Bougouni development partner - Hainan Group
100% offtake secured with development partner for Stage 1
Hainan Mining is a subsidiary of Fosun International.
Fosun - a US$5bn Hong Kong-listed conglomerate with total assets of US$12bn.
In November 2023, Hainan invested US$100m into the Bougouni Lithium Project for a 51% stake in the Bougouni asset as a joint venture partner.
This significant investment means that the Bougouni Lithium Project is fully funded for DMS Stage 1 (c.US$65m) and for additional expansion and resource base.
Hainan also acquired a 14.7% of Kodal Minerals plc via a US$17.75m investment to advance Kodal's portfolio and assets.
Hainan Mining invested 1.065 billion yuan ($164 million) to build a 20,000 tonnes-per-year battery-grade lithium hydroxide plant in the Hainan province, China
Construction of the plant commenced in December 2022 and marked first production in December 2024
This creates a vertically integrated supply chain from the Bougouni Project to the Chinese processing facility
Hainan Mining’s battery-grade Lithium Hydroxide Plant in Hainan Province
Offtake Agreement
In June 2025, Kodal Minerals announced that an off-take agreement has been signed between Les Mines de Lithium de Bougouni and Hainan Mining Co. Ltd, whereby Hainan will be the exclusive buyer of 100% of the spodumene product produced by the Bougouni Stage 1 DMS processing plant.
The Off-Take Agreement is for a period of four years with an annual review of the quantities to be sold and a separate review of the floor price for the concentrate
