Referring back to the media visit last Friday, 15 Sept 2023, by invitation of the Director of Mali’s Lithium Division (video previously shared by @benladeng414):
With the English translation below, courtesy of @sachz:
"Mali Prepares to Exploit One of the World's Largest Lithium DepositsMali is preparing to exploit one of the world's largest lithium deposits through the Golamina project. At the invitation of the Director of Mali's Lithium Division, a group of media personnel visited the Golamina mining site, located 65 kilometers from Bougouni, on Friday, September 15, 2023.
The purpose of this visit is to inform the media about the process of lithium mining, production, and exportation in Mali.Upon their arrival, they were welcomed by the site's officials, and they received a briefing on the Golamina project. Golamina is Mali's first lithium mine and the first in West Africa. The project commenced in June 2022 and is owned by Mali's Lithium Division.
It is one of the world's significant lithium deposits, covering approximately 100 square kilometers, with 17 square kilometers currently in operation. The mining operation has a lifespan of 20 years and is fully rehabilitable.The investment cost for this project is approximately $318 million or around 200 billion CFA francs over two years, with an execution rate of 61 billion CFA francs to date. Lithium plays a crucial role in the manufacturing of various batteries, including electric vehicle batteries and smartphones. It is extracted from an ore known as spodumene concentrate, the primary type of ore found in Golamina.
This mineral is obtained from a group of rocks called pegmatites, which form underground from magma rich in rare metals, including lithium.After the briefing, the group visited the factory installation site, where construction is currently underway. The construction is expected to be completed by April 2024. The factory will include machines for crushing and grinding to obtain the concentrate of this product.
To date, exploration drilling has identified 211 million tons of ore, with a lithium content of 1.37% per ton, totaling 2.9 million tons of lithium.Regarding employment, Mali's Lithium Division currently employs over 1,300 people, with 95% of them being Malians. The first production is scheduled for the third quarter of 2024. The Golamina lithium project is being developed in the Bougouni region, specifically in the Bougouni Circle's rural commune of Dano.
The project is progressing well, with the foundation stone laid in early June 2022, a little over a year ago. The project holds promise as one of the world's largest lithium deposits, ranking fifth in terms of size, significance, and quality. It will be West Africa's first lithium mine. Numerous opportunities are on the horizon, with more than 90% of the workforce being local Malians, benefiting local communities through job creation and community development activities.
The project's investment cost is around $318 million, equivalent to approximately 200 billion CFA francs over two years, with a major portion of the investment yet to be realized through significant equipment purchases. Today is a special day, as it provides a real opportunity for us to engage with the press, serving as the voice of the people.
In these challenging times for Mali, there are many rumours circulating, and a project of this magnitude, with substantial investment, holds the promise of a brighter future for the country. Lithium Mali aims to establish a world-class factory along with housing facilities and construction in neighboring villages. Additionally, environmental concerns are a significant focus of this project.
Assurance has been provided that both short-term and long-term environmental impacts will be effectively managed. This press visit has reinforced our belief in the relevance and importance of this project, not only for job creation but also for its positive environmental considerations."
...not sure how we got to this point.
LLL Price at posting:
50.5¢ Sentiment: Buy Disclosure: Held
(20min delay)