GFL International Co., Ltd., a wholly-owned subsidiary of Ganfeng Lithium Co., Ltd., plans to acquire the remaining 40% equity interest in Mali Lithium from Leo Lithium for USD342.7 million.

GFL International now holds 55% of stake in Mali Lithium. Earlier this year, the company announced a plan to acquire a 5% interest in Mali Lithium for USD65 million. Upon completion of the above-mentioned acquisitions, Mali Lithium will become a 100%-owned subsidiary of GFL International.

Mali Lithium mainly develops the Goulamina spodumene project in Mali, Africa. The total JORC resource estimated for Goulamina project is about 211 million tonnes at 1.37% Li2O, containing 2.89 million tonnes of lithium oxide, and the measured resource is around 13.1 million tonnes at 1.59% Li2O, containing 210,000 tonnes of lithium oxide.