【SMM Analysis】AfDB Approves €100M Loan for Gotion's LFP Battery Gigafactory in Morocco

Ghana's Parliament ratified the mining lease for Atlantic Lithium's Ewoyaa project on March 20, 2026, granting a 15-year lease under a new sliding royalty scale 5% when spodumene prices fall below $1,500/tonne, rising to 12% above $3,200/tonne, replacing the previously proposed flat 10% rate. The ratification clears Ghana's first-ever lithium mining lease and positions Ewoyaa to move toward a final investment decision. Half of Ewoyaa's planned output is committed to Elevra Lithium (the merged Piedmont Lithium Sayona Mining entity), which holds prior offtake ties to Tesla and LG Chem. Atlantic Lithium's Q1 2026 report showed access to up to $16.4 million in funding, including roughly $11 million from a Ghanaian pension fund, alongside A$13.9 million cash on hand and no debt. In a more recent shift, China's Zhejiang Huayou Cobalt announced on May 7, 2026 a proposed $210 million acquisition of Atlantic Lithium outright. Days later, Huayou separately agreed to assume Ewoyaa's remaining development funding obligations a move that decouples project construction from the broader takeover outcome, meaning the mine could advance even if the acquisition doesn't close. SMM View: Ewoyaa's ratification cements Ghana's entry into Africa's lithium production landscape, but the Huayou bid adds a new ownership dimension to watch potentially extending Chinese control further into West Africa's spodumene supply chain alongside Mali's Goulamina and Bougouni projects.

[SMM Daily Review: Aug 5 Spot Lithium Carbonate Prices Consolidate Higher] Today, SMM battery-grade lithium carbonate spot price consolidated higher compared to the previous trading day. The lithium carbonate 2609 contract opened lower at 139,700 yuan/mt, briefly dipped to 138,300 yuan/mt after opening and then found support, with bulls stepping in to push prices to consolidate and rebound; in the morning session, prices fluctuated on the strong side in the 140,000-142,000 yuan/mt range, and the center gradually moved higher despite some back-and-forth; near midday, bulls and bears consolidated in a tug-of-war in the 141,500-142,500 yuan/mt range; in the afternoon, bulls continued to push, and prices consolidated higher; near the close, concentrated capital inflows drove prices quickly up to 144,300 yuan/mt, hitting an intraday high, then pulled back slightly on some profit-taking, settling around 143,200 yuan/mt, finally closing up 2.61% at 143,200 yuan/mt. Open interest decreased by 9,640 lots. In the spot market, downstream buyers purchased as needed on dips. Some downstream buyers saw increased spot order demand as upstream lithium chemical plants' maintenance reduced long-term contract volumes; upstream lithium chemical plants remained cautious in selling spot cargoes, with those having maintenance plans focusing on securing long-term contract supplies this month, while some lithium chemical plants showed signs of loosening their intent to hold prices firm. Overall, market inquiries and actual transactions were relatively stable.

Mali says it could leverage revenues from its 2023 mining sector reforms to raise up to 500 billion CFA francs (approximately $883.1 million) for energy, water, and transport infrastructure projects, according to the country's finance minister. The move marks the first clear signal of how Mali's government plans to channel windfall mining revenue into infrastructure financing, following a 2023 mining code overhaul that raised royalties and increased state stakes in mining projects reforms that have sparked disputes with international operators. A government audit reported in December recovered 761 billion CFA francs in alleged arrears from mining companies. Finance Minister Alousseni Sanou said Mali's Energy, Water and Transport Infrastructure Development Fund, created in 2023 and funded exclusively by mining permit holder contributions, had mobilized 109.14 billion CFA francs between January 2025 and June 2026. The fund draws 1% of quarterly turnover and 10% of ad valorem taxes during a mine's first five years, rising to 2% thereafter, generating at least 50 billion CFA francs annually a base Sanou said could be leveraged into significantly larger financing. Infrastructure and Transport Minister Dembele Madina Sissoko said proposed projects include railway development, road construction, boat acquisitions, and initiatives tied to state-owned Mali Airlines. SMM View: Mali's approach reflects a broader shift among African resource producers seeking greater domestic value from mining revenues echoing Ghana's use of mineral income to fund its "Big Push" infrastructure programme. As mining linked capital increasingly funds public infrastructure, it could reshape investment conditions and state-operator dynamics across West Africa's critical minerals sector.