KoBold Makes Offer for Congo Lithium as Country Courts US, page-1061

https://www.theaustralian.com.au/bu...d/news-story/42c06445755eedae1ed9e5f44ff39cbb Australian mining company AVZ has reached purchase agreement with Gates and Bezos-backed KoBold BRAD THOMPSON The controversial AVZ Minerals lithium project in the Democratic Republic of Congo. 14 hrs ago. Updated 3 hours ago Perth-based company AVZ Minerals has defied all expectations and struck a geopolitically significant deal to sell a massive lithium project in Africa to a US company backed by Bill Gates and Jeff Bezo. The deal between AVZ and KoBold Metals on the Manono project in the Democratic Republic of Congo is becoming the focal point of an important mineral pact between the Trump administration and the country hit by crisis. Both the US government and the President of the Democratic Republic of Congo Felix Tshisekedi appear to support the deal negotiated in Washington between AVZ and KoBold. The sale price is still unclear, but the deal is expected to trigger an initial investment of KoBold in Manono of over $1 billion ($1.55 billion) and is a outlet for Chinese interests in Africa. AVZ’s market capitalisation hit $4.6 billion in 2022 thanks to high hopes in Manono but fell to disgrace as the company lost control over the massive hard rock stock compared to the world-leading Greenbushes lithium mine in Western Australia. In a joint statement, AVZ and KoBold said they are aware that "rapid, ethical development of the Manono-Lithium occurrence should play a role in supporting peace and security." Their deal was concluded amid the wake of the Democratic Republic of Congo seeking US protection from Rwanda-backed M23 rebels who have wreaked chaos and overrun parts of the crude country. The controversial AVZ Minerals lithium project in the DRC. The statement signed by AVZ CEO Nigel Ferguson and his KoBold colleague Kurt House says they have advanced the peace process by agreeing on a commercial framework that will allow the rapid development of Manono. "This framework provides for AVZ to sell its commercial shares in the lithium depot Manono at a fair price to KoBold," it is said. "The agreement will enable KoBold to quickly provide over $1 billion to establish Manono lithium in western markets." "“The creation of Manono will create thousands of well-paid jobs in Congo over decades. AVZ explicitly supports KoBold’s approach to investing in local talent. “AVZ and KoBold said they were working “with all their might” to close the sale. “AVZ and KoBold are working cooperatively with all stakeholders, including the U.S. government, the Democratic Republic of Congo government and AVZ’s current development partner,” they said.