Ganfeng Lithium to buy 50% stake in Mali lithium mine for $130 million

China lithium producer Ganfeng Lithium is acquiring a 50% stake in a special purpose company that owns the Goulamina hard-rock mine in Mali for $130 million, the company said on Tuesday June 15.

Australia-listed Firefinch, Goulamina’s current license holder, will hold the remaining 50% stake of the company that Firefinch plans to set up.

Mali’s government can take 10% of the equity, free of charge, and pay in cash for up to 10% more, the company said.

The project has a reserve of 108.5 million tonnes of spodumene concentrate, Ganfeng said, citing data from Firefinch.

Upon the completion of the deal, Ganfeng will acquire offtake rights to 50% of the first-phase annual production capacity of 455,000 tonnes per year of spodumene concentrate and may obtain the remaining 50% offtake rights if it helps Lithium du Mali SA (LMSA), the subsidiary under the special purpose company, to raise debt or gives financial assistance, Ganfeng said.

Ganfeng will help LMSA to raise at least US$64 million from banks or other financial institutions to develop and construct the mine, and will also opt to provide up to US$40 million in direct financial assistance, it said.

The deal will take place when Ganfeng is steadily ramping up its lithium operations, market participants said.

Earlier in June, the company said it would set up a joint venture (JV) to invest in and construct a lithium project with an output of 50,000 tpy of lithium salts in Fengcheng city, Jiangxi province.

On May 7, the lithium giant said it would acquire Bacanora Lithium for up to $264 million, thereby becoming the full owner of the Sonora lithium project in Mexico.

The demand for lithium chemicals used to produce electric vehicle (EV) batteries has surged notably in the last two to three years amid global ambitions to develop green mobility, sources said.

As a result, prices for battery-grade lithium chemicals, especially for lithium hydroxide – the feedstock for nickel-rich nickel-cobalt-manganese (NCM) lithium-ion batteries that provide the highest energy density among all battery types – rose quickly in the first six months of 2021.

Fastmarkets’ weekly assessment for the lithium hydroxide monohydrate, 56.5% LiOH.H2O min, battery grade, spot price range, exw domestic China was at 92,500-97,500 yuan ($14,467-15,249) per tonne on June 10, unchanged from a week ago but up from 41,000-46,000 yuan per tonne on December 31.

What to read next
The publication of Fastmarkets’ molybdenum drummed molybdic oxide – in-whs Busan, MB-FEO-0004, and in-whs Rotterdam, MB-FEO-0003 – and ferro-molybdenum 65% Mo min, in-whs Rotterdam, MB-FEO-0001, price assessments were delayed because of slow data processing on Friday May 23. Fastmarkets’ pricing database has been updated. The publication of these prices was delayed for 12 minutes. The […]
Read Fastmarkets' monthly base metals market for May 2025 focusing on raw materials including copper, nickel aluminium, lead, zinc and tin.
Brazil could reach a share of as much as 7 million tonnes per year in China's distillers dried grains (DDG) and distillers dried grains with soluble (DDGS) markets following an agreement between the two countries that allows Brazilian exports, according to the National Union of Corn Ethanol (Unem).
Fastmarkets invited feedback from the industry on the pricing methodology for its global soybean prices, via an open consultation process between April 15 and May 10, 2025. This consultation was done as part of our annual methodology review process.
The DRC is set to decide on the future of its cobalt export ban on June 22, potentially extending, modifying or ending the policy. Aimed at boosting local refining and value creation, the ban has left global markets uncertain, with stakeholders calling for clarity as cobalt prices fluctuate and concerns over long-term demand grow.
Fastmarkets' Tina Tong discusses adopting ESG practices for a sustainable ferro-alloys future