Ganfeng takes full control of Mali Lithium

Mali Lithium

Deal terms and strategic rationale

Ganfeng takes full control of Mali Lithium after buying the remaining 40% for $342.7mn. The seller was Australia’s Leo Lithium. The move consolidates ownership of the Goulamina lithium mine. Therefore, governance and execution will now follow a single operator. Ganfeng takes full control of Mali Lithium to secure upstream supply.

Ganfeng previously paid $138mn for 55% in September 2023. It added 5% for $65mn in January 2024. As a result, the company now holds 100% equity. This sequence reflects disciplined pacing in volatile lithium markets.

Project status and global supply outlook

The Goulamina resource totals 7.14mn t LCE at 1.37% Li₂O grade. Phase one construction began in 2022 with 506,000 t/y capacity. Production started in December 2024 and continues to ramp. The second phase targets 1mn t/y of spodumene. However, the timeline for phase two remains undisclosed.

Ganfeng completed its first Goulamina concentrate shipment on 24 June. The cargo is en route to China, arriving in early August. Meanwhile, group chemical output reached 130,253 t LCE in 2024. That figure rose 25% year over year.

The portfolio also includes Cauchari-Olaroz in Argentina. Nameplate capacity stands at 40,000 t/y of lithium carbonate. Output jumped to 25,400 t in 2024 from 6,000 t in 2023. It is expected to reach 30,000–35,000 t in 2025.

Ganfeng takes full control of Mali Lithium to align mine, shipping, and conversion. Therefore, integrated volumes should improve cost visibility and contract flexibility. However, execution will still hinge on phase-two clarity and logistics.

The Metalnomist Commentary

Full ownership removes JV complexity and accelerates decision-making at Goulamina. The heavy tilt toward spodumene supply strengthens Ganfeng’s conversion optionality in China. Watch phase-two scheduling, shipping cadence, and carbonate/hydroxide price spreads through 2026.

Ganfeng Lithium Begins Production of Spodumene Concentrate at Goulamina Mine in Mali

Ganfeng Lithium

Ganfeng Lithium, one of the world's leading producers of lithium, has officially started producing spodumene concentrate at its Goulamina lithium mine in Mali. This marks a significant step in the development of the mine, which is being constructed in two phases. The first phase, which began in 2022, has a production capacity of 506,000 tonnes per year (t/yr) of spodumene concentrate, with commercial production starting on December 15, 2024. The second phase, when completed, will raise the total capacity to 1 million t/yr.

Goulamina Lithium Mine: A Major Step for Ganfeng's Global Lithium Supply

The Goulamina project is one of Ganfeng's key international investments, located in Mali, a country that is becoming increasingly significant in the global lithium supply chain. The mine has a total resource base of 7.14 million tonnes (mn t) of lithium carbonate equivalent (LCE), with an average grade of 1.37% lithium oxide (Li2O), a quality that positions it as a key source of lithium in the coming years.

As part of its development, Ganfeng has announced that its wholly owned subsidiary Lithium du Mali SA (LMSA) holds a 100% stake in the project. However, in a move to strengthen its relationship with the host nation, Ganfeng will transfer a 35% stake in LMSA to the Mali government. This will see the government receive 10% of the stake for free, while the remaining 25% will be acquired for approximately $32 million.

Expanding Ganfeng’s Global Lithium Portfolio

Ganfeng Lithium is investing heavily in lithium extraction from both spodumene ore and brine sources across the globe. In addition to the Goulamina mine, Ganfeng has major operations in Australia, Argentina, Mexico, Ireland, and China. The company is also ramping up its Cauchari-Olaroz project in Argentina, which boasts an annual 40,000 t/yr capacity for lithium carbonate production.

The move to secure assets in Africa is part of a broader trend among Chinese lithium producers, who are increasingly looking to diversify their supply chains. Companies such as Huayou, Sinomine, Chengxin, and Yahua have been sending shipments from their Zimbabwe-based mines to lithium refineries in China, highlighting the growing importance of African countries as key players in the global lithium market.

