27/06/2018 - 13:51

Eckhof resigns from AVZ after share sale

27/06/2018 - 13:51

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AVZ Minerals has announced the resignation of executive chairman Klaus Eckhof, weeks after he sold off half his stake for $4.4 million, while also signing up Perth-based CPC Engineering to complete a scoping study for its Manono lithium project in the Democratic Republic of Congo.

Eckhof resigns from AVZ after share sale
Klaus Eckhof served as chairman for four years.

AVZ Minerals has announced the resignation of executive chairman Klaus Eckhof, weeks after he sold off half his stake for $4.4 million, while also signing up Perth-based CPC Engineering to complete a scoping study for its Manono lithium project in the Democratic Republic of Congo.

Mr Eckhof has served as chairman for the past four years and will stand down immediately.

Today’s announcement comes after Mr Eckhof sold off about $4.4 million worth of AVZ shares earlier this month, triggering a plunge in the company’s share price.

AVZ shares have shed more than 50 per cent since early June, falling to about 8 cents per share, before today's rise up to 10 cents each.

Mr Eckhof still holds 30.5 million shares in the company.

AVZ thanked Mr Eckhof for his service and said it was seeking to expand its board, including the appointment of a new chairman.

Mr Eckhof also chairs Mount Hawthorn-based Okapi Resources and junior explorer Argent Minerals.

Meanwhile, the company said it had appointed CPC to conduct the scoping study at its Manono project.

As part of the study, CPC will conduct a review of options to upgrade the spodumene concentrate, with the aim to minimise transportation costs.

“It is pleasing to advance to the next stage of development at Manono with a well-known engineering group to complete this initial scoping study,” managing director Nigel Ferguson said.

“Engaging CPC was timed to allow them to be better acquainted with the project through the recently completed metallurgical test work results.

“These combined with initial infrastructure studies being completed are expected to enable the Scoping Study to be completed to a high level of confidence and will provide greater certainty to shareholders about the opportunity the Manono lithium project offers.”

Shares in AVZ were up 20.48 per cent at 10 cents each at 330pm AEDT.

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