(Ecofin Agency) - • Mali to acquire 25% stake in Goulamina lithium mine under 2023 mining code
• Total 35% share includes 10% free and 25% paid participation from Ganfeng Lithium
• $34.3M cost to be reimbursed through 20% of annual dividends over time

Agence Ecofin reports that, under Mali’s 2023 mining code, the government has the right to acquire a 25% stake in mining projects, in addition to a 10% free participation. Following this rule, the state now owns 35% of the country’s first lithium mine—Goulamina.

In December 2024, China’s Ganfeng Lithium agreed to transfer 35% of its stake in the Goulamina project to the Malian government. This includes a 10% free stake and a 25% stake to be purchased for CFA20 billion, or approximately $34.3 million, according to Ganfeng’s annual report published in late April 2025.

The agreement specifies that the Malian government will not pay the full amount upfront. Instead, the sum will be gradually reimbursed through 20% of the government’s annual dividends from the mine. Ganfeng has applied a discount rate of 19%, bringing the present value of the deal to an estimated $23.2 million.

Details have not been provided on how the FCFA20 billion valuation was reached. However, Mali’s 2023 mining code—specifically Article 80—states that the cost of state acquisitions should reflect the percentage acquired multiplied by the total costs of exploration and feasibility studies, with interest calculated at the BCEAO rate plus 2% for the investment period.

The 25% acquisition marks a strategic step by Mali to maximize benefits from its mining sector. The new mining code raised the state's maximum share in mining ventures from 20% (10% free and 10% paid) to 30%, and added a 5% requirement for local investor participation. The government anticipates that this reform could generate up to CFA500 billion in additional annual revenue. Discussions are still ongoing regarding how the 5% local stake will be allocated and managed.

The Goulamina mine, commissioned in December 2024, is designed to produce 500,000 tonnes of lithium spodumene per year. The output is expected to be exported to China.