading in its securities.
What's actually going on?
The company is currently facing arbitration proceedings from Jin Cheng Mining in relation to an ownership dispute for the Manono Lithium and Tin Project.
This has caused significant uncertainty, as there are various potential project ownership scenarios that could have a major impact on the company's valuation.
But what AVZ will ultimately be left owning is impossible to say at this stage. So, investors will just have to wait for the arbitration proceedings to complete and go from there.
AVZ and Jin Cheng will be convened to a case management conference this month with a view to setting the timetable of the arbitral proceedings and the execution of the terms of reference.
