Mali Acquires 35% Stake in Goulamina Lithium Mine Under New Mining Code
Strategic Investment in Mali’s Lithium Sector
The Malian government has secured a 35% stake in the country’s first lithium mine at Goulamina, according to the 2023 mining code which grants the state 10% free participation plus rights to acquire an additional 25% interest (including 5% for local investors).
Deal Structure with Ganfeng Lithium
Chinese mining giant Ganfeng Lithium signed an agreement in December 2024 to transfer the 35% interest to Mali. The deal includes:
- 10% free carried interest
- 25% acquired interest valued at 20 billion FCFA ($34.3 million)
Ganfeng’s April 2025 annual report reveals the Malian government will pay through deferred payments, using 20% of annual dividends from its mine participation. The net present value of this arrangement was calculated at $23.2 million using a 19% discount rate.
Legal Framework and Economic Impact
Article 80 of Mali’s 2023 mining code specifies that state acquisitions must reflect:
- Proportionate share of exploration and feasibility costs
- BCEAO interest rate plus 2% premium
The revised mining legislation increased state participation from 20% to 30% while introducing 5% local investor quotas. The government projects additional annual revenues of 500 billion FCFA from these reforms.
Goulamina Mine Production Capacity
Operational since December 2024, the Goulamina mine has an annual production capacity of 500,000 tons of lithium spodumene, primarily destined for Chinese markets.
By Emiliano Tossou
Source: Agence Ecofin via Bamada.net