AVZ signs MOU with Chinese battery firm

Lithium explorer AVZ Minerals has signed a memorandum of understanding with a major Chinese battery producer for potential investment and offtake opportunities.

Beijing National Battery Technology is headquartered in China and has six lithium-ion battery production lines with annual capacity of around 3 billion amp hours.

AVZ executive chairman Klaus Eckhof said discussions had been ongoing for a number of months.

“We are extremely excited to progress discussions with a company the size and calibre of Beijing National Battery Technology,” he said

“The level of interest we are seeing in the company following our recent record drill results, confirms once again the Manono lithium project as a world-class asset.”

The company recently raised $15 million to complete drilling and pre-feasibility programs at its Manono project in the Democratic Republic of Congo.

Shares in AVZ finished up 6.3 per cent at 25 cents each today.