Initially structured in 2021 as a 50/50 incorporated joint venture between Ganfeng and Leo through MLBV (a company incorporated in the Netherlands), the project’s ownership evolved to 55/45 and later 60/40 in favour Ganfeng through a series of share subscription and sale agreements.

With the completion of this latest acquisition of the remaining 40% from Leo for USD 342.7 million (AUD 519 million), Ganfeng now assumes 100% ownership of MLBV and full operational control of the Goulamina Lithium Project.

The MinterEllison deal team was led by Partner David Perks supported by Senior Associate Matt Clarke.

Commenting on the deal Partner David Perks said:

“We’re proud to have advised Ganfeng on this successful strategic acquisition, at a time when increased regulatory and sovereign challenges, including the implications of Mali’s 2023 Mining Code, are present.”

Construction of the mine reached practical completion on 30 September 2024, and mining operations are now underway. Ganfeng is a subsidiary of Ganfeng Lithium Group Ltd, a company with a market capitalization of $16.5 billion, and is one of the world’s leading lithium producers.

David Perks and Matt Clarke have represented Ganfeng throughout its entire involvement with the Goulamina Lithium Project.