Kodal Minerals issues update on Bougouni Lithium Project
Kodal Minerals has provided an update on the development of its Bougouni Lithium Project in Southern Mali, emphasizing significant progress in construction and mining activities. Fully funded through the $117.5 million Hainan funding transaction, the project is advancing on schedule, targeting the start of production in Q1 2025 within a $65 million capital development budget.
Bernard Aylward, CEO of Kodal Minerals, expressed satisfaction with the project’s accelerated development, emphasizing that commissioning of the crushing circuit will begin in December 2024, followed by the DMS units. He highlighted the significance of the Boumou prospect drilling results in expanding the resource base and the continued alignment with the Malian government to finalize operational details.
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Key construction materials, including steelwork, mechanical equipment, and piping, have arrived at Abidjan Port in Côte d’Ivoire and are en route to the project site. Major structures such as the Dense Media Separation (DMS) module, screening building, and filtration building are nearing completion.
The first two units have arrived at Conakry Port in Guinea, with others en route to Abidjan. Opencast mining at the Ngoualana deposit is ahead of schedule, with 59,500 tonnes of ore averaging 1.20% Li₂O mined for commissioning. Several blasts in the hard rock have exposed the main ore body.
Future plans include additional drilling to target extensions, fault offsets, geotechnical assessments, and metallurgical sampling. The binding memorandum of understanding (MoU) with Mali’s government will finalize the transfer of the mining license to KMUK’s subsidiary.
The first half of the $15 million settlement payment has been made, with ongoing discussions between Kodal and Hainan regarding the off-take agreement and responsibility for the settlement payment. This progress reinforces Kodal’s position as a key player in the emerging lithium industry, leveraging its strategic partnership with Hainan and Mali’s resource-rich landscape.
