Kodal Minerals PLC (AIM:KOD) told investors that revenue from the first three shipments at its Bougouni lithium project in Mali has topped US$89 million, as the AIM-listed company continues to move spodumene concentrate through the port of San Pedro in Côte d'Ivoire.
The company said Les Mines de Lithium de Bougouni SA has received the final payment for the second shipment to Hainan Mining, taking total proceeds for that cargo to US$27.6 million after confirmation of grade, tonnage and moisture content.
That second shipment delivered around 19,738 dry metric tonnes of spodumene concentrate, with a calculated SC6-equivalent average price of US$1,681.3 per tonne.
A third shipment of around 20,480 dry metric tonnes departed San Pedro on 12 April and is currently in transit to Hainan. LMLB has already received an interim payment of US$34.4 million, representing 95% of the estimated cargo value after adjustments for grade, shipping and insurance costs.
Chief executive Bernard Aylward said the receipt of payments for the second and third shipments “highlights the strengthening spodumene concentrate price and the growing demand from the lithium market”.
Kodal said Bougouni remains unaffected by recent security incidents and unrest in parts of Mali, with mining and processing continuing and concentrate being transported to San Pedro ahead of the next shipment.
The third cargo is expected to arrive in Hainan in July, triggering the calculation process for the final payment.