Kodal Minerals issues update for Bougouni Lithium Project
Kodal Minerals has provided an update on its flagship Bougouni Lithium Project in Southern Mali, marking substantial progress in its journey towards lithium production.
The project is on track to commence production in Q1 2025, with all development activities progressing within the allocated US$65 million capital budget. Major equipment, including steelwork and electrical materials, has arrived at the Abidjan Port in Côte d’Ivoire and is being transported to the project site.
Construction is accelerating following the wet season, with significant progress on critical buildings such as the DMS module, screening building, and filtration building. Electrical generator units are being delivered to Conakry and Abidjan for subsequent transportation to the site.
Assay results
Mining activities are advancing ahead of schedule, with several hard rock blasts completed. Approximately 59,500 tonnes of ore averaging 1.20% Li₂O have been mined, ready for the commissioning phase.
Assay results confirm wide, high-grade lithium intersections, underscoring the prospect’s resource expansion potential. Further drilling is planned, targeting extensions and new zones, alongside geotechnical and metallurgical assessments.
A binding memorandum of understanding (MoU) with the Government of Mali facilitated the mining license transfer to KMUK’s subsidiary mining company, with the first US$7.5 million payment made as part of the US$15 million settlement. Discussions with Hainan on the off-take agreement and settlement payment responsibilities are ongoing.
Bernard Aylward, CEO of Kodal Minerals, expressed satisfaction with the project’s acceleration, particularly the construction of the crushing circuit and DMS plant, which are crucial for the December 2024 commissioning timeline. He emphasized the encouraging drilling results at Boumou, which promise to expand the resource base and support future project phases.
