The share price of ASX-listed Leo Lithium tanked on Monday, after the government of Mali ordered the company to halt direct shipping ore (DSO) operations at its Goulamina lithium project. The Mali government in July formed a commission to investigate a number of topics, including DSO, the status of the government’s free carry stake, and the overall status of the progress at Leo’s Goulamina mine, as well as the Morila gold mine, which is held by fellow listed Firefinch, which also held Goulamina prior to its spin-off.
PERTH – The share price of ASX-listed Leo Lithium tanked on Monday, after the government of Mali ordered the company to halt direct shipping ore operations at its Goulamina lithium project.
The company had been targeting the production of some 185 000 t of DSO exports until spodumene production starts. Leo Lithium has meanwhile finalised and executed its cooperation agreement with China’s largest lithium producer Ganfeng Investment, which covers several long-term strategic benefits, including raising the planned Stage 2 capacity to 500 000 t/y to lift the overall capacity at Goulamina to one-million tonnes a year, jointly studying the concept of co-investing in a downstream conversion facility in Europe, amending an offtake agreement for the Stage 2 project for the potential downstream...
“We will continue to engage with the Ministry of Mines and advance our world-class spodumene project. We anticipate further positive developments with the latest mineral resource setting the foundation for an updated ore reserve estimate later this month.”
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