Strategic Implications for Global Lithium Markets

Ganfeng’s investment in Mali and its expanding operations across Africa signal an ongoing shift in the global lithium mining landscape, with Chinese firms increasingly focusing on securing access to critical resources outside traditional markets like Australia and South America. As demand for lithium continues to surge, driven by the rapid growth of electric vehicles (EVs) and renewable energy storage solutions, these strategic moves will play a pivotal role in shaping the future of the lithium supply chain.

Ganfeng Launches Mariana Lithium Project, Expands Global Lithium Supply Chain

Ganfeng Lithium Project

China’s Ganfeng Accelerates Lithium Production Across Argentina, Mali, and China

Ganfeng Lithium has officially begun production at its Mariana lithium chloride plant in Argentina's Salta province, strengthening its global lithium supply network. The company launched operations on February 12, marking a significant milestone in its South American investment strategy.

The Mariana project’s first phase features an annual capacity of 20,000 tonnes of lithium chloride. Ganfeng plans to rapidly scale output upon phase completion. Its subsidiary, Litio Minera Argentina, owns 100% of the project, which holds a total lithium resource of 8.12 million tonnes of lithium carbonate equivalent (LCE).

Ganfeng Expands Global Lithium Footprint with Multi-Continent Strategy

Beyond Mariana, Ganfeng is aggressively scaling its global lithium production. In Argentina, the Cauchari-Olaroz project ramped up output from 6,000 tonnes in 2023 to 25,400 tonnes in 2024. The site targets 30,000–35,000 tonnes of lithium carbonate production in 2025. In Mali, the Goulamina spodumene mine began first-phase operations in December 2024.

In China, Ganfeng has established refining capacities totaling 50,000 t/yr for lithium carbonate and 100,000 t/yr for lithium hydroxide. The company opened a 45,000 t/yr lithium salts plant in Sichuan and launched initial production at a 25,000 t/yr lithium carbonate facility in Hunan’s Chenzhou city through its joint venture Hunan Anneng Ganfeng.

Chenzhou Mega Project Sets New Benchmark for Lithium Refining in China

Anneng Ganfeng plans to invest ¥7 billion (US$960 million) into a 150,000 t/yr lithium carbonate complex in Chenzhou. This project will roll out in three phases, with the initial 50,000 t/yr phase already under construction. These efforts solidify China’s position in downstream lithium conversion and reflect Ganfeng’s ambition to control the full value chain from resource to battery-grade materials.

Ganfeng’s total global resource investment now exceeds 79.59 million tonnes LCE. With assets in Argentina, Mali, China, Australia, Mexico, and Ireland, the firm remains a dominant force in both lithium brine and spodumene extraction.

Ganfeng Lithium to Launch Production at Mali's Goulamina Lithium Mine

Ganfeng Lithium

China's leading lithium producer, Ganfeng Lithium, is set to initiate production at the Goulamina lithium mine in Mali, marking a significant milestone in the company's global expansion. Ganfeng has completed the first phase of the ore crushing production line, aiming to produce its first batch of lithium concentrate, also known as spodumene, by the end of this year.

Expanding Lithium Output in Two Phases

The Goulamina project will unfold in two phases, with the initial phase beginning construction in 2022. This first phase is projected to yield 506,000 tonnes of spodumene concentrate annually. The second phase, though lacking specific construction and launch timelines, is expected to bring the mine’s total production capacity to 1 million tonnes per year.

Ganfeng, which owns 60% of the project in partnership with Australia’s Leo Lithium, has positioned itself as a dominant player in the global lithium market. The company revealed plans in May to acquire Leo Lithium's remaining 40% stake, securing full ownership of the Goulamina project. Once the deal is finalized, Ganfeng will control 100% of the mine, further consolidating its foothold in the lithium market.

Diversification in Africa and Beyond

This project in Mali forms part of a broader trend in China’s strategy to diversify its lithium supply chain. With lithium demand surging due to electric vehicle production, Chinese firms like Ganfeng have accelerated exploration and production efforts across Africa. Companies such as Huayou and Zijin Mining have already begun sending lithium shipments from Zimbabwean mines to China for refining. Ganfeng itself is not limited to Mali, having significant investments in Australia, Argentina, Mexico, Ireland, and China.

