Australia's Leo Lithium raises $70 mln to develop Mali project (updated)

Leo Lithium

31/07/2023 04:42

(Updates with details on resource upgrade and comment in
paragraphs 2 and 3, detail on talks with Mali govt in paragraph
4)
       July 31 (Reuters) - Australia's Leo Lithium  LLL.AX 
raised A$106 million ($70.76 million) from joint venture partner
Ganfeng  002460.SZ  in late May to develop its Goulamina stage 1
spodumene concentrate project in Mali.
    The miner said in its quarterly report on Monday that a
resource upgrade increased the Goulamina project's total
resource base by 68.7 million tonnes (Mt) to 211 Mt, making it
the world's fourth largest spodumene deposit.
    "We anticipate further positive developments with the latest
mineral resource setting the foundation for an updated ore
reserve estimate in August (at Goulamina)," Leo Lithium said,
adding the project remained on schedule for first spodumene
product in the June quarter of 2024.
    Leo Lithium, whose shares were on a trading halt, said talks
were at an early stage regarding the Mali government's right to
hold a 10% free carry interest in the project, with no timeline
defined as of yet.
    

($1 = 1.4981 Australian dollars)

 (Reporting by Poonam Behura and Sameer Manekar in Bengaluru;
Editing by Sonia Cheema and  Subhranshu Sahu)
 ((Poonam.Behura@thomsonreuters.com;))