Leo Lithium announces completion of strategic sale

Leo Lithium (ASX:LLL) has announced the completion of its strategic sale of the remaining 40% shareholding in Mali Lithium BV to GFL International Co., Ltd (Ganfeng). This move marks the company's full divestment from the Goulamina Lithium Project. The sale is set to finalize on November 26, 2024. Following completion, Leo Lithium will receive a net payment of US$116.3 million, with further distributions to shareholders planned for January 2025.

Overview of Leo Lithium's strategic transition

Leo Lithium has successfully met all conditions precedents to sell its remaining 40% shareholding in Mali Lithium BV to Ganfeng, marking a significant strategic transition. The completion is scheduled for November 26, 2024, with a net payment of US$116.3 million to be distributed to shareholders in January 2025. An additional payment of US$171.2 million is due by June 30, 2025. This sale represents a strategic pivot, allowing Leo Lithium to focus on other ventures and distribute capital to shareholders. The expiration of the Goulamina Services Agreement signifies a management transition for the project, now fully under Ganfeng's control. This transaction illustrates a shift in the lithium market, highlighting Ganfeng's consolidation efforts and expansion.

Executive insights on Mali Lithium BV sale

We are pleased to have successfully met all conditions for the sale of our remaining shareholding in Mali Lithium BV. This transaction aligns with our strategic objectives and allows us to focus on new opportunities. The support from Ganfeng and the smooth process underscores the strong partnership between our companies.