By the end of 2023, the DRC government split Manono into two parts. Zijin, the Chinese mining giant, swooped in and claimed ownership of the northern section of the project, setting up a new deal with Cominiere. As part of the agreement, Manono Lithium (a new Zijin-Cominiere joint venture) said it would contribute $70 million “to support humanitarian relief efforts in the northeast and east part of the DRC”.
According to reports, of the $33.4 million Zijin had paid Cominiere earlier that year, $6.8 million of it went to “operating needs (including for commissions, fees and exceptional remunerations of all those who would have otherwise contributed to the operation).”
AVZ Price at posting:
78.0¢ Sentiment: None Disclosure: Held