Kodal Minerals PLC (AIM:KOD) told investors it has completed loading its first shipment of lithium spodumene concentrate from the Bougouni Project in Mali.
The shipment of 28,950 tonnes departed the Port of San Pedro in Côte d’Ivoire on 30 November bound for Hainan Province, China.
The company said it will invoice 95% of the cargo value to its offtake partner Hainan Mining, with an expected first payment of about US$24 million. Kodal reported that it has produced more than 45,000 tonnes of concentrate to date at an average lithium oxide grade of 5.3%.
"The completion of the loading and the departure of our first shipment of lithium spodumene concentrate to our joint development and offtake partner, Hainan, is a major milestone for our team and will result in the receipt of the first revenues from the Project," chief executive Bernard Aylward said.
He added: "The final sale price for the lithium spodumene product will be adjusted to account for the actual grade and quality of product delivered and deducting the cost of sea freight, the Company expects the price to exceed US$930 per dry metric tonne."