AVZ Minerals: Embattled lithium miner says Australian Federal Police are investigating bribery allegations

Embattled AVZ Minerals has admitted it is under investigation by the Australian Federal Police over allegations of bribery. The company told investors that the AFP had executed search warrants over dealings in the Democratic Republic of Congo. “AVZ previously obtained legal advice in relation to the management of the bribery and corruption risk associated with doing business in the DRC,” AVZ said on Tuesday. “That advice was leaked to and reported by the media in February 2023. Accusations have been made in the media that persons representing AVZ have engaged in bribery. These accusations have been generic and have not identified any specific conduct.” The West Australian revealed on Friday that Australian Federal Police had executed a search warrant at AVZ’s main office in West Perth. AVZ said it wrote to the AFP in June and had “offered its assistance in relation to any investigation”. “AVZ denies that it has engaged in bribery. To the best of AVZ’s knowledge, no representatives of AVZ have engaged in bribery.” It’s believed AFP officers searched the premises for days. But on Monday, AVZ’s headquarters were empty. The company — which at one point was reportedly worth more than $2 billion — is pursuing a giant lithium mine in Africa, but has been no stranger to controversy. AVZ was developing the Manono mining project in the Democratic Republic of Congo — touted as “the biggest lithium discovery on the planet”. The plans were beset by drama as Chinese-backed interests sought to win control of the deposit.