Firefinch Limited (Mali Lithium)
Firefinch Limited (Mali Lithium)
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Western Australian explorer/developer Mali Lithium is raising up to $A70M to acquire 80% of the operational, 8.7Moz resource Morila Gold Mine in SW Mali.
The company has binding commitments for $64M via a placement at $0.16cps and another $6M from a share purchase plan to buy the respective 40% ownership stakes held by international majors Barrick Gold and AngloGold Ashanti.
Lithium aspirant Mali Lithium gets new major shareholder in Resolute Mining as part of a $70M raising to secure 80% of the Morila Gold Mine in Mali and is already talking strategeic partnership. By Mark Mentiplay
Little-known Australian explorer and developer Mali Lithium aims to find a new lease of life for the Malian gold project that was once known as Morila the Gorilla after agreeing to pay international giants Barrick Gold and AngloGold Shanti $US22M-plus for their combined 80% stake.
Global majors Barrick Gold and AngloGold Ashanti are selling their respective 40% stakes in the Morila gold mine in Mali, with Australian-based developer Mali Lithium agreeing to pay $US22-27M for the current stockpile and tailings treatment operation.
The deal will be subject to acquiescence by the Mali government, which retains 20% of the project.
Australia-based Mali Lithium has lifted global resources at its 100%-owned Goulamina Lithium Project in Mali, W Africa, 6% to 109Mt @1.45% Li₂O.
The increased includes a 48% jump in measured/indicated resources to 64.6Mt at 1.49% Li₂O for 964,000t contained Li₂O. DFS expected in 2 months.
With the feasibility study on its Goulamina lithium project in southern Mali close to completion, Mali Lithium is turning its focus to taking advantage of the strategic gold exploration tenure it has held for many years in the southwest of the country.
The Australian-based company’s principal interest is in the 90%-owned Massigui project that surrounds Barrick-AngloGold Ashanti’s 6Moz Morila gold camp.
Mali Lithium continues to build a partnership network for its 100%-owned Goulamina project with the signing of an MoU with African industry group CIM Metal’s Cote d’Ivoire subsidiary for haulage of bulk spodumene concentrate from the mine in Mali to the port of Abidjan.
Transport options include back-loading CMI trucks that already haul cement products from Abidjan to Mali or a stand-alone logistics service including fuel storage and administration.
Mali Lithium has teamed up with Chinese state-owned civil and mining contractor China Henan International Cooperation Group to progress the development of the world’s largest uncommitted hard-rock lithium resource, its 100%-owned owned Goulamina project in the Bougouni region of southern Mali.
The deal envisages the appointment of CHICO on an early contractor involvement basis for the potential 362,000tpa lithium concentrate development.
Australian-based Mali Lithium is contemplating the establishment of downstream processing capacity at its 100%-owned Goulamina project, a potential producer of 362,000tpa lithium concentrate in Mali’s Bougouni region.
Naming global engineer Hatch to assist its scoping study, MLL says the downstream plant would process Goulamina's 6% Li2O concentrate into highly sought lithium sulphate and lithium oxide that could be converted into battery grade products at facilities in China or Europe.
Mali Lithium has cleared the final regulatory hurdle with the grant of an operating permit for its 100%-owned Goulamina project, the largest uncommitted hard rock lithium mineral reserve in the world with 31.2Mt @ 1.56% Li2O.
MD Chris Evans says completion of the approvals process allows MLL to progress its discussions with potential offtake customers and investors.
MLL aims to complete a DFS on the project in the March 2020 qtr, leading to a final investment decision in H2 2020.