Kodal Minerals Reports Major Milestones at Bougouni Lithium Project
Kodal Minerals PLC (AIM:KOD) has hailed a year of “significant achievements” as it published results for the 12 months to 31 March, underscoring rapid progress at its flagship Bougouni Lithium Project in Mali.
The company successfully completed construction of its Stage 1 Dense Media Separation (DMS) plant within the planned $65 million budget. First production of spodumene concentrate was achieved in February, and by the end of July, output had already surpassed 40,000 tonnes.
Further momentum came in June, when Kodal secured a full offtake agreement with Hainan Mining, covering all spodumene production from Bougouni.
Chief executive Bernard Aylward praised the pace of development:
“This is no small feat for a modest mineral development company. We only acquired Bougouni in 2016 and have now advanced it to production in under ten years. I look forward to seeing Kodal evolve into a fully-fledged lithium producer over the coming year, once we secure an export licence from the Mali government and move towards nameplate capacity by the end of 2025.”
On the financial front, Kodal reported a £2.45 million operating loss, a notable improvement from the prior year’s £3.34 million loss. The company closed the financial year with a strong £57.43 million cash balance.
Aylward added that stabilising lithium prices, alongside continued Chinese government support for electric vehicle adoption, are positive signs for the market:
“We look forward to confirming our first shipments of spodumene concentrate to Hainan’s lithium hydroxide plant in China once the export permit has been granted.”
