1st Nov 2024 14:29
Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Says Kodal Mining UK Ltd and the Mali government have entered into memorandum of understanding to finalise the transfer of the Bougouni Lithium project mining licence from Future Minerals SARL to the Mali-registered mining company Les Mines de Lithium de Bougouni SA, both of which are owned by Kodal Minerals. The participation of the Mali government will be 35% and Kodal Mining UK will hold 65%.
The Bougouni Lithium project is in Southern Mali and is funded through the USD117.5 million funding transaction agreed with Hainan Mining Co Ltd last year. The Hainan transaction included a USD100 million investment into Kodal Mining UK, a company owned 51% by Hainan and its subsidiary, Xinmao Investment Co Ltd, and 49% by Kodal Minerals.
Chief Executive Officer Bernard Aylward says: "The memorandum of understanding with the state for the transfer of the Bougouni mining licence is the final legal step required as we rapidly progress the construction of the project, with production on track for the first quarter of 2025."
Current stock price: 0.42 pence, down 2.3% in London on Friday afternoon
12-month change: down 40%
By Emily Parsons, Alliance News reporter
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