Name of the Project
Goulamina lithium project.

Location
Southern Mali, about 50 km west of Bougouni.

Project Owner/s
Leo Lithium, a subsidiary of Firefinch, and Chinese partner Jiangxi Ganfeng Lithium.

Project Description
An update to the October 2020 Goulamina definitive feasibility study (DFS) in December 2021 has confirmed that the project is among the world’s biggest lithium developments.

Stage 1 spodumene concentrate production is estimated at 503 000 t/y, increasing to a peak of 831 000 t/y in Stage 2. The DFS envisages a standard openpit mining operation.

The flowsheet will comprise:

• three-stage crushing to a P₈₀ of 6.2 mm, with a fine-ore bin and overflow dead stockpile;

• closed-circuit ball milling and screening to an estimated P₈₀ of 180 µm, based on a closing screen P100 of 212 µm;

• two-stage magnetic separation;

• three-stage flotation (roughing, cleaning and recleaning);

• concentrate dewatering, filtration and storage;

• separate flotation and process tailings thickening, with common tailings pumped to a tailings storage facility;

• reagent mixing and distribution;

• separate flotation and process water circuits; and

• air services.

The DFS update proposes the construction of a 2.3-million-tonne-a-year throughput plant, incorporating in the design the infrastructure and equipment for the construction of a Stage 2 expansion to increase plant throughput to four-million tonnes a year.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $4-billion and an internal rate of return (real) of 97.8%.

Capital Expenditure
Stage 1 will cost about $255-million and Stage 2 $70-million.

A formal investment decision on Goulamina was taken in March in 2022.

Latest Developments
Firefinch reported in July 2022 that it had sold 28.6-million of its shares in lithium spin-off Leo Lithium at 45.5c each, garnering revenues of A$12.9-million.

Leo Lithium started share trading in June following a successful initial public offering in May, during which Leo raised A$100-million through issuing 142.9-million shares at 70c each.

Firefinch’s remaining 210.9-million shares in Leo are subject to escrow until June 23, 2024, and the company is not permitted to deal with or sell the escrowed shares except in limited circumstances as permitted by the ASX Listing Rules, including a takeover or scheme of arrangement. 

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Firefinch, tel +61 8 6149 6100 or email info@firefinchltd.com.