[SMM Analysis] Corica Mali Wins $348M Open-Pit Mining Contract at Ganfeng's Goulamina Lithium Project

Corica Mali, a subsidiary of Corica Mining Services, has been awarded the open-pit mining services contract at the Goulamina spodumene project in Mali, valued at approximately $348 million. The contract follows a competitive tender process and covers six months of pre-production activity followed by a fixed five-year term. Corica has already mobilised to site under an early works arrangement and is currently carrying out pre-strip and direct shipped ore (DSO) mining and crushing.

Scope covers grade control, drill and blast, load and haul, and plant ore-feed services, with a planned material movement target of 18-20 Mt/y over the contract term. This figure refers to total mined material (ore plus waste), distinct from finished spodumene concentrate output Goulamina's Stage 1 definitive feasibility study outlines nameplate production of roughly 506,000 tonnes per annum of 6% Li₂O spodumene concentrate (SC6), with test work validating high-quality, low mica concentrate.

On logistics, Goulamina is landlocked, located roughly 50 km west of Bougouni in southern Mali, and spodumene concentrate produced at site is trucked overland to coastal ports for onward shipment to end markets, predominantly Chinese converters. Industry practice for landlocked West African spodumene projects is to sell concentrate on an FOB basis at the export port, with the buyer arranging and bearing ocean freight from that point; Mali-origin concentrate has historically moved primarily via Abidjan, with San Pedro and Dakar available as secondary corridors. Specific Incoterms and export routing for Goulamina's commercial shipments were not disclosed in the contract announcement and should be confirmed against offtake documentation rather than assumed.

Goulamina holds all key approvals and permits required for production. Ownership has changed since the original mining contract announcement: Ganfeng Lithium, previously a 50% joint-venture partner, acquired the remaining 40% interest from Leo Lithium in a transaction completed through 2024-2025, and now holds the project alongside the Government of Mali's equity interest under the country's revised mining code terms of the state's current stake should be verified against the latest Malian government disclosure rather than the original 10% free-carry figure cited at contract signing. First commercial shipment from Goulamina occurred in August 2025, superseding the original H1 2024 production target referenced when this contract was first announced.

Corica has operated in the West African mining services sector for over 20 years and reports more than 2,000 employees, according to company-supplied figures; these have not been independently verified by SMM.

SMM View: The Corica contract underlines the scale of open-pit mining services demand accompanying Mali's ramp-up as a spodumene supply source, with an 18-20 Mt/y material movement target supporting Goulamina's roughly 506,000 tpa SC6 nameplate capacity. With Ganfeng now holding full private ownership following its 2024-2025 buyout of Leo Lithium's stake, offtake and logistics decisions at Goulamina sit entirely with Ganfeng and the Malian state, reinforcing China's direct control over a growing share of West African spodumene supply reaching Chinese conversion capacity. SMM will monitor further disclosure on Goulamina's export routing and contractual Incoterms as shipment volumes scale.