Kodal Minerals reaches milestone with agreement on funding package for Bougouni lithium project
October 30, 2023 at 04:02 am EDT
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Kodal Minerals CEO Bernard Aylward joined Proactive's Stephen Gunnion with news that the company has agreed terms with Hainan Mining to complete the funding package for the Bougouni Lithium Project in Mali.
The news sent Kodal's shares 24.5% higher by the close of trade in London on Friday.
Speaking from Bamako, Mali, Aylward said the transaction is "fantastic" for Kodal as it means the company is fully funded for the development not only of the media separation (DMS) plant that will allow it to commence mining and processing but also provides significant funding for the ongoing drilling and development and expansion of the project.
Under the agreement, the parties are looking to finalise all remaining compliance items as soon as possible with the expected transfer of money - US$117.75 million in total, of which US$3.5 million has been received as a pre-payment - for the completion of the transaction now expected in the first half of November 2023.
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Kodal Minerals Plc is a United Kingdom-based company, which is engaged in the exploration and development of mineral assets. It operates through three segments: the West African Gold projects, the West African Lithium projects, and the UK administration operations. Its projects include Bougouni Lithium Project and Gold Project. The Bougouni Project covers an area of 350 square kilometers (km2) and is located approximately 180 kilometers (km) south of Bamako, the capital of Mali. Bougouni Lithium Project includes the Bougouni West project, which covers an area of 200 km2 and is located approximately 25 km to the west of Kodalâs existing Bougouni Lithium project. Gold Project include Fatou Gold Project, Dabakala Project, Nangalasso Gold Project, Slam Project, Korhogo Gold Project, and Nielle Gold Project. Fatou Project is located approximately 280 kilometers (km) south of Bamako, the capital city of Mali. It is focused on the development of its Bougouni Lithium Project in Southern Mali.