About Kodal
Kodal Minerals was established and listed on London’s AIM market in 2013, acquiring its flagship asset, the Bougouni Lithium Project, in 2016. Located in Southern Mali, 170km south of the capital Bamako, the project is in close proximity to excellent infrastructure, road and power logistics.
Kodal Minerals is aiming to be the first West African producer of lithium spodumene, with our flagship Bougouni Lithium Project (Stage 1) scheduled to go into production by Q1 2025, which is fully financed and fully funded.
Since the acquisition of the Bougouni Project from Gorutumu Mining SARL and Triumvirat Mining Company SARL, Kodal has implemented an accelerated exploration and development programme to fast track the project into production.
Kodal is looking to build a portfolio of battery metals assets in the West African region with Bougouni set to be the first project to go into production in this highly prospective and mineral rich region of Africa.
Background to Bougouni Project: Major Milestones
Q4 2019
The Company received approval for its Environmental and Social Impact Assessment (ESIA) application
Q1 2020
The Kodal Minerals Mining Licence application was lodged
Q4 2021
The Mining Licence was granted (under the 2019 Mining Code) to Kodal’s Mali subsidiary company, Future Minerals SARL valid for an initial 12-year term and renewable in ten-year blocks until all resources mined and extends over 97.2 square km covering the proposed open-pit mining and processing operation at Bougouni.
Q4 2021
Kodal acquires minority interests from original owners Gorutumu Mining and Triumvirat Mining, taking full control of Bougouni.
Q2 2022
Kodal updated the Project Feasibility Study (PFS) and development status for Bougouni, outlining the DMS option to fast track Bougouni into production for a capital cost of; US$65 million, generating an NPV7% of US$557 million (US$420 million post-tax) and payback of 2 months
Q1 2023
Kodal announces a US$117.75 million funding agreement with Hainan Mining
Q4 2023
Funding agreement with Hainan Mining is finalised
Q1 2024
Development works at Bougouni project site underway
Q2 2024
Construction starts at Bougouni; DMS units ordered; DMS units shipped to Port
In November 2023, Kodal Minerals signed a US$117.5m funding package with Hainan Mining to develop the flagship Bougouni Project and fast track it into production by Q1 2025.
The funding package consists of a US$100 million investment into Kodal’s UK subsidiary company, Kodal Mining UK Limited (KMUK), by the Hainan Group, providing full funding for the development and commencement of production at Bougouni and ongoing exploration and development.
Subsequently, KMUK is 49% owned by Kodal and Hainan Group owns a 51%. This strong partnership with the Hainan Group will allow Bougouni Lithium Project be fast tracked into production by Q1 2025 and leverage Hainan’s huge mining experience in order to build the project using the latest mining technology available in cost effective way.
The funding transaction also includes a US$17.75 million equity subscription by Hainan Group into Kodal, with Hainan subsequently holding of 14.72% of Kodal’s issued share capital.
