(Yicai) Dec. 16 -- Ganfeng Lithium said the first phase of its Goulamina project in Mali, one of the world's biggest lithium deposits, has become operational, marking a major milestone in the Chinese miner’s self-sufficiency by providing a stable supply for its lithium salt production lines.

The spodumene mining project, which went live yesterday, will also boost Ganfeng Lithium’s profitability and have a positive impact on its future operational performance, the Xinyu-based company said on the same day.

The Goulamina project in Mali’s Bougouni region has a mining area of 100 square kilometers, 211 million tons of ore deposits, containing an estimated 7.14 million tons of lithium carbonate equivalent at an average lithium oxide grade of 1.37 percent. Its first phase can produce 506,000 tons of spodumene concentrate a year, which will double with the second phase.

Ganfeng Lithium is one of the world’s largest producers of lithium compounds and raw materials, which are critical for lithium-ion batteries used in electric vehicles, energy storage systems, and electronics. Goulamina is expected to significantly contribute to the global supply of high-quality lithium resources and strengthen the firm's competitive position in the international market.

Ganfeng Lithium aims to develop the project as a model overseas mining operation that is safe, environmentally friendly, and efficient. It will also adhere to environmental, social, and governance guidelines, reflecting a commitment to sustainable development, the firm said.

Mali’s government acquired a 35 percent stake in the project earlier this month, leaving Ganfeng Lithium’s wholly owned subsidiary, GFL International, with 65 percent.

Shares of Ganfeng Lithium [SHE: 002460] closed 2.5 percent lower at CNY37.28 (USD5.12) apiece in Shenzhen today, while its Hong Kong-listed stock [HKG: 1772] fell 2.3 percent to HKD21.15 (USD2.72). Both markets also fell.

Editor: Martin Kadiev