AMN - MALI: Final approval granted for Goulamina

Mali Lithium has been granted an operating (mining) permit by the Malian Government for the world-class Goulamina Lithium Project. This approval completes the final regulatory hurdle for the project.

The permit, which is granted under the 2012 Malian Mining Code, covers the company’s entire Torokoro Permit for the Exploitation of Lithium and has been granted for a period of 30 years, renewable in intervals of ten years until depletion of the reserves within the permit area.

Goulamina is the largest uncommitted hard rock lithium mineral reserve in the world, with 31.2 million tonnes at 1.56% lithium oxide of probable reserves and the project is on track for completion of a definitive feasibility study, followed by a final investment decision in the second half of next year.

The pre-feasibility study completed last year outlines a large high-grade reserve with a minimum 16-year mine life for the project, annually producing 362,000 tonnes of 6% lithium oxide in spodumene concentrate at attractive costs.

Mali Lithium managing director Chris Evans said the award of the mining permit was the project’s most significant milestone to date, and he paid tribute to the Malian government for its support of the project.

“Mali is an established mining jurisdiction that already has a number of mature gold mines operated by major global miners, and we have worked closely with the government to progress Goulamina through Mali’s permitting process,” he said.

“Mali is Africa’s third-biggest gold producer and it is keen to facilitate the diversification of its minerals sector.”

Evans said the completion of the approvals process for Goulamina would allow the company to progress its discussions with potential offtake customers and investors.

The company has also expanded its relationship with China Minmetals Corporation subsidiary, the Changsha Research Institute of Mining and Metallurgy (CRIMM).

Since signing a Letter of Intent with Mali Lithium, CRIMM has fully reviewed and analysed the PFS for the Goulamina project and has committed to commence testing ore at its laboratory in Changsha.

Minmetals has a long history of expertise in lithium processing and product marketing through its specialist research facility and its subsidiary Hunan Changyuan Lico Co Ltd. Hunan is a state-owned enterprise in China which researches and produces predominantly lithium battery materials for distribution into the Chinese market.

Evans said, “China Minmetals is a Chinese government-owned US$470 billion company with considerable research, funding, offtake, engineering and construction capability.

“They have completed extensive due diligence and analysis of the Goulamina Lithium Project and it is testament to the quality, scale and potential of the project, and a vote of confidence in our management that they want to further our relationship.

“Minmetals hosted Mali Lithium at their facility in Changsha in May and their presentations to us confirmed that China is thinking long term when considering the future of the electric vehicle and power storage industries.

“Minmetals highlighted to us the importance of long-term access to sources of reliable, high-quality lithium raw material in jurisdictions amenable to Chinese investment.

“Mali Lithium has a world-class, fully permitted, high-grade project in a politically impartial and stable mining jurisdiction, with a maiden probable ore reserve of 31.2 million tonnes at 1.56% Li2O which converts to a 16-year mine life.

“This explains why the biggest mining company in China has taken such a keen interest in our project.

“The test work on Goulamina ore at Changsha will occur over the coming months and the company looks forward to continuing its work with Minmetals during this time.”

www.malilithium.com