The AVZ Minerals Ltd (ASX: AVZ) share price hasn't moved a muscle for five and a half months.
But that doesn't mean nothing is happening behind the scenes at this embattled lithium explorer.
In fact, this afternoon the company revealed that its legal team have been very busy recently.
What's the latest from AVZ?
This afternoon the company released an update on the arbitration proceedings that have led to the suspension of the AVZ share price.
AVZ is facing arbitration proceedings from China's Jin Cheng Mining in relation to a dispute in the ownership of the Manono Lithium Project in the Democratic Republic of Congo (DRC). Jin Cheng claims it owns a portion of the project, whereas AVZ denies this.
According to today's update, the arbitrator has issued the Procedural Order No.1-3 ruling in favour of AVZ.
This is a small positive for AVZ but doesn't really change anything. The company notes that the arbitrator "will now proceed to hear and determine AVZI's jurisdictional challenge (around whether AVZI's pre-emption rights were breached) before dealing, if necessary, with the merits of the case."
What else?
AVZ also notes that there was a tribunal held late last month in the DRC that it wasn't invited to.
Unfortunately, the DRC Tribunal granted a request by Dathomir Mining Resources for the interim suspension of the sale of a 15% interest in the Manono Lithium Project to AVZ.
And while AVZ has dismissed Dathomir's request as "factually and legally misconceived," it certainly creates more doubt over the company's ownership.
AVZ disputes this, stating: "AVZI duly completed each of the Dathomir SPAs in August 2021, including payment within the required time period, and thereby legally acquired a further 15% interest in Dathcom."
As far as the company is concerned, it "retains legal title to a 75% interest in the Manono Project and its pre-emptive rights over the balance of the Project."
Though, given how the DRC is regarded as one of the most corrupt countries in the world (just a few places above North Korea!), it may be wise to not count your chickens before they hatch.
When will the AVZ share price return to action?
No changes have been made to its suspension request, which expires on 1 November.
However, it appears highly unlikely that this matter will be resolved within the next two weeks, so yet another an extension may be requested when the times comes.
