To build an integrated lithium resource industry chain, Hainan Mining announced on July 1, 2025 that it recently entered into a spodumene offtake agreement with Le Mines de Lithium de Bougouni SA (“LMLB”), a subsidiary under its controlling stake.
Under the agreement, within four years of LMLB obtaining its product export license, all spodumene produced in the first phase of the Bougouni lithium project will be sold to Hainan Mining (including subsidiaries within its consolidated financial statements). The pricing will be based on an agreed public reference price with a floor price mechanism. Starting from January 1, 2026, an annual floor price will be set. If the calculated price falls below this floor, the actual payment will default to the floor price.
LMLB is a wholly-owned subsidiary of Kodal Mining UK (KMUK), which is controlled by Hainan Mining, and holds the mining rights to the Bougouni lithium project. The first phase of the project includes a 1.4 million-ton-per-year ore processing line, with an expected annual output of 100,000–120,000 tons of lithium concentrate grading over 5.5%.
The Bougouni lithium mine is located in Mali. In April this year, Hainan Mining announced that the transfer of the mining rights had been approved by Malian authorities, with the certificate registered under LMLB. The initial validity period is 10 years (2025–2034), renewable upon expiration.
In November 2024, KMUK, along with its wholly-owned subsidiaries FM and LMLB, signed a MOU with the Malian government regarding the transfer of mining rights and government equity participation under Mali’s new Mining Code for the Bougouni lithium project.
Hainan Mining expects the Bougouni lithium mine to achieve an output of 130,000 tons of lithium concentrate (grading over 5.5%) and sales of 120,000 tons in 2025.
Source: WeChat Official Account—电池中国
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