Mali: Agreement Reached On Financing Package For Guramina Lithium Project

Lithium Lithium, Lithium Lithium, Lithium Lithium, Lithium Lithium Its co-financing partner, Jiangxi Ganfeng Lithium, has agreed terms to provide $40 million in scalable debt financing for the Goulamina Lithium project in Mali.

Ganfeng Lithium will take a 50 per cent stake in Gulamina's owner, Lithium du Mali SA, after the gulamina project financing agreement is signed, the company told shareholders. At the same time, The company will have sufficient capital to fund the Guramina Phase 1 development, which is estimated to cost $255 million.

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The financing agreement stipulates the sales plan of mineral products in the initial stage of mine operation, and all spodumene concentrate produced in the first stage of Gulamina project will be sold to Ganfeng Lithium.

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Gulamina Project phase I spodumene mineral capacity 506,000 tons/year; An additional $70 million will be invested in the second phase of development to increase spodumene concentrate capacity to 880,000 tons per year; The mine life is expected to be at least 21 years, with 15.6 million tons of spodumene concentrate expected to be produced throughout the life of the mine.

The company is jointly developing the Gulamina project with Ganfeng Lithium and plans to become one of the world's largest producers of spodumene concentrate, said Simon Hay, the company's managing director. The debt financing provided by Ganfeng Lithium will significantly reduce the mine development risk and enable us to focus on accelerating the development of the Gulamina project, which we will jointly promote with Ganfeng Lithium.

Simon Hay added that the expandable financing package would secure further financing for the company, which is particularly important in the context of inflationary pressures around the world.

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Wang Xiaoshen, vice chairman of Ganfeng Lithium, said he was pleased to finalise the remaining debt and equity financing plan with The company and looked forward to better developing the partnership through the development of the Gulamina project. We believe that the Gulamina project will have a significant impact on the global lithium supply chain and look forward to the successful development and commissioning of the project with our support.