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KoBold in the Congo: More Confusion Near Manono
KoBold Metals dropped a bombshell this week that might have raised the blood pressure of some AVZ shareholders.
The billion-dollar US startup (backed by big names like Breakthrough Energy Ventures) announced a $150 million exploration deal in the DRC. The problem is it’s with Cominière, the same state-run entity that’s at the centre of AVZ’s legal dispute over Manono.
For context, AVZ shareholders have endured years of uncertainty since trading was suspended in May 2022. The company is pursuing international arbitration against the DRC through the World Bank-backed ICSID framework, claiming unlawful seizure of its 75% stake in what’s considered one of the world’s largest hard rock lithium deposits.
While KoBold hasn’t confirmed precise tenement boundaries, the market’s treating this as a serious escalation in the contest for Manono control. The deal may include areas adjacent to, or overlapping with, the disputed lithium project.
AVZ shareholders are all too familiar with the deals and alleged influence Cominière has within the DRC.
For AVZ holders, this is a surprising development given
previous talks between AVZ and KoBold. It highlights just how complex and fragile this situation is.
It’s another twist in what’s already been a gruelling few years for shareholders.
KoBold’s move adds another layer to an already tangled picture. If KoBold does move forward with exploration, it could reshape how Manono’s future unfolds.
And only time will tell where AVZ sits within it all.