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Kodal Minerals continues to push ahead in Africa

Last updated: 10:25 18 Dec 2023 GMT, First published: 10:24 21 Sep 2023 BST

Snapshot

  • Kodal Minerals completes funding transaction with Hainan
  • Mining 101: Taking a closer look at the seismic survey
  • Kodal Minerals CEO reports on "fantastic" 2023 and next steps
Lithium

About the company

Kodal Minerals PLC is a mining development and exploration company active in West Africa.

The company's flagship project is the advanced Bougouni Lithium Project in southern Mali.

Kodal also has a range of gold exploration projects in Mali and Cote d'Ivoire.

How it is doing

15 Nov 2023

Kodal Minerals PLC (AIM:KOD) said the US$117.75 million funding transaction with Hainan Mining has been completed today as the shares from the US$17.75 million equity subscription were admitted for trading.

The investment, which includes a US$100 million cash injection into Kodal's UK subsidiary company, provides full funding for the Bougouni lithium project in Mali, to not only continue development and begin production, but also for further exploration and development to expand the project.

Hainan now holds a 14.72% stake in Kodal Minerals and 51% of subsidiary Kodal Mining UK Ltd (KMUK), under the revised terms agreed last month.

Bougouni has a mining permit for an initial 12-year period, renewable in 10-year blocks until all resources are mined.

14 Nov 2023

Kodal Minerals PLC (AIM:KOD) has announced a 40% increase to the previous JORC mineral resource estimate for the Bougouni Mineral Project in southern Mali.

The significant increase is specific to the Ngoualana and Boumou deposits following the drilling programmes completed in early 2023.

27 Oct 2023

Kodal Minerals PLC (AIM:KOD) and Hainan Mining have agreed on the completion of the Bougouni Lithium Project funding package first announced in January, following the deadline extension announced in Septmeber.

KMUK is the Company's new UK-registered subsidiary formed to be the holder of the Mali lithium assets which will be owned 49% by Kodal and 51% by the Hainan Group.

Insight: Mining 101: Taking a closer look at the seismic survey

06 Nov 2023

The seismic survey is a technological marvel, a symphony of science and engineering that delves deep into the Earth's subsurface, seeking the hidden architectures where hydrocarbons—our modern-day economic lifeblood—reside.

The process is akin to a medical ultrasound, but on a planetary scale, with low-frequency sound waves as the diagnostic tool probing the Earth's geological layers. With advancements in 3-D seismic technology, this method has become the cartography of subterranean treasure maps, revealing the contours and pockets of potential oil and gas reserves with remarkable clarity.

What management says

18 Dec 2023

Kodal Minerals PLC (AIM:KOD) CEO Bernard Aylward speaks to Thomas Warner from Proactive at the end of a year he describes as "fantastic" for the company and its effort to develop the Bougouni Lithium Project in southern Mali.

He says a transformative joint venture with Hainan Mining has fully funded the development of Bougouni, prompting the start of its construction. Kodal also grew its resource base by over 40% due to successful drilling programs, with more exploration work still to come.

He touches on negotiations with Hainan Mining, which were initially expected to be swift but encountered bureaucratic delays. However, with regulatory approvals and restructuring, the deal was finalised in November. Aylward remains optimistic about starting production by late 2024, transitioning Kodal from an explorer to a lithium producer.

Kodal Minerals CEO reports on "fantastic" 2023 and next steps

Kodal Minerals PLC (AIM:KOD) CEO Bernard Aylward speaks to Thomas Warner from Proactive at the end of a year he describes as "fantastic" for the company and its effort to develop the Bougouni Lithium Project in southern Mali. He says a transformative joint venture with Hainan Mining has fully...

on 18/12/23