Kodal Minerals’ chief executive Bernard Aylward said the award of its mining licence at the Bougouni lithium project had come at "a very opportune time" for the company.
"The granting ….finalises the permitting required for the commencement of development, construction and operation of this mine," he said.
“This has come at a very opportune time as we continue to see an exponential increase in lithium demand and strong sentiment for the lithium spodumene market and the lithium-ion battery market in general.”
Aylward noted the current concentrate market price exceeds US$2,300 per tonne compared to a price of US$680 per tonne used as the initial price in a 2020 Feasibility Study.
Work at Bougouni is focused on the community and environmental aspects of the development, he said, alongside a review of the Feasibility Study to upgrade costs and estimates to reflect current expectations and best practices.
Results of this are expected by the end of January 2022.
Elsewhere, Aylward said he is confident the ongoing exploration of its multiple gold exploration projects across southern Mali and Northern Cȏte d'Ivoire will prove up a 'very significant global resource inventory'.
Kodal made a loss of £373,000 in the 6 months to 30 September 2021 with a cash balance at the end of the period of £3.1mln.