09:30 Thu 25 Feb 2021 viewAVZ Minerals Ltd AVZ Minerals awards FEED study to Mincore to progress Manono Lithium and Tin Project
The Manono project covers 188 square kilometres north of Lubumbashi in the south of the Democratic Republic of Congo (DRC) in central Africa.
http://www.*.com.au/thumbs/upload/News/Image/2021_02/672z311_1614205955_shutterstock_609490382.jpg Mincore is a Melbourne based engineering firm AVZ Minerals Ltd (ASX:AVZ) (FRA:3A2) (OTCMKTS:AZZVF) has awarded a 12-week Front End Engineering and Design (FEED) contract for the Manono Lithium and Tin Project in the DRC to Melbourne-based engineering company, Mincore Pty Ltd.
Key deliverables of the FEED study include confirming the process flow sheet, confirming all bulk material quantities to verify pricing, confirming selected equipment pricing, finalising the execution schedule and providing ‘Issued for Construction’ early works drawings.
Mincore has offered to accept part payment for the FEED study in AVZ shares, which will be issued using the last previous closing price on the day of final invoice.
The company views Mincore’s decision to accept part payment of the FEED study in AVZ shares as a strong vote of confidence in the viability of the Manono Lithium and Tin Project. "Big step on pathway forward"
Managing director Nigel Ferguson said: “Progressing the design of the Manono Project at this time is standard practice and has the benefit of bringing the technical design parameters to finality, thereby providing potential investors and financiers with comfort on the Manono Project schedule, capital and opex costs.
“It will also save significant time moving forward, as the results of the FEED study will be delivered to the successful company that is awarded the process plant EPC contract.
“We are committed to progressing the Manono Lithium and Tin Project in a timely manner and the award of this study is a big step on the pathway forward.”
AVZ looks forward to working with Mincore’s team during the next 12-week period.
Mincore has also been shortlisted as one of the contenders to execute the main process plant EPC contract.
However, AVZ will update the market on award of the final EPC contract after the AVZ board has made its final investment decision.
AVZ Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
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