Mali strengthens resource sovereignty with $65 million Bougouni lithium project backed by UK and China.

The mine, officially opened on Monday, November 3, 2025, by Transitional President General Assimi Goïta, is operated by Les Mines de Lithium de Bougouni SA (LMLB SA), a joint venture between the Malian government, Kodal Mining UK Ltd, and China’s Hainan Mining Co., Ltd., a subsidiary of Fosun International.

With an initial investment of $65 million, the mine will produce 120,000 tonnes of spodumene concentrate annually, a critical raw material used in the production of electric vehicle (EV) batteries.

Under Mali’s 2023 Mining Code, the state holds a 35% equity stake, while Kodal Mining and Hainan Mining share the remainder.

President Goïta described the new mine as “a cornerstone of Mali’s determination to turn its natural wealth into tangible social and industrial progress.”

He reaffirmed that mineral resources should serve as “drivers of transformation, not extraction.”

Located 180 kilometres south of Bamako, the Bougouni site joins the Goulamina lithium mine, inaugurated in 2024, placing Mali at the heart of Africa’s lithium corridor.

With both mines operational, the country’s total lithium output is projected to reach 590,000 tonnes by 2026, positioning Mali as the continent’s top producer and a key player in the global green energy supply chain.

transparency and accountability.

“We have revoked 121 mining titles, including 100 exploration permits, to curb speculative practices and reinforce state oversight,” he said.

The Bougouni project has already created 500 local jobs, with an additional 800 expected to be made in its second phase by 2028.Its lifetime contribution to the national economy is estimated at $380 million, while roughly $41 million has already been channeled into the local economy, including $540,000 devoted to community initiatives and infrastructure.

Source: Africabusinessinsider