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China's Zijin Mining said it would defend its rights to advance at the controversial Manono lithium project in the Democratic Republic of Congo (DRC), after it received permission to develop the deposit.
Initially, the development license for one of the world's largest hard rock deposits belonged to Australia's AVZ Mining Company, but that permission was revoked by DRC's Ministry of Mines in February on the grounds that the company did not proceed quickly enough.
As China's top gold and copper miner, Zijin Mining has been acquiring lithium assets in South America and Africa in recent years to produce metals for electric vehicle batteries.
Zijin Mining subsidiary Jinxiang Lithium holds a 61 percent stake in the Manono lithium project, and Congolese state-owned Cominiere holds a residual interest, which told Hong Kong Stock Exchange on Tuesday that it had acquired development rights in the northeast of the Manono mine.
AVZ Mining said it owns the Manono project through its subsidiary Dathcom Mining SA and has filed pending legal proceedings against Cominiere and another subsidiary of Zijin Mining.
Chen Chen, legal counsel for Zijin Mining, told Reuters on Wednesday that Zijin Mining is committed to developing the project with Cominiere, Congo, local stakeholders and DRC people.
"We cannot speculate on possible legal issues in the future, but we will defend the new joint venture so that work in the northern mining area can continue for the benefit of Congo and its local residents," Chen said. ”
AVZ Mining, which had a market capitalization of A$2.8 billion ($1.79 billion) when it was delisted from the Australian Stock Exchange last year, said it owned the project.
"AVZ has been engaged in constructive negotiations with the Congolese government to establish a way to grant mining licenses and resolve arbitration between AVZ and Congo-controlled entities," the company told Reuters. ”
Chinese companies and battery manufacturers are increasing investment in Africa to expand production of copper, cobalt and lithium, metals needed for the world's green transition and the growth of electric vehicle batteries.
Manono's huge deposit "has strong potential to become Zijin Mining's first lithium project to come on stream in Africa and the Democratic Republic of Congo," Jian Heyuan, managing director of Manono Lithium, told Reuters.
Zijin Mining, which holds a 39.6 percent stake in the Kamoa-Kakula copper project, will lead the push forward with the lithium project, including providing "sufficient funding" and technical support.
Zijin Mining said that after the completion of the study, the mine can be completed within two years, "with the conditions for large-scale open-pit mining, and also has good development prospects."
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