China’s biggest lithium producer, Ganfeng, has tipped $106.1 million into ASX-listed Leo Lithium to fast-track the expansion of the explorer’s African project in the race to secure the commodity amid the critical mineral cold war.

Ganfeng will bag a 9.9 per cent stake in Leo as part of the deal to finance the miner’s flagship Goulamina project in Mali. The Chinese giant is also considering building its first plant outside China to process the mine’s output in Europe.