AVZ Minerals trading halt extended again. What is going on?

A six month suspension isn't enough for this lithium share…

| More on:

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

A man in his 30s with a clipped beard sits at his laptop on a desk with one finger to the side of his face and his chin resting on his thumb as he looks concerned while staring at his computer screen.

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

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.

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!

Motley Fool contributor James Mickleboro 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

Miner and company person analysing results of a mining company.
Materials Shares

Fortescue shares fall on Iron Bridge blow

Iron Bridge is taking longer to ramp up than planned.

Read more »

Three miners looking at a tablet.
Materials Shares

Buy Rio Tinto shares for a 23% return

Let's see which broker is tipping this mining giant as a top buy.

Read more »

A bricklayer peers over the top of a brick wall he is laying with a level measuring tool on top and looks critically at the work he is carrying out.
Materials Shares

Brickworks shares have surged 15% in a month. Are they still good value according to Macquarie?

Here's what this broker has to say about the stock.

Read more »

A man checks his phone next to an electric vehicle charging station with his electric vehicle parked in the charging bay.
Materials Shares

Are Pilbara Minerals shares too cheap to ignore?

A leading broker has given its verdict on this beaten down lithium miner.

Read more »

An unhappy man in a suit sits at his desk with his arms crossed staring at his laptop screen as the PointsBet share price falls
Materials Shares

Does Macquarie rate James Hardie shares a buy, hold or sell?

The company is set to report FY25 earnings this week.

Read more »

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

Why is the Core Lithium share price jumping 19% today?

Something is getting investors excited. Let's find out what it is.

Read more »

A woman holds up hands to compare two things with question marks above her hands.
Financial Shares

Which is better value right now, Soul Patts or Brickworks shares?

Let's dive in and see what the experts have to say.

Read more »

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Materials Shares

Core Lithium shares charge higher on big news

This lithium miner is starting the week strongly. But why?

Read more »