Key Lithium Mining Projects in Mali: Goulamina and Bougouni

I. Summary of Mali's Lithium Resource Supply:

Despite the current political instability in Mali, normal production at existing lithium mines remains unaffected. Lithium supply from Mali is expected to grow steadily in 2026, supplemented by inventory from 2025 serving as flexible supply, with 100% of output pre-sold to Chinese enterprises holding controlling interests in the mines. As both mines commenced operations around late 2024 and early 2025, inventories have been accumulated both at the mines and shipping ports. It is estimated that Mali's imported spodumene concentrate supply in 2026 will reach 600,000–800,000 tonnes, equivalent to approximately 80,000–100,000 tonnes of lithium carbonate.

The key to medium-term supply growth lies in the progress of the Phase II capacity expansions at these two projects, while long-term supply depends on the potential for additional resource reserves at the mines. As leading hard-rock lithium mines in Africa, both projects possess significant potential for reserve expansion. "Exploration to increase reserves" is positioned as the core strategy to extend mine lifespans and ensure long-term supply capacity. Simultaneously, the potential for reserve growth enhances the cost-effectiveness of the companies' acquisitions of these mining assets.

II. Shipping Status of Mali's Lithium Mines:

According to Mysteel research and data, since commencing shipments in June 2025, the Goulamina lithium mine has been consistently delivering output. After obtaining export approval from the Malian government in September, the Bougouni lithium mine shipped its first vessel of lithium ore in early December. The typical shipping time from Côte d'Ivoire to Chinese ports is 45–60 days. Based on Mysteel survey data, Mali's lithium ore arrivals in China are estimated to reach 100,000 tonnes in January and 30,000–40,000 tonnes in February.

1. Goulamina:

The Goulamina lithium mine is wholly owned and controlled by Ganfeng Lithium. Located approximately 150 kilometers south of Bamako, Mali's capital, it lies within the core mineral belt of the Bougouni region and is one of Africa's largest hard-rock lithium mines. Goulamina completed its final feasibility study in 2019. In 2021, Ganfeng acquired a 50% stake in the special purpose vehicle (later renamed Mali Lithium), and following the transaction's completion in July 2025, Ganfeng gained full control of the Goulamina project.

Goulamina is a large-scale lithium mining project. Its mining license was approved in 2019 and is valid for 30 years. Prior to the depletion of ore reserves, the license can be renewed in 10-year cycles. The license covers a mining area of 100 square kilometers, with two additional exploration areas later acquired, totaling approximately 187 square kilometers, bringing the combined area to 287 square kilometers.

The ore will be shipped via the port of Abidjan in Côte d'Ivoire. As both Mali and Côte d'Ivoire are members of the African Continental Free Trade Area, no tariffs apply to transportation between the two countries. The round-trip journey from the mine to Abidjan port takes 6 to 7 days.

Through three phases of exploration and resource expansion, Goulamina's resource estimate has increased from 109 million tonnes to 267 million tonnes in 2024, with an average lithium oxide grade of 1.38%, corresponding to 9.11 million tonnes of lithium carbonate equivalent (LCE). Continuous drilling has confirmed the continuity of high-grade pegmatite ore bodies in the West, Main, and Sangar zones, as well as extensions such as Danaya and NE Domain. Multiple thick, high-grade ore sections have been identified, supporting an extension of the mine's operational lifespan beyond the initially projected 23 years and ensuring long-term, stable supply capacity. Additionally, the increased proportion of high-grade resources helps reduce unit production costs.

Firefinch (now called Mali Lithium) released an updated final feasibility study in 2021. The original plan involved Phase I capacity of 506,000 tonnes per year and Phase II expansion to 831,000 tonnes per year, with Phase II expected to commence approximately 18 months after Phase I startup. Following the commencement of Phase I production in December 2024, the latest plan has been updated to expand Phase II capacity to 1 million tonnes per year. In June 2025, the first shipment of 30,000 tonnes of lithium concentrate was dispatched from the port of Abidjan in Côte d'Ivoire.

According to the updated final DFS report from 2021, the C1 cash cost per metric tonne of lithium concentrate at Goulamina is USD $312/tonne. Mining, processing, and transportation constitute the main components of the cash cost, at USD $88/t, USD $112/t, and USD $99/t, respectively. However, rising global commodity prices such as steel and copper have increased procurement costs for consumables like grinding media. Additionally, generally higher global shipping costs and increased labor expenses have impacted the current cash operating costs of lithium mining.

2. Bougouni

The Bougouni lithium mine is 51% owned by Hainan Mining. Hainan Mining acquired the Bougouni lithium project in January 2023. At the time of acquisition, the project's resource was 21.31 million tonnes of ore, which had increased to 31.90 million tonnes by 2023. Future plans aim to expand the resource to 50 million tonnes (at 1.1% Li2O). The Boumou & Sogola-Baoulé mining areas still hold significant potential for further resource expansion, with the core exploration objective being to extend the mine's operational life by over 10 years. 

Given the mine's remote location, transportation and logistics form the core operational challenge for this project. The Port of San-Pédro in Côte d'Ivoire represents the most cost-effective port for exporting lithium ore from this mine.

The capital expenditure for the Phase I project is USD 65 million, involving the construction of a dense media separation (DMS) plant. The run-of-mine (ROM) material will be sourced from the Ngoualana area, with an expected annual production of 125,000 tonnes of lithium concentrate. The mine life for this first phase is 4 years, with 100% of the output pre-sold to Hainan Mining.

The Phase II project plans to construct a flotation plant with an annual capacity of 230,000 tonnes of lithium concentrate to develop the lithium resources in the Boumou & Sogola-Baoulé areas. The estimated capital expenditure is between USD 175 million and USD 200 million, to be funded by cash flow generated from Phase I. The mine life for Phase II is projected to be 12 years.

According to the updated final DFS report from 2020, the C1 cash cost per tonne of lithium concentrate at the Bougouni mine is USD $431/tonne. Mining, processing, and transportation are the main components of the cash cost, at USD $172,/t USD $141/t, and USD $94/t, respectively. However, rising global commodity prices such as steel and copper have increased procurement costs for consumables like grinding media. Additionally, generally higher global shipping costs and increased labor expenses have impacted the current cash operating costs of lithium mining. The all-in sustaining cost (AISC) for the mine, disclosed by Kodal in November 2025, is USD $647/tonne. 

Edited by Cassie Li, lixiangying@mysteel.com