Australia's Firefinch hits over 10-yr high on FID nod for Mali lithium project

Firefinch

03/01/2022 23:55

** Shares of Firefinch Ltd  FFX.AX  jump as much as 2.9% to
A$0.89, hitting their highest since April 2011
    ** Gold and lithium miner says Final Investment Decision
(FID) for its Goulamina Lithium Project in Mali has been
approved  urn:newsml:reuters.com:*:nFWN2TJ0UM
    ** Says the remaining condition required for forming the
Goulamina joint venture is the transfer of its exploration
license to a Malian subsidiary, as required by local legislation
    ** Adds that transfer is expected in early-2022, which will
allow Jiangxi Ganfeng Lithium, one of the world's biggest
lithium producers, to make its final payment of $91 mln of
funding into the project
    ** Co says for funding the project, Ganfeng has agreed to
arrange upto $120 mln in third-party debt or give
Ganfeng-provided debt 
    ** FFX says the capital cost for 2.3 million tonnes/annum
for its Stage 1 operation rose to $255 mln from $194 mln after
the updated Definitive Feasibility Study
    
    

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))