Kodal Minerals has been granted a Mining Licence for its flagship Bougouni Lithium Project in Mali. The Project is now fully permitted for development with the previous approval of the Environmental and Social Impact Assessment (ESIA) in November 2019.
Bernard Aylward, CEO of Kodal Minerals, commented: “The granting of the Mining Licence for Bougouni has come at a great time for Kodal with the increasing global focus on battery metals and the recognition of potential supply deficits highlighting the value of our fully permitted Bougouni Lithium Project.
Programme of work
“We announced our Feasibility Study in January 2020 and the programme of work we are currently undertaking will lead to an updated Feasibility Study that is expected to support a Decision to Mine. Our initial study highlighted very robust fundamentals, but the world of battery metals has shifted significantly in this time, and during 2021 alone, we have seen lithium prices and demand surge.
“The timing of Kodal’s permitting and potential development timeline highlight how well positioned our Bougouni project is to capitalise on the widely forecast lithium hydroxide and lithium carbonate shortages which are expected by 2023. Shares in Kodal Minerals PLC also surged at 0807 GMT up 22% at 0.44 pence. The group is now working to update cost estimates for the project, ahead of securing funding for development and construction.
“We are looking forward to the construction phase of this project and we are confident of achieving support to finance the capital required for our target of development of the first lithium mine in Mali. I look forward to providing further updates on our progress in due course.”