As China looks to diversify away from traditional suppliers in Australia and South America, Africa is becoming an increasingly vital resource base for lithium production.

Goulamina lithium royalty deal strengthens Lithium Royalty Corp exposure to spodumene supply

Leo Lithium

Lithium Royalty Corp has secured a Goulamina lithium royalty in Mali. The Goulamina lithium royalty gives LRC revenue-linked exposure without operating risk. As a result, the deal expands LRC’s battery metals footprint beyond direct mine ownership.

LRC will acquire a 1.5% Trailing Product Sales Fee from Leo Lithium. The transaction values the royalty at A$40mn, or about $27mn. Meanwhile, China’s Ganfeng Lithium operates the Goulamina project.

Deal structure caps volumes but extends cashflow duration

The royalty caps payable volume at 500,000 tonnes per year of spodumene. LRC will receive quarterly payments over a 20-year term. Therefore, the cashflow window runs through August 2045.

Early payment history signals the royalty has started to monetize. Leo received $574,748 in its first quarterly payment in Q3 2025. However, the volume cap limits upside if Goulamina ramps aggressively.

Why the Goulamina lithium royalty matters for battery supply chains

Goulamina ranks among the world’s largest spodumene resources. The project targets 506,000 tonnes per year of concentrate initially. Meanwhile, Ganfeng plans to expand output beyond 1mn tonnes per year.

Ownership structure adds both stability and country exposure. Ganfeng holds 65% and the Malian government holds 35%. As a result, the Goulamina lithium royalty ties returns to a strategic jurisdiction and policy environment.

LRC continues to build a diversified royalty platform across critical minerals. The company also holds a royalty on Ganfeng’s Mariana lithium brine project in Argentina. Therefore, its portfolio of 37 royalties aims to balance growth metals with risk dispersion.

The Metalnomist Commentary

This Goulamina lithium royalty looks like a disciplined way to ride lithium cycles. However, Mali risk and the volume cap shape the real return profile. Royalty investors will watch Ganfeng’s expansion pace and payment transparency.

Altius acquires Lithium Royalty Corp in $378mn move to scale lithium royalties portfolio

Altius Minerals

Altius acquires Lithium Royalty Corp in a C$520mn transaction. Altius acquires Lithium Royalty Corp to expand its royalty footprint quickly. As a result, the company gains a ready-made lithium royalties portfolio with 37 assets.

Altius will pay C$173mn in cash and C$347mn in shares. The structure preserves liquidity while aligning sellers to future upside. Meanwhile, Altius already holds an 8% stake in Lithium Royalty Corp.

Deal adds 37 royalties and accelerates exposure to producing cashflow

Altius acquires Lithium Royalty Corp for access to 37 new royalties. The package includes four producing assets and 12 advanced-stage projects. Therefore, Altius upgrades near-term cashflow visibility while keeping long-duration optionality.

The portfolio also includes three to five operations expected to commission from 2026 to 2030. That pipeline supports a staged revenue build rather than a single start-up spike. However, the schedule still depends on permitting, financing, and construction execution.

What the acquisition signals for lithium supply chains and capital strategy

Altius acquires Lithium Royalty Corp as lithium markets prioritize resilient supply and capital discipline. Royalties offer leverage to volume and price without operating cost inflation. As a result, the model can outperform during cost-pressure periods.

The timing also links to fresh royalty activity at LRC. LRC said it agreed to acquire a royalty on the Goulamina lithium project in Mali. Meanwhile, that asset sits inside a broader portfolio that Altius will now control.

Altius expects royalty revenue to ramp toward C$40mn–C$60mn by the end of the decade. That range implies meaningful scale relative to early-cycle royalties. Therefore, investors will track project delivery and commodity price sensitivity closely.

The Metalnomist Commentary

This deal looks like a scale play in lithium royalties, not a short-term trade. However, the real test is whether 2026–2030 commissioning stays on schedule. If it does, Altius can turn optionality into durable cashflow.

