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Shares in the explorer raced to a near-$4.6 billion valuation in April before trading was suspended. New information suggests it concealed an ownership dispute from investors.
The S&P/ASX 200 Index fell 0.8 per cent to 7175.5 points. Downer EDI plunged 20.4 per cent to $3.82, and Chalice Mining rallied 13.1 per cent to $6.30.
ASX lithium stock, AVZ Minerals [ASX:AVZ] will remain in a voluntary suspension a while longer as it continues to work through regulatory issues surrounding its Manono mining licence.
A London-based hedge fund research firm says it has obtained legal documents showing AVZ Minerals could lose a majority ownership interest in the Manono lithium deposit.