Ann: AVZ to raise $15 million to fund Manono Project, page-551

AVZ Minerals in 10-bagger territory and among ASX Volume Leaders today

AVZ is receiving investment from the largest cobalt chemicals producer in China.

AVZ Minerals Ltd (ASX:AVZ) has been a star performer on the ASX over the past year, with the company last trading at $0.10, or around 10-times its value from a year ago.
AVZ is the second most active stock on the exchange in afternoon trade with turnover of 27 million shares, which is behind the leader Atlas Iron Ltd (ASX:AGO) with 61 million.
Momentum has really picked up in AVZ over the past few trading days, following the company raising $13 million from a subsidiary of Huayou Cobalt, the largest cobalt chemicals producer in China, via the issue of shares at $0.07 each.

The group is therefore already sitting on quite a handy paper gain, and will hold circa 11% of the company.
AVZ is planning to use the funds for the drilling and the initial metallurgical testwork programs at the Manono lithium project in the Democratic Republic of Congo (DRC).

The Manono Project is currently held by AVZ Minerals (60%), a DRC State-owned enterprise (30%) and Dathomir Mining Resources SARL (10%).

The project contains “LCT” or lithium-caesium-tantalum pegmatites which are well known for hosting significant amounts of lithium.

AVZ intends to embark on a diamond and reverse circulation drilling program commencing in the third quarter, with the objective of defining a resource by early 2018.

Huayou Cobalt or Zhejiang Huayou Cobalt Co., Ltd. is a Chinese company listed on the Shanghai stock exchange, with a market capitalisation of circa US$5.8 billion.