China’s Ganfeng Lithium has clinched a US$342.7 million deal to raise its stake in one of the world’s largest lithium projects in Mali, West Africa, securing additional resources to feed the voracious appetite of the Chinese battery supply chain as demand for electric vehicles grows at a furious pace.
Xinyu, Jiangxi province-based Ganfeng, which said its lithium production capacity was the world’s third largest and China’s biggest last year, has agreed to buy a 40 per cent stake in Mali Lithium, which wholly owns the Goulamina project, from Australia’s Leo Lithium, potentially buying out the company. However, under a new mining code enacted last year, the government of Mali has the right to hold up to 35 per cent of the project.
Source: Trade Finance
