The AVZ Minerals Ltd (ASX: AVZ) share price has been frozen since May amid a legal dispute that is holding up mining at its lithium and tin project in Africa.
The lithium developer first requested a trading halt in relation to a legal wrangle on 9 May.
The dispute is delaying the finalisation of the mining and exploration rights for the Manono Lithium and Tin Project in the Democratic Republic of the Congo (DRC).
As my Fool colleague James reported in May, the issue centres around AVZ's ownership of the project.
Briefly, the Manono Lithium and Tin Project is owned by a company called Dathcom Mining SA.
AVZ Minerals owns 75% and Dathomir Mining Resources SARL, otherwise known as La Congolaise D'Exploitation Miniere SA (Cominiere), owns 25%.
Part of the deal for gaining a mining licence was Dathomir ceding 10% of its interest to the DRC Government.
AVZ believed it had first right of refusal to buy the remaining 15% owned by Dathomir, in accordance with binding contracts signed by both parties in 2019 and 2020.
However, in May 2021, Dathomir sent a letter to AVZ Minerals terminating the agreement. AVZ Minerals maintains this was unlawful.
In August, AVZ Minerals executed their rights under the agreement to purchase the 15% stake and made payment for it.
Dathomir is purported to have transferred its remaining 15% interest to China's Jin Cheng Mining Company Limited. Jin Cheng is a subsidiary of Zijin Mining Group Company Limited (HKG: ZJM0W).
AVZ is now fighting to claim ownership of that 15%.
Image source: Getty Images
What's happening with the AVZ share price today?
In short, absolutely nothing. The saga simply continues but AVZ Minerals has made a statement today.
AVZ has informed ASX investors that on 1 December, it filed the first of two arbitrations against Dathomir with the International Chamber of Commerce (ICC).
In its statement, AVZ Minerals said:
The purpose of the Dathomir Arbitrations is to seek a declaration affirming [AVZ's] legal title to the 15% stake in the Manono Project …
AVZ is already in the midst of separate ICC arbitration proceedings brought by Jin Cheng.
Jin Cheng wants the ICC to recognise that it is now the owner of the 15% stake in Dathcom.
AVZ Minerals said:
The Company considers it has strong prospects of success in the Dathomir Arbitrations and Jin Cheng
ICC Arbitration Proceedings and will vigorously pursue its claims to vindication.
What now for AVZ Minerals shareholders?
It continues to be a waiting game for AVZ Minerals shareholders.
However, those invested in the company for the long haul are probably looking on the bright side.
As my Fool colleague Brooke recently reported, AVZ Minerals is one of three ASX mining shares that have turned a $10,000 investment made 10 years ago into $500,000 today.
The AVZ Minerals share price is up a grand total of 7,700% over the past decade.
