Hainan Mining (SHA:601969) signed a spodumene offtake deal with a unit of London-listed Kodal Minerals, according to a Shanghai bourse filing on Tuesday.

Under the agreement with subsidiary Le Mines de Lithium de Bougouni, all spodumene produced during the phase I of the Bougouni Lithium Mine will be sold to the Chinese mining company for four years.

The unit price will be based on a formula agreed upon by both parties and the annual floor price will be set each year starting Jan. 1, 2026.

The Mali-based lithium mine's mineral processing production line will produce 1.4 million tons of lithium every year and lithium concentrate of between 100,000 and 120,000 tons with a grade of over 5.5%.