Australian lithium miner AVZ Minerals Limited has been successful in the International Chamber of Commerce (ICC) arbitration proceedings where its wholly owned subsidiary, AVZI, was seeking an award confirming that it validly acquired a 10% shareholding in Dathcom Mining SA, pursuant to the share purchase agreement (SPA) executed in 2020.

The 2020 final award held that the transfer of the Dathcom shares is complete in accordance with the terms of the SPA 2020 and that AVZI became the owner of the shares as of August 13, 2021.

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AVZI will organise a payment to Dathomir of the USD15,000,000 balance of the price agreed under the SPA 2020. The final award confirms that AVZ legally holds at least 70% of Dathcom, the legal title holder of PR13359, which contains the Manono lithium and tin project in the Democratic Republic of the Congo.

In addition, the arbitration proceedings ICC No. 27425/SP commenced by AVZ against Dathomir, seeking an order that it validly acquired a 5% shareholding in Dathcom, pursuant to a SPA executed in 2019, is pending. Although a hearing date has not yet been set, it is expected later this year.