The mine, officially opened on Monday, November 3, 2025, by Transitional President General Assimi Goïta, is operated by Les Mines de Lithium de Bougouni SA (LMLB SA), a joint venture between the Malian government, Kodal Mining UK Ltd, and China’s Hainan Mining Co., Ltd., a subsidiary of Fosun International.

With an initial investment of $65 million, the mine will produce 120,000 tonnes of spodumene concentrate annually, a critical raw material used in the production of electric vehicle (EV) batteries.

Under Mali’s 2023 Mining Code, the state holds a 35% equity stake, while Kodal Mining and Hainan Mining share the remainder.

President Goïta described the new mine as “a cornerstone of Mali’s determination to turn its natural wealth into tangible social and industrial progress.”

He reaffirmed that mineral resources should serve as “drivers of transformation, not extraction.”

Lithium bearing rock in the open pit at the Bikita Minerals lithium mine, operated by Sinomine Resource Group Co., in Bikita, Zimbabwe, on Tuesday, Nov. 19, 2024. [Cynthia R Matonhodze/Bloomberg via Getty Images]

With both mines operational, the country’s total lithium output is projected to reach 590,000 tonnes by 2026, positioning Mali as the continent’s top producer and a key player in the global green energy supply chain.

Minister of Mines Amadou Keïta emphasised the government’s resolve to reform the mining sector for transparency and accountability.

“We have revoked 121 mining titles, including 100 exploration permits, to curb speculative practices and reinforce state oversight,” he said.

President Assimi Goïta inaugurates Mali’s Bougouni Lithium Mine — a $65 million project positioning the West African nation as a rising force in global green energy supply chains. [Photo by Contributor/Getty Images]

For Teng David Lei, CEO of Hainan Mining, the mine “reflects a shared vision between Mali, China, and the United Kingdom,” indicating its role in “securing global supply chains for the energy transition.”

Bernard Aylward, Chairman of Kodal Mining, hailed Bougouni as “the first majority British-led lithium project in Mali,” built on “international standards of safety, environmental protection, and fiscal transparency.”

For Mali, this project is more than a mine; it is a declaration of resource sovereignty and a powerful symbol of Africa’s growing influence in the global race for critical minerals.