China’s Ganfeng Lithium Group Co. is set to acquire its partner, Leo Lithium Ltd.’s 40% stake in the Goulamina lithium mine project in Mali for approximately $408 million. This follows an earlier agreement in January where Ganfeng agreed to purchase a 5% interest from Leo for $65 million.
Ganfeng and Leo are striving to bring the Goulamina project into production this year, competing with Kodal Minerals to become Mali’s first operating lithium project. Despite a significant drop in profit in 2023 due to a sharp decline in lithium prices, Ganfeng remains committed to expanding its global reserves of lithium and increasing production capacity in anticipation of future demand growth.
Ganfeng already has overseas lithium resources in Argentina, Australia, and Mexico, alongside its mining and manufacturing operations in China. The deal is contingent on approval from Leo’s shareholders and regulatory agencies, after which Ganfeng would own the entire Goulamina project.
