https://www.mining.com/kodal-minerals-to-be-west-africas-first-london-listed-lithium-miner/Kodal Minerals tobe West Africa’s first London-listed lithium miner
StaffWriter | September 3, 2024 | 3:44 am BatteryMetalsAfricaEuropeLithium
Construction of the dense mediaseparation (DMS) plant at the Bougouni project. (Imagecourtesy of KodalMinerals.)
Kodal Minerals (LON: KOD) is set tobecome West Africa’s first London-listed lithium producer when itsBougouni project in southern Mali begins production in thefourth quarter of this year.
The lithium and gold-focusedcompany confirmedon Tuesday its timeline to first production and noted it hadfinalized a $117.75 million funding package todevelop Bougouni’s first stage.
Kodal also said it had transferredthe project ownership to Kodal Mining UK in return for a $100 millioninvestment from its operating partner Hainan Mining Co., a subsidiaryof Fosun International. Kodal now has a 49% stake in Bougouni.
“The past 12 months have beentruly transformational for Kodal as the Bougouni lithium project hasadvanced in Mali and transitions from developer to producer,” chiefexecutive Bernard Aylward said in the statement.
All road construction, earthworks,and civil engineering have been finished, with plant equipment likethe DMS and crushing modules scheduled to arrive in the country thisweek, the company said.
Located 170 km south of the capitalcity Bamako, the Bougouni project is situated in an area hostingseveral established mining operations, including Hummingbird’sYanfolila mine and B2Gold‘s (TSX: BTO) Fekola mine.
Kodal was in competition withAustralia’s Leo Lithium (ASX: LLL) to develop Mali’s firstlithium mine. In June, China’s Ganfeng Lithium boughtLeo’s remaining 40% stake in the Goulamina lithium project andsaid it continued to target first spodumene production from it in thethird quarter of 2024.
Kodal also reported on Tuesday asignificant increase in mineral resources, strong financial growthwith a 266% increase in net assets, and the implementation ofcommunity-focused ESG initiatives.
Additionally, the company isadvancing its gold projects in West Africa, thanks to strategicinvestments from Hainan.
Shares in Kodal jumped on the newsand were trading almost 3% higher in London mid-afternoon at 0.52peach. This leaves the company with a market capitalization of £104.25million ($137m)
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