有色金属海外季报：Bougouni锂矿项目已完成股权变更，2025Q1投产的计划维持不变

Investment Rating - The report provides a recommendation for the industry [5] Core Insights - The Bougouni lithium project is on track to commence production in Q1 2025, with construction activities progressing smoothly after an unusually long rainy season [1][2] - Five batches of materials have arrived in West Africa, with additional critical shipments expected soon, including generator sets that will mitigate delays in commissioning [1] - Mining activities are advancing well, with 59,500 tons of ore extracted at an average grade of 1.20% Li2O, sufficient for the commissioning phase [3] - A binding memorandum of understanding was signed in early November 2024, transferring the mining license of the Bougouni lithium project to a Mali-registered mining company, Les Mines de Lithium de Bougouni SA [4][7] Project Construction Progress - Construction is ongoing at maximum speed, with all structural steel, mechanical, electrical, and piping materials arriving on site [2] - The installation of the screening building, DMS plant, and downstream filtration circuit is proceeding simultaneously, with conveyor assembly also in progress [2] Mining Activities - Open-pit mining has developed to primarily extract hard rock ore and waste, with blasting operations continuing to meet overall mining plans [3] - High-grade and low-grade ores are being stored separately for commissioning, with low-grade ore to be used first during the initial commissioning phase [3] License Transfer Details - The mining license transfer includes provisions for customs exemptions on necessary equipment and materials for the construction phase [7] - Mali's government and domestic investors will hold 35% equity in the new operating company, with specific terms for equity acquisition and board representation [7]