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Kodal Minerals narrows losses on lower costs amid ongoing progress at Bougouni lithium project

Fri, 6th Dec 2019

Kodal Minerals reported a slight reduction in first-half losses on lower costs as it continued to develop the Bougouni lithium project in southern Mali. For the six-month period ended 30 September 2019, pre-tax losses narrowed to £338K from £354K on-year. The company had not earned revenue during the year as it remained in the exploration and development phase. Administrative expenses fell by 1.8% and share-based payments by 36%. The company said it would test a bulk sample of lithium mineralisation from the Ngoualana prospect - within the Bougouni project- at a production plant with a processing flowsheet and design layout similar to the plant proposed for its Bougouni lithium project. 'This testing will provide valuable first-hand knowledge of the behaviour of the mineralisation to crushing and processing and will allow the company to make final updates to the process design prior to undertaking construction,' it added. 'The bulk sample will be treated when there is availability at the processing plant, with a full report and analysis of the treatment expected in the New Year.' Story provided by StockMarketWire.com

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