Mali Lithium has announced the results of the Goulamina Lithium Project ‘s Definitive Feasibility Study (DFS).
The DFS describes a compelling long life, large-scale, hard rock open pit lithium mine in Mali, West Africa.
It confirms that the project is among the best in the world for scale and cost of production when compared to current operations and prospective projects.
A key advantage is the quality of the 6% Li2O spodumene concentrate (SC6) product, being high in grade and very low in iron and mica impurities.
Goulamina is simple and robust, with high grades and low strip ratios enhancing financial performance. The Project delivers outstanding returns and, unlike peers, delivers good returns even at todays depressed lithium prices. The Project is not dependant on credits from other minerals.
There is considerable potential to increase the size of open pit Mineral Resources and Ore Reserves through infill and extension drilling. These characteristics make Goulamina an important strategic asset for the world’s growing demand for lithium.
The Company has recently agreed to purchase the Morila Gold mine in Mali and that transaction will close on October 31, 2020. A strategic review has commenced to evaluate the optimum path to realise value for shareholders from each of these assets.
Alistair Cowden, Executive Chairman comments:
“It is wonderful to have Goulamina confirmed as one of the world’s premier hard rock lithium assets with outstanding returns, few mining projects provide a pre-tax NPV of A$1.7 billion. Goulamina requires a sharp individual focus and we will be reviewing options to achieve that.
“We are aware of market conditions for lithium at the moment and given the quality of the project we will be patient to ensure we maximise shareholder returns.”
Other company news includes the announcement that Mali Lithium will be renamed as FireFinch.