It has now been over four months since Leo Lithium Ltd (ASX: LLL) shares last traded on the ASX boards.
But that doesn't mean the embattled lithium developer hasn't been busy behind the scenes.
This morning, the company released a quarterly update, which provided investors with an idea of what's been going on at its Goulamina operation in Mali.
Image source: Getty Images
What did Leo Lithium say?
According to the release, the company has made further progress at Goulamina, which is the world's fifth largest spodumene deposit.
Its mining contractor mobilised their main fleet to site during the quarter and 549,000 bulk cubic metres of material were mined.
In addition, construction and mining activities have progressed with a workforce of 1,800. The initial commissioning team is mobilised and operational readiness planning has been launched.
All in all, management estimates that the project is approaching 60% completion.
This is being supported by its partnership with Ganfeng, which is China's largest lithium producer. During the quarter, a US$137.2 million Equity Investment Deed (EID) was executed and the first US$12.4 million funds were received.
When will Leo Lithium shares return?
As a reminder, Leo Lithium shares have been suspended pending an announcement in relation to correspondence from the government of Mali and the application of the 2023 Mining Code to the Goulamina Lithium Project.
This mining code reportedly allows the military-led government to increase its ownership in projects across the country to as much as 35%.
Unfortunately, it remains unclear when the company's shares will return to trade. Leo Lithium's managing director, Simon Hay, revealed that the two parties remain in talks. He said:
Leo Lithium continues to actively engage with the Mali Government to reach a constructive resolution, and we appreciate our shareholders' patience and support as we navigate through this process.
Nevertheless, Hay remains positive on the project's future. He concludes:
We hold a strong relationship with Ganfeng and we are pleased to report on the operational progress made on the ground in the quarter. Leo Lithium and Ganfeng continue to work towards bringing the project into production to become West Africa's first spodumene producer and supply the growing lithium-ion battery industry.
