After over four months in suspension, the AVZ Minerals Ltd (ASX: AVZ) share price was scheduled to return to trade on Thursday.
However, once again, this morning the embattled lithium developer has pushed back its return date.
Whatâs happening with the AVZ share price?
According to todayâs update, the AVZ share price isnât expected to return to trade for almost a month.
It commented:
[AVZ Minerals] refers to the Companyâs request for an extension to its voluntary suspension dated 1 September 2022, in relation to the finalisation and release of an announcement with respect to its mining and exploration rights for the Manono Lithium and Tin Project (Manono Project).
The Company advises that the subject of the initial trading halt request remains incomplete and requests a further extension to the voluntary suspension until the commencement of trade on 10 October 2022 or an earlier announcement to the market regarding its mining and exploration rights for the Manono Project.
Though, the company has given shareholders reason for hope. It added:
The Company is confident of a positive outcome for itâs [sic] shareholders, resultiung [sic] in the re-instatement of trading in its securities.
Whatâs actually going on?
The company is currently facing arbitration proceedings from Jin Cheng Mining in relation to an ownership dispute for the Manono Lithium and Tin Project.
This has caused significant uncertainty, as there are various potential project ownership scenarios that could have a major impact on the companyâs valuation.
But what AVZ will ultimately be left owning is impossible to say at this stage. So, investors will just have to wait for the arbitration proceedings to complete and go from there.
AVZ and Jin Cheng will be convened to a case management conference this month with a view to setting the timetable of the arbitral proceedings and the execution of the terms of reference.
The post Will the AVZ Minerals share price ever resume trading? appeared first on The Motley Fool Australia.
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More reading
- What’s going on with the AVZ share price?
- 5 ASX 200 lithium shares with the lowest levels of debt
- Why is the AVZ Minerals share price making news on Monday?
- Why these 3 ASX shares could be in for a massive boost this month
- 5 things to watch on the ASX 200 on Monday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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