Mali inaugurated Africa’s largest lithium mine on Sunday in Bougouni, making its first foray into the global lithium market, Morocco’s Press Agency (MAP) reported.
Located 150 kilometers from Bamako, the mine has a production capacity of 500,000 metric tons a year of spodumene concentrate and is expected to generate significant economic benefits.
Mali’s Minister of Mines, Professor Amadou Kéïta, estimated that the new mine’s revenues would exceed 250 billion CFA francs to the benefit of Malian businesses. He pledged to prioritize local businesses: They will “secure at least 51% of subcontracting contracts,” he told local media.
Mali now has the potential to be a key player in the global lithium production market, which is growing in response to increased demand for lithium-ion batteries used in electric vehicles.
The global lithium mining market is projected to grow from USD 393.64 million in 2023 to USD 414.75 million by the end of 2024, and to USD 649.44 million by 2032, according to Fortune Business Insights.
Under the country’s new mining code adopted in August 2023, Mali retains a 30% free stake in mining projects.