July 3, 2025 | Bamako, Mali — Ganfeng Lithium Co. has completed the acquisition of the remaining 40 percent interest in Mali Lithium B.V. from Australia’s Leo Lithium, paying US $342.7 million through its wholly owned subsidiary, Ganfeng International. The payment, confirmed on 2 July, transfers 100 percent equity in Mali Lithium to the Chinese battery‑materials giant, cementing its sole control of the Goulamina spodumene project — West Africa’s largest hard‑rock lithium asset.
The transaction caps a three‑year build‑up in which Ganfeng steadily increased its stake, purchasing 55 percent in 2023 and a further 5 percent in early 2024. Full control allows the company to accelerate decision‑making on mine expansion and downstream conversion plans, aligning with its strategy to lock in raw‑material supply for rapidly growing lithium‑chemical operations in China and Argentina. Goulamina’s measured and indicated resources total 7.14 million t of lithium‑carbonate equivalent at 1.37 percent Li₂O.
Phase 1 of the open‑pit project entered commercial production in December 2024 and is currently ramping to nameplate output of 506 000 t y⁻¹ of spodumene concentrate. A second phase — already in basic design — is projected to double capacity to roughly 1 million t/y, positioning Goulamina among the world’s top five lithium mines once operational. Ganfeng loaded its first cargo of Malian concentrate on 24 June; the shipment is expected to reach Chinese ports in early August, inaugurating a new Africa‑to‑Asia supply corridor.
Analysts say the buy‑out sharply reduces offtake risk for Ganfeng amid tightening global supply and intensifying resource nationalism. Under Mali’s 2023 Mining Code the state may still exercise up to a 35 percent carried and paid interest in mining ventures, but corporate ownership of Mali Lithium now rests entirely with Ganfeng. “This deal secures feedstock for our expanding hydroxide and carbonate lines and strengthens our position in the fast‑growing battery sector,” the company said in an exchange filing.
With 130 000 t of lithium‑chemical output in 2024 and multiple conversion plants under construction, Ganfeng is expected to integrate Goulamina concentrate into its Jiangxi and Guangxi refineries by Q4 2025, lowering unit costs and enhancing supply security for customers such as Tesla, Volkswagen, and CATL. The successful close underscores China’s deepening footprint in Africa’s critical‑minerals landscape and highlights Mali’s emergence as a strategic lithium producer on the global stage.