Zijin Mining has blamed AVZ for the DRC’s decision to revoke a mining license, as AVZ refused to comment whether its trading halt could be lifted.
“AVZ’s failure to meet JV [joint venture] and local legal requirements and failure to cooperatively and respectfully work with other stakeholders has triggered this action,” said Ms Chen Chen, Zijin Mining’s in-house legal counsel.
It declined to answer questions over whether the trading halt could be lifted on the back of the Mining Minister’s order on the exploration rights. On Wednesday, a spokesman for the ASX said in general there was no time limit on a company’s suspension as long as it was for an appropriate reason or purpose.
The lithium hopeful is engaged in separate legal proceedings against both Zijin Mining and AVZ’s joint venture partner Dathomir over two different 15 per cent ownership stakes in the Manono project. AVZ has repeatedly claimed Jin Cheng and Dathomir’s ownership rights have no legal effect as they’re in violation of prior legal agreements. It has also claimed it’s the victim of hostile campaigns conducted by rivals in the DRC and by short sellers attempting to manipulate its share price lower.
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