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Yibin Tianyi takes stake in AVZ Mineral

Metal News - Published on Wed, 13 Nov 2019

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AVZ Minerals Limited advised an equity placement of AUD 14.1 million by Yibin Tianyi Uthium Industry Co Ltd through the issue of 314,300,000 shares at 4.5 cents per share. Upon completion of the placement, Yibin Tianyi will hold a 12% stake in AVZ Minerals. Yibin Tianyi is backed by a number of Chinese entities including China's largest EV battery manufacturer, Contemporary Amperex Technology and Suzhou TA&A Ultra Clean Technology Co Ltd. Under the Subscription Agreement, upon completion of the placement, both parties will negotiate in good faith to agree and execute a binding offtake agreement for the products from the Manono Lithium and Tin Project.

Yibin Tianyi is currently constructing its Phase 1 lithium chemical plant in Yibin, China, and expects it to be completed by Q2 2020. The Company's Phase 2 expansion is expected to be completed by 2023/2024.

Source :

Posted By : Arun Huidrom on Wed, 13 Nov 2019
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