CHARTS: EV battery metals bill sets new low as lithium, nickel, cobalt price slump continues
The raw materials bill for the average EV is now down to $510 compared to a peak of more than $1,900 at the beginning of last year.
China’s Ganfeng Lithium said it has commenced production from the first phase of its Goulamina spodumene project in Mali.
Goulamina represents one of the largest lithium mines in Africa. Ganfeng acquired Australia’s Leo Lithium’s 40% stake in the project for $342.7 million in May.
The deal followed a new mining code introduced in 2023, which stipulated that the Malian government was entitled to a 10% free carry stake and could also acquire an additional 25%.
The initial phase aims for an annual output of 506,000 tonnes of lithium concentrate, expanding to 1 million tonnes in the second phase.
It is estimated that Goulamina could be explored for more than 23 years, producing 15.6 million tonnes of spodumene concentrate over that period.
Mali recently announced a plan to acquire a 35% stake in the Goulamina mine. Once completed, Ganfeng will indirectly hold a 65% stake in the project, with the remainder going to the Malian government.
As reported by the South China Morning Post, Mali’s transitional President Assimi Goita said the lithium mine is extremely important for the West African nation, and the launch of the processing plant “marks a significant step forward in the exploitation of the country’s natural resources.”
Chinese Ambassador to Mali Chen Zhihong, who attended the inauguration ceremony, described the Goulamina mine as “a new example of win-win cooperation.”
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