Completion of Hainan Mining investment into the Bougouni lithium project

International leading law firm Herbert Smith Freehills and its China joint operation partner Kewei have advised Fosun-controlled Hainan Mining Co. Limited on the successful completion of its USD 117.75 million investment in the Bougouni Lithium project in Mali, in a transaction with Kodal Minerals Plc, a lithium focused development and exploration company.

Completion results in Hainan Mining's UK incorporated subsidiary, Xinmao Investment Co., Limited, holding approximately 14% in Kodal Minerals Plc and the majority stake (51%) in Kodal Minerals Plc's newly incorporated subsidiary, Kodal Mining UK Limited. The transaction will support the development and launch of production at the Bougouni lithium mine and an exploration and development programme for gold in Mali and Ivory Coast.

This transaction reflects the current attractiveness of lithium resources, driven by increasing demand for electric vehicles and computer batteries.

Herbert Smith Freehills Kewei has advised Hainan Mining with a team jointly led by Kewei international partner Gavin Guo (Shanghai), and Herbert Smith Freehills partners Robert Moore, Greg Mulley (London) and Rebecca Major (Paris), and composed of Herbert Smith Freehills associates Georgie Crawford, Trevor Lowe (London), Amorkor Amartey and Francois Adao (Paris), and Kewei senior consultant Angela Zhao (Shanghai).

The team also worked with Mali local counsel, Fatoumata Sidibe Diarra and Bemba Coulibaly at FSD Conseil.