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Mali Lithium in trading halt pending capital raising news

The newly acquired Morila Gold Mine is producing at an annual rate of up to 50,000 ounces recovered gold from tailings and the company plans to grow production by re-commencing open pit mining.

Mali Lithium Ltd - Mali Lithium in trading halt pending capital raising news
Mali Lithium has been an active gold explorer in Mali, Africa’s third largest gold producer, since 2011

Mali Lithium Ltd (ASX:MLL) has been granted a trading halt by the ASX with a capital raising announcement pending.

The trading halt will remain in place until the beginning of trade on Monday September 7 or when an announcement is made to market, whichever occurs first.

Shares last traded at 19.5 cents and have risen from 12.5 cents at the close on August 26.

Transformation to producer

On August 31 the company’s shares surged 36% on a transformational acquisition that will see it become a gold producer after securing an 80% interest in the operating Morila Gold Mine in southwest Mali from Barrick Gold Corp ((NYSE:GOLD) and AngloGold Ashanti Limited (NYSE:AU) for US$22-27 million.

The Morila mine has produced more than 7.4 million ounces of gold over 20 years from a 4.5 million tonnes per annum plant and will instantly transform Mali into a cash-generating gold producer.

Morila is producing gold from hydraulic mining and processing of tailings and will provide cashflow for Mali Lithium from completion of the acquisition.

 

Quick facts: Mali Lithium Ltd

Price: 0.16 AUD

ASX:MLL
Market: ASX
Market Cap: $58.45 m
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