Our purpose and business model
Kodal is building a portfolio of critical and precious minerals assets in West Africa with the producing Bougouni Lithium Project as its flagship asset
Bougouni Lithium Project
The Bougouni Lithium Project is Kodal’s flagship mining project located in Southern Mali, which achieved first production in February 2025 and is targeting steady state production of 10,000 tonnes monthly product output.
Bougouni is a two-step project with Stage 1 – Dense Media Separation (DMS) commissioned, operating and targeting production of 125,000 tonnes lithium spodumene concentrate annually until 2029.
Stage 2 at Bougouni will consist of a flotation plant, to treat ore at the larger deposits of Sogola-Baoulé (12.2Mt @ 1.10% Li2O) and Boumou (13.1Mt @1.04% Li2O) due to commence operations in 2028/9 and will add 10-plus years of mine life with a forecast output of 230ktpa lithium concentrate, almost double that of Stage1.
Bougouni currently has a life of mine of 10+ years based on its current Mineral Resource Estimate with recognised potential for expansion of the project resource base
Kodal is aiming to increase Bougouni’s current Mineral Resource of 32Mt to 50Mt via further exploration drilling which has the potential to boost Bougouni’s life-of-mine to over 15 years
Bougouni Stage 1 - Dense Media Separation (DMS)
- c.125ktpa production from Ngoualana Pit
- Initial 4-yr Life of Mine
- Low capex US$60-70M
- Simple process
- Revenue forecast to exceed US$1.05 billion
- Targeting production of 5.5% Li2O spodumene concentrate
Bougouni Stage 1 DMS includes:
- Processes coarse-grained spodumene material from the Ngoualana deposit, feeding 1Mtpa of lithium ore to a DMS processing plant
- Utilises a conventional dense media separation circuit to maximise spodumene recovery of over 125,000 tonnes per annum of spodumene concentrate’
Kodal Mineral Group - Group Structure
In November 2023, Kodal Minerals finalised a joint venture partnership with Hainan Mining, a subsidiary of the US$40bn Hong Kong-listed conglomerate Fosun International, to develop the Bougouni Lithium Project
