A tale of two African projects
African lithium M&A was in focus in June/July with Ganfeng Lithium's (HKG:1772) acquisition of 50% of the Goulamina project in Mali from Firefinch (ASX:FFX) and Piedmont Lithium's (NASDAQ:PLL) move for 50% of Ironridge Resources' (AIM:IRR) Ghana lithium projects. On the face of it PLL paid more on an EV/resource tonne basis at US$434/t (on an EV basis) while GFL paid US$99/t, BUT... The Ghanaian projects are substantially closer to the coast and, as such, will have materially lower operating costs (US$247/t FOB vs US$306/t for Goulamina) and they also boast very significant exploration upside. It looks like that, once the...