China’s Ganfeng seeks full control of Lithium mine in Mali

China’s Ganfeng Lithium Group Co. plans to acquire 40% of the Goulamina lithium project in Mali from Australia’s Leo Lithium Ltd, to take full control of the precious mine.

Lithium together with Cobalt and other critical minerals for energy transition are at the heart of fierce competition in Africa between Chinese and Western companies.

A report by specialized news portal, Mining.com, said Ganfeng Lithium group plans to offer its Australian partner $408 million.

Despite a drop in Lithium prices in 2023, Ganfeng plans to step up investments in the critical ore anticipating incremental demand in the upcoming years.