RE: Leo update31 Jul 2023 09:01
Australia's Leo Lithium raises $70 mln to develop Mali project Jul 31, 2023 (Reuters)
Australia's Leo Lithium (LLL) raised A$106 million ($70.76 million) from joint venture partner Ganfeng 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.