Firefinch formalises Ganfeng JV and advances Leo Lithium spinout

Firefinch Ltd (ASX:FFX)’s Managing Director, Dr Michael Anderson, touches on the company’s joint venture agreement with Ganfeng after it satisfied all conditions to secure the partner’s US$170 million investment in the Goulamina Lithium Project in Mali.

Some US$130 million in cash will now flow to a joint venture company, and Ganfeng will also provide a further US$40 million in Ganfeng debt or source US$64 million in third-party debt. Firefinch will now move to demerge the group entity that holds its interest in the JV, spinning out Leo Lithium as a separate entity that can better focus resources on the Goulamina Project.