Kodal Minerals, Mali enters agreement for mining licence transfer
Kodal Minerals PLC, a mineral exploration and development company with a focus on West Africa, has announced a key step forward in its Bougouni Lithium Project in Southern Mali.
Kodal Mining UK Ltd, in partnership with the Malian government, signed a memorandum of understanding (MoU) to facilitate the transfer of the mining license from Future Minerals SARL to the Mali-registered mining entity Les Mines de Lithium de Bougouni SA. Kodal Mining UK will hold a 65% stake in the project, while the Malian government will have a 35% participation interest.
Bougouni Lithium Project
The Bougouni Lithium Project is financed through a significant investment agreement with Hainan Mining Co. Ltd, a partnership established last year. This funding arrangement includes a $117.5 million transaction, with $100 million directly invested into Kodal Mining UK, of which Hainan Mining, through its subsidiary Xinmao Investment Co. Ltd, holds a 51% ownership. Kodal Minerals retains a 49% interest.
CEO Bernard Aylward stated that this MoU represents the final legal step needed to advance the project’s construction, keeping production timelines on track for the first quarter of 2025. Despite the project’s progress, Kodal Minerals’ stock was down 2.3% to 0.42 pence on Friday, reflecting a 40% drop over the past year.
