AVZ Managing Director, Mr.
'Our most significant milestone in the December quarter came just prior to Christmas when we signed our first lithium offtake agreement with
'The fact that GFL has agreed to take 30% of our
'I look forward to updating our shareholders and the market once these offtake agreements are finalised.'
'In terms of the project's funding arrangements, we have made significant progress during the last few months around securing project debt financing.'
'We have also attracted several interested industry participants and private equity investors around our equity component of the required funding, with those discussions still ongoing.'
'At an operational level, we advanced our licensing, permitting and environmental approvals for the
'We then look forward to awarding contracts for the construction of our process plants and hydro-electric power plant in Q2/21 in line with FID, with first shipment of Spodumene Concentrate (S6) scheduled for Q4/22.'
First Lithium SC6 Offtake Agreement
The Company signed its first lithium offtake agreement with
Financing negotiations
Significant progress was achieved in the latter half of 2020 to secure the required project debt financing to fund the major proportion of the
Pit floor drilling
During the quarter the Company commenced a 10-hole, 1700m diamond core drilling program around the Roche Dire pit floor 'wedge' with a view to increasing the potential to upgrade additional Inferred Resources to Indicated Resources.
As previously stated, the updated global geological Resource is not expected to increase, but the current combined Indicated and Measured Resource tonnage is expected to increase prorata. Once the 'wedge' material directly under the pit floor is drilled and assay results returned, it is expected that some of this previously classified 'waste rock' may then report as 'mineable ore'
This new data will allow the existing mine design to be re-run and optimised. The re-run of the mine design will also allow for plant design optimisation studies to also be completed and incorporated into the new modelling.
A significant milestone occurred in late October when AVZ sponsored a two-day workshop attended by key Congolese Government agencies, AVZ staff and legal counsel to progress planning around the creation of the MSEZ. The workshop was attended by senior Government officials from the offices of the Minister for Industry, the
Corporate
During the quarter, the Company received
Major cash outflow during the
During the quarter, 3,000,000 Performance Rights have expired.
This release was authorised by Mr.
Contact:
Tel: +61 8 6117 9397
Email: admin@avzminerals.com.au
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