The reference to "other private investors" is anyone other than...

The reference to "other private investors" is anyone other than Malian citizens, in this case that would be Leo Lithium and Ganfeng.

The state may contribute its stakes in the various mining companies through a heritage company. This company can take, on its own account, participants, raise funds to do so, and carry the capital of mining companies for nationals.

The terms of retrocession to national investors are defined by decree taken by the Council of Ministers.

The wording in the 2023 code changed to national private investors;
~ The newly created operating company (being LMSA) is required to transfer 5% of its shares to national investors through the state company, the newly formed Heritage Company

The acquisition price (for both the state and nationals) of the participation in cash is equal to;
= percent multiplied by overall cost of the research work and the Feasibility Study relating to the deposit, borne by the research company before its decision to implement it in operation (from research licence to exploitation licence) increased by interest at the BCEAO rate plus 2% over the duration of the investment minus the expenses already borne by the state for research work within the perimeter also increased by interest at the same rate, are deducted from this acquisition price for the cash consideration acquired by the state. The tax expenditures, or exemptions granted granted by the state to the holder of the research permit and to its subcontractors on the area covered by this exploitation will also be deducted from the amounts paid.

The way the new mining code is worded, ie:
~ free participation being a minimum of 10%
~ purchasing in cash an additional participation up to 20%

Again, not that is the problem of FFX/LLL but that (IMO) is an indication that the government could take up to 30% free carried?

Cheers