Zimbabwe to Ban Lithium Concentrate Exports from 2027

Zimbabwe lithium Mining

Government Push for Domestic Processing

Zimbabwe will impose a ban on lithium concentrate exports starting 1 January 2027, according to mines minister Winston Chitando. The policy follows a 2022 ban on raw ore exports and seeks to encourage investment in local processing facilities and battery material plants. Zimbabwe holds Africa’s largest lithium reserves, with Chinese firms already dominating its mining sector.

Two new plants, backed by Sinomine and Zhejiang Huayou Cobalt, are under construction and expected to begin operations in 2027. These facilities will produce lithium sulphate, a key intermediate that can be refined into battery-grade lithium hydroxide or lithium carbonate.

Chinese Investment and Global Market Implications

Chinese companies remain committed to Zimbabwe’s lithium sector despite lithium prices falling nearly 90% since 2022. This long-term strategy reflects Beijing’s broader effort to secure critical minerals for its electric vehicle and energy storage industries. The upcoming export ban will strengthen Zimbabwe’s role in global lithium supply chains by shifting the country toward value-added production.

Zimbabwe’s policy aligns with a growing African trend of restricting raw mineral exports to promote domestic industrialization. For instance, Gabon recently announced a manganese ore export ban from 2029, while Guinea, Mali, Tanzania, and the DRC have implemented similar measures for bauxite, gold, and cobalt.

Strategic Positioning in the Global Battery Market

By enforcing the lithium concentrate export ban, Zimbabwe is positioning itself as a future hub for processed battery materials rather than a raw material supplier. This policy could attract further downstream investment while also reshaping trade flows, especially for EV and renewable energy supply chains. However, success will depend on whether domestic refining capacity can keep pace with rising demand.

The Metalnomist Commentary

Zimbabwe’s lithium export ban signals a decisive shift toward resource nationalism and value-added production. For global supply chains, this move underscores Africa’s emerging role in shaping critical mineral strategies. Investors and downstream users must adapt to a future where raw materials are less available, but refined products become central to supply security.

Gabon Manganese Export Ban Takes Effect in 2029

Gabon Manganese Mining

Gabon announced a complete Gabon manganese export ban on unrefined ore starting January 2029. The world's second-largest manganese producer aims to boost domestic processing and industrial capacity. This transformative Gabon manganese export ban follows similar African resource nationalism strategies.

Major Impact on Global Manganese Supply Chains

Gabon produces 4.6 million tonnes annually, representing 25% of global manganese output. China and the US face significant supply disruptions from this policy change. Meanwhile, the US imported 63% of its manganese from Gabon last year. The ban threatens established supply chains for steel and battery industries worldwide.

French mining giant Eramet, through subsidiary Comilog, dominates Gabon's manganese sector. The company operates existing downstream facilities producing silico-manganese and manganese metal. However, current utilization remains low with only 18,000 tonnes exported in 2024. Comilog employs over 3,300 people locally, making workforce considerations critical.

African Resource Nationalism Accelerates

Several African nations now restrict raw material exports to capture value domestically. Guinea banned bauxite exports while Zimbabwe restricted lithium ore shipments recently. Furthermore, Mali and Tanzania implemented gold export restrictions this year. Therefore, the Gabon manganese export ban represents broader continental industrial ambitions.

President Brice Oligui Nguema emphasizes increased state revenues through downstream processing. Moreover, this strategy requires massive investment in new manganese alloy production capacity. As a result, international miners must develop processing plants or exit Gabon entirely. The five-year transition period allows stakeholders to adjust operations accordingly.

The Metalnomist Commentary

Gabon's 2029 manganese export ban creates immediate pressure on Western supply chains already strained by geopolitical tensions. With China controlling most manganese processing capacity globally, this move could paradoxically strengthen Beijing's market position unless Western nations rapidly develop alternative processing hubs. Eramet's underutilized facilities suggest the technical and economic challenges of African beneficiation remain substantial.