Kodal Minerals on track to produce lithium at Bougouni in Q4

Bougouni lithium project. Photo by Kodal Minerals.

Kodal Minerals (LSE: KOD) says its Bougouni lithium task successful confederate Mali is connected way for first accumulation successful nan 4th quarter.

According to nan company, nan Bougouni shape 1 dense media separation (DMS) circuit is afloat financed pinch each basal permits successful place, including biology and societal permits, and Kodal’s organization improvement scheme was precocious approved by Mali’s situation ministry.

The miner said it’s received each costs from nan $117.75 cardinal equity financing pinch Hainan Mining announced early past year. The financing closed successful November, giving nan Chinese miner a 14.7% liking successful Kodal. Hainan besides owns a 51% liking successful Kodal’s UK subsidiary.

“This period we besides signed contracts for nan proviso of nan crushing circuit and DMS modules from knowledgeable suppliers successful China, and expect these agelong lead items will beryllium disposable connected tract successful clip to support our anticipation of first accumulation successful Q4 2024,” Kodal Minerals CEO Bernard Aylward said.

Kodal said nan mining contractor is scheduled to mobilize this month.

In addition, its updated biology and societal effect appraisal (ESIA) for nan task has been approved, and negotiations pinch section communities connected onshore compensation are advancing.

Located 170 km southbound of nan superior metropolis Bamako, Kodal’s Bougouni task is situated successful an area hosting respective established mining operations, including Hummingbird’s Yanfolila excavation and B2Gold‘s (TSX: BTO) Fekola mine.

Kodal is successful title pinch Australia’s Leo Lithium (ASX: LLL) to create Mali’s first lithium mine. Kodal received its licence successful precocious 2021, while Leo Lithium, now backed by China’s Ganfeng Lithium, was awarded nan correct to create its Goulamina plus successful August 2019.

Shares of Kodal Minerals fell 8.5% by 12:10 p.m. EDT. The lithium developer has a marketplace capitalization of $129 million.