- Write by:
-
Tuesday, May 7, 2024 - 22:34:25
-
76 Visit
-
Print
China’s Ganfeng Lithium Group Co. plans to pay about $408 million to buy out its partner in a lithium mine being developed in Mali.
The board of the Chinese lithium mining and processing giant approved the company’s proposal to acquire 40% of the Goulamina project from Australia’s Leo Lithium Ltd. for $342.7 million, according to a statement Tuesday. Ganfeng had agreed in January to buy a 5% interest from Leo for $65 million.
Ganfeng and Leo are aiming to bring Goulamina into production this year, vying with Australian firm Kodal Minerals to become the first operating lithium project in Mali. The country is already home to some of the largest gold mines in Africa run by companies including Barrick Gold Corp. and B2Gold Corp.
While Ganfeng’s profit dropped sharply in 2023 after lithium prices plunged more than 80%, it has vowed to continue acquiring global reserves of the key battery metal and boosting production capacity in anticipation of strong demand growth in coming years. The company has overseas lithium resources in Argentina, Australia and Mexico, as well as mining and manufacturing operations in China.
The Ganfeng deal requires the approval of Leo’s shareholders and regulatory agencies, according to the statement to the Shenzhen Stock Exchange. Once the two stake purchases are approved, the company would own all of Goulamina.
Short Link:
https://www.miningnews.ir/En/News/628366
Chinese carmaker BYD Co has postponed plans to produce lithium cathodes for electric vehicle (EV) batteries in Chile by ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
India is considering offering incentives to encourage private companies to set up lithium processing facilities, as New ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on ...
Equinor on Wednesday said it has entered an agreement with Standard Lithium to acquire a 45% stake in lithium projects ...
No comments have been posted yet ...