The trading halt on AVZ Minerals shares has been extended again. Here's the latest

Shares in the minerals explorer are still not going anywhere.

| More on:
a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • AVZ Mineral's trading halt, extended on Monday, will be further extended until 15 November or until an announcement is made
  • The trading halt will give AVZ time to make an announcement on ownership disputes at the Manono project in central Africa, with one currently undergoing arbitration
  • AVZ also published its quarterly activities report on Monday that showed these disputes are progressing to finalisation

The AVZ Minerals Ltd (ASX: AVZ) share price remained frozen at 78 cents today after the company requested an extension to its voluntary trading halt, last extended on Monday.

The ASX lithium share has asked for a voluntary suspension until the start of trade on 15 November 2022, or earlier if an announcement is made.

The company is involved in proceedings regarding its mining and exploration rights for the Manono lithium and tin project located in the Democratic Republic of Congo (DRC) in central Africa.

The reason for the latest extension is that "the subject of the initial trading halt request remains incomplete". This refers to its previous voluntary trading halt extension request dated 10 October.

Indeed, the halt has been extended multiple times as the company attempts to finalise an ownership dispute with China's Jin Cheng Mining, which claims to own a portion of the Manono lithium and tin project.

AVZ has denied the claim, leading to a protracted arbitration proceeding between the two companies.

A second company has also made a claim to Manono, this time coming from Dathomir Mining Resources. A DRC tribunal granted Dathomir's request to suspend the sale of a 15% stake in Manono to AVZ, which makes the ongoing ownership dispute all the more complicated.

AVZ issues company updates

While all these disputes are going on, AVZ posted a number of company updates to the market on Monday, including its quarterly activities report.

One highlight is that an International Chamber of Commerce arbitrator has been appointed to hear proceedings in the Jin Cheng Mining dispute. A case management conference is due to be held between the two companies.

AVZ also said it's having "high-level discussions" with DRC officials regarding its mining and exploration rights in the country.

Its update also included initial results from its Roche Dure drilling program. The drill holes were said to have uncovered "high-grade spodumene lithium mineralisation including 226.8m @ 1.67% Li2O & 307 ppm Sn and 226.8m @ 1.67@ Li2O".

Motley Fool contributor Matthew Farley 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.

More on Materials Shares

A man looking at his laptop and thinking.
Materials Shares

Are Pilbara Minerals shares a buy, sell, or hold for 2025?

Let's see if analysts think this lithium giant should be in your portfolio now.

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Materials Shares

4 popular ASX lithium shares going gangbusters on Tuesday

Pilbara Minerals and three other lithium stocks are having a particularly strong session.

Read more »

Miner looking at a tablet.
Resources Shares

South32 shares sink amid $33 million copper investment

Copper continues to be in hot demand.

Read more »

Three miners looking at a tablet.
Materials Shares

Should you buy BHP shares amid 2024's weakness?

Is now the time to pounce on the mining giant's shares? Here's what analysts are saying.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Here's why the Liontown share price could rise almost 70%!

Bell Potter thinks this lithium miner could be a high risk/high reward option for investors.

Read more »

Man with rocket wings which have flames coming out of them.
Materials Shares

Why is the Novonix share price rocketing 16% on Monday?

Big news is giving this stock a huge lift on Monday morning.

Read more »

A man wearing a shirt, tie and hard hat sits in an office and marks dates in his diary.
Materials Shares

Liontown shares fall on major guidance and cost update

Big changes are being made at this lithium miner due to weak prices.

Read more »

Miner standing in front of trucks and smiling, symbolising a rising share price.
Materials Shares

Core Lithium share price storming higher on 'excellent' exploration results

ASX investors are sending Core Lithium shares flying higher today.

Read more »