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AVZ Minerals halted with binding offtake agreement announcement upcoming

The company recently signed a binding offtake agreement with Shenzhen Chengxin Lithium Group Co for the annual supply of 180,000 tonnes of spodumene concentrate for an initial three-year term.

AVZ Minerals Ltd - AVZ Minerals halted with binding offtake agreement announcement upcoming
The halt will remain in place until March 30 or when an announcement is released to the market.

AVZ Minerals Ltd (ASX:AVZ) (OTCMKTS:AZZVF) (FRA:3A2) has been granted a trading halt by the ASX with an announcement pending about a binding offtake agreement.

The halt will be in place until the start of regular trading on Tuesday, March 30, or when an announcement is released to the market, whichever occurs earliest.

AVZ’s market cap continues to grow and today is approximately A$606.9 million while shares last traded at A$0.20.

Second offtake agreement

The company this month signed a binding offtake agreement with Shenzhen Chengxin Lithium Group Co for the supply of spodumene concentrate (SC6) from the Manono Lithium and Tin Project in the DRC.

As a part of the agreement, Chengxin has agreed to purchase up to 180,000 tonnes of SC6 annually for an initial three-year term following the start of production with mutually agreed options to extend.

Chengxin is a leading global battery materials producer that is continuing to expand its lithium hydroxide production capacity.

News of this second offtake deal was cheered by investors sending shares 15% higher to A$0.23, approaching the three-year high of A$0.235 set earlier this year.

Quick facts: AVZ Minerals Ltd

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Price: 0.32 AUD

Market Cap: $1.03 billion

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