The project's Life of Mine extended to 29.5 years based on a 4.5Mtpa mining rate of the Ore Reserves - an increase of 47.5% from its April 2020 DFS. The average lithium grade increased by 3.1% from 1.58% to 1.63% Li 2O while the tin grade of 990ppm remained the same but reported a 41% increase in contained tin metal to 130.3kt. ![]() Significant metallurgical work throughout the 2021 Financial Year also resulted in an upgrade of the JORC Proved and Probable Ore Reserves estimate for the Manono Project to 131.7Mt - an increase of 41.6% from the 93Mt reported in the April 2020 Definitive Feasibility Study (DFS). The level of work undertaken and the achievements delivered during the 2021 Financial Year have brought our flagship Manono Lithium and Tin Project ("Manono Project") substantially closer to being a leading global producer of lithium products.ĪVZ secured the rights to an additional 15% equity in the Manono Project - taking our total interest to 75% on completion - and we also secured long-term, binding sales agreements with three major Chinese lithium converters for 80% of its saleable 6% Li 2O spodumene concentrate, as well as a significant three-year binding offtake agreement with a major participant in the tin market. "An independent greenhouse gas assessment shows the Manono Project could have one of the lowest carbon footprints of any global hard rock lithium miner." Managing Director's letter to Shareholders On behalf of all shareholders, I want to congratulate our senior executive team led by Managing Director Nigel Ferguson and thank him and all our staff and consultants working in Australia, the DRC and other parts of the globe for their outstanding efforts.Īs Steve Jobs once said: "Great things in business are never done by one person they're done a by a team of people." To reach this point has required a massive amount of hard work and strategic execution from your Company. The granting of our Mining Licence for the Manono Project will be a significant catalyst to finalise further binding finance agreements and, ultimately, a Final Investment Decision ("FID") by your Board of Directors. ![]() We eagerly await the granting of a Mining Licence for our flagship Manono Lithium and Tin Project ("Manono Project") by the Government of the Democratic Republic of Congo (DRC), as well as the execution of our Collaboration Development Agreement and Manono Special Economic Zone Agreement. The 2021 financial year has been incredibly successful for AVZ Minerals.
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