Australia's Leo Lithium Ltd said it has signed a binding agreement with a subsidiary of Ganfeng Lithium to raise $72 million to collaborate on expanding its Goulamina project in Mali. Under the cooperation agreement, Leo Lithium and Ganfeng Lithium also plan to expand the combined production capacity of the first and second phases of the Goulamina project to 1 million tons per year. In addition, the two parties will fund a feasibility study for joint downstream conversion facilities in Europe or other locations close to West Africa, and establish an exploration joint venture, with an initial focus on Australia. Leo Lithium Ltd also said it would issue 131 million shares to GFL International Co Ltd, a subsidiary of Ganfeng, at an issue price of A $0.81 each. After the placement, Gan Feng will hold 9.9 per cent of the company.
