THE BOURSE WHISPERER: AVZ Minerals (ASX: AVZ) has awarded a 12-week Front End Engineering and Design (FEED) contract in relation to the company’s Manono lithium and tin project in the Democratic Republic of Congo.
AVZ Minerals charged Melbourne based engineering company, Mincore Pty Ltd to deliver key elements of the FEED study including to:
confirm the process flow sheet,
confirm all bulk material quantities to verify pricing, confirm selected equipment pricing,
finalisation of the execution schedule, and
provide ‘Issued for Construction’ early works drawings.
Mincore has offered to accept part payment for the FEED study in AVZ shares, which AVZ considers to demonstrate a strong vote of confidence in the viability of the Manono project.
“Progressing the design of the Manono project at this time is standard practice and has the benefit of bringing the technical design parameters to finality, thereby providing potential investors and financiers with comfort on the Manono project schedule, capital and opex costs,” AVZ managing director Nigel Ferguson said in the company’s ASX announcement.
“It will also save significant time moving forward, as the results of the FEED study will be delivered to the successful company that is awarded the process plant EPC contract.
“We are committed to progressing the Manono lithium and tin project in a timely manner and the award of this study is a big step on the pathway forward.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE