Cleaning|Construction|Contractor|Crushing|Design|Dewatering|Engineering|Filtration|Financial|flotation|Infrastructure|Mining|PROJECT|Project Management|Screen|Screening|Service|Services|Storage|Water|Equipment|Infrastructure
Cleaning|Construction|Contractor|Crushing|Design|Dewatering|Engineering|Filtration|Financial|flotation|Infrastructure|Mining|PROJECT|Project Management|Screen|Screening|Service|Services|Storage|Water|Equipment|Infrastructure

Goulamina lithium project, Mali – update

Image of lithium ore

Photo by ©Bloomberg

17th May 2024

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor


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Name of the Project
Goulamina lithium project.

Southern Mali, about 50 km west of Bougouni.

Project Owner/s
Leo Lithium announced its exit from the Goulamina project in May 2024, with the sale of its remaining 40% interest to joint venture partner GFL International.

Project Description
The project is one of the world’s biggest lithium developments.

Stage 1 spodumene concentrate production is estimated at 506 000 t/y, increasing to a peak of 880 000 t/y in Stage 2. The DFS envisages a standard openpit mining operation.

The flowsheet will comprise:

  • three-stage crushing to a P80 of 6.2 mm, with a fine-ore bin and overflow dead stockpile;
  • closed-circuit ball milling and screening to an estimated P80 of 180 µm, based on a closing screen P100 of 212 µm;
  • two-stage magnetic separation;
  • three-stage flotation (roughing, cleaning and recleaning);
  • concentrate dewatering, filtration and storage;
  • separate flotation and process tailings thickening, with common tailings pumped to a tailings storage facility;
  • reagent mixing and distribution;
  • separate flotation and process water circuits; and
  • air services.

The DFS update proposes the construction of a 2.3-million-tonne-a-year throughput plant, incorporating in the design the infrastructure and equipment for the construction of a Stage 2 expansion to increase plant throughput to four-million tonnes a year.

The project is expected to have a minimum mine life of 23 years, producing 15.6-million tonnes of spodumene concentrate over that period.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $4-billion and an internal rate of return (real) of 97.8%.

Capital Expenditure
Leo Lithium released a midterm budget update in April 2023, forecasting revised capital costs to complete the project of $318-million comprising $285-million for construction and $33-million for operational readiness activities. As of December 31, 2023, about $241-million of the forecast $285-million construction total had been committed to suppliers and service providers. This guidance remains in place, except the unplanned import customs duties and fees.

Planned Start/End Date
Full production is expected in 2025.

Latest Developments
Leo Lithium announced its exit from the Goulamina project on May 8, 2024.

GFL will pay Leo $342.7-million for the remaining stake in the project.

Leo previously entered into an agreement to divest a 5% stake in Goulamina to GFL for $65-million to fund a settlement agreement with the Mali government.

“Despite our best efforts to reach a viable agreement with the Mali government and considering the increasing risks associated with operating in Mali, the impact of the new 2023 Mining Code and the company’s financial position for future funding, the board of Leo Lithium has determined that a sale of the company’s remaining interest in Goulamina is in the best interests of Leo Lithium shareholders,” MD Simon Hay has said.

Key Contracts, Suppliers and Consultants
Lycopodium (updated DFS, and engineering, procurement and associated project management services contract); and Corica Mining Services (mining contractor).

Contact Details for Project Information
Leo Lithium, tel +61 8 6314 4500 or email

Edited by Creamer Media Reporter



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