Well-known mining identity Klaus Eckhof has quit his role as chairman of AVZ Minerals.

Mr Eckhof had been with the Congo-focused lithium explorer for four years.

The move comes close on the heels of Mr Eckhof’s sale of more than half his stake in the lithium explorer.

Following news of the share sale earlier this month, AVZ’s share price tumbled 42 per cent.

“AVZ Minerals would like to advise shareholders that Mr Klaus Eckhof has resigned as executive chairman of the company effective immediately,” AVZ told investors.

“The Board wishes to thank Mr Eckhof for his efforts over the past four years and acknowledges his significant contributions in securing the Manono Lithium Project.”

The company has been working toward a maiden resource at its Manono lithium project in the Democratic Republic of the Congo which it expects to release in July.

AVZ has now engaged CPC Engineering to begin a scoping study at Manono.

AVZ Minerals (ASX:AVZ) shares over the past year.
AVZ Minerals (ASX:AVZ) shares over the past year.

“Despite recent share price volatility, the board considers that Manono’s investment appeal and technical fundamentals remain undiminished,” managing director Nigel Ferguson told investors this morning.

“There is currently a high level of stability and positive momentum at an operational level in the DRC. In our view the underlying fundamentals of the project remain very strong.”

AVZ became a 10-bagger stock after its share price rocketed from a low of 3.1c in June last year to a 52-week high of 37c at the start of this year. But it’s share price has since slumped to around 8.3c.

AVZ says it is looking to expand its board and is on the hunt for a new chairman.