The AVZ Minerals Ltd (ASX: AVZ) share price was scheduled to return from its six-month suspension on Tuesday.
However, the lithium developer has still not finalised the legal wrangle that is holding up the finalisation of the mining and exploration rights for the Manono Lithium and Tin Project in the Democratic Republic of the Congo (DRC).
As a result, the company has requested that its shares remain suspended for a further 30 days. It commented:
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 15 December 2022 or an earlier announcement to the market regarding its mining and exploration rights for the Manono Project.
Image source: Getty Images
What's actually happening?
AVZ is currently facing arbitration proceedings from China's Jin Cheng Mining in relation to an ownership dispute.
Jin Cheng claims it owns a portion of the Manono Project, whereas AVZ denies this.
The company provided an update on matters last month. That update revealed that 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.
AVZ believes this action is incorrect, 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."
Furthermore, as far as management 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."
What's next for AVZ?
On Thursday, the company is holding its annual general meeting in Perth.
It certainly will be interesting to see how shareholders vote on items such as the remuneration report.
Stay tuned for that!
