Rio Tinto eyes lithium behemoth in the DRC

AVZ Minerals has been fighting to maintain control of its Manono project in the Democratic Republic of Congo (DRC), with Rio Tinto and a Bill Gates-backed company eyeing the asset.

AVZ had its rights to develop Manono revoked by the DRC in 2023, with the country’s mines ministry determining the Perth-based company hadn’t advanced the project fast enough.

The asset was split into two, with China’s Zijin Mining Group granted the northern section of Manono. DRC’s state-owned Cominière was recently ordered to pay €39.125 million ($69.6 million) for mishandling the termination of its joint venture with AVZ regarding the northern block of Manono.

AVZ said it recently travelled to the US as it looks to raise funds for its Manono endeavours, where the company maintains hope of securing and developing the project.

The company engaged in conversations with various parties, some of whom expressed interest in Manono.

AVZ’s efforts isn’t stopping others enquire about Manono, particularly the southern Roche Dure deposit not held by Zijin Mining.

Rio Tinto has pitched its interest in Roche Dure, with reports it carried out talks with the DRC Government regarding the prospect in late March.

Bloomberg also reported that KoBold Metals – a US exploration company backed by the likes of Bill Gates and Jeff Bezos – expressed its interest in developing the project in January.

The size of Manono significant, with AVZ suggesting its two main pegmatites, Roche Dure and Carriere de l’Este, are a “similar size or larger” than the pegmatite that supports the world’s largest hard-rock lithium mine, Greenbushes in WA.

The Roche Dure mineral resource stands at 400 million tonnes (Mt) at 1.65 per cent lithium oxide, including 269Mt at 1.65 per cent lithium oxide of measured and indicated resources.

“At this size, Roche Dure stands as one of the largest and highest grade undeveloped hard-rock lithium deposits in the world,” AVZ said.