AVZ signs Memorandum of Understanding with Guangzhou Tinci Materials Technology Co. for potential investment and off-take AVZ Minerals Limited (ASX: AVZ) (“AVZ” or “Company”) is pleased to advise that it has signed a Memorandum of Understanding (“MOU") with Guangzhou Tinci Materials Technology Co., Ltd (“Tinci”) (http://www.tinci.com/en), for potential investment in the Company and off-take opportunities from the Manono Lithium Project. Tinci is the largest battery electrolyte manufacturer globally and supplies a substantial portion of the global battery electrolyte market. Tinci has invested in Ronghui Industry and Jiangxi Lithium and other lithium carbonate manufacturers. Executive level meetings by the Company’s Strategic Adviser, Airguide International Pte Ltd, are ongoing in China between multiple entities discussing potential investment and off-take opportunities with the Company. AVZ has executed the MOU with Tinci to advance discussions towards formalising potential investment and off-take agreements. As part of this process, the Company has extended an invitation to Tinci, and other groups, to visit its operations in the Democratic Republic of Congo for more formal discussions and to help facilitate a proper appreciation of the enormous potential of the Manono Lithium Project. AVZ’s Executive Chairman Klaus Eckhof commented: “We are pleased to progress discussions with Tinci Group as they are a very well-regarded company globally and significant in the battery materials supply chain. Our excellent drilling results released to date under-pin the world-class status of Manono and highlights the unique opportunity that exists for the Company relative to all other hardrock deposits. AVZ continues an active dialogue with multiple Chinese groups seeking investment opportunities in the Company and project. We expect to announce more interest over the coming weeks.” The Company also advises that Mr Patrick Flint has resigned as a Non-executive Director. The Board thanks Mr Flint for his contribution since his appointment in 2014. About Guangzhou Tinci Materials Technology Co., Ltd: Guangzhou Tinci Materials Technology Co., Ltd was founded in June 2000 and listed on the SME Board of Shenzhen Stock Exchange in January 2014 (Stock abbreviation: TINCI Material. Stock code: 002709). With a market capitalisation of RMB 14.9 Billion (USD 2.35 Billion), the company is a national high-tech enterprise and specializes in R&D, manufacture, application and marketing for lithium-ion battery materials and its upstream raw materials.
AVZ Price at posting:
24.0¢ Sentiment: Buy Disclosure: Not Held
