Kodal Minerals, a mineral exploration and development company with a focus on lithium and gold assets in West Africa, has announced an extension to the funding package completion deadline, which was previously set for 31 August 2023.
The involved parties, including Kodal Mining UK Limited (KMUK – a UK subsidiary of Kodal created to oversee Mali’s lithium assets), Hainan Mining Co. Limited, and its UK subsidiary Xinmao Investment Co. Limited, have now extended this deadline to 30 September 2023.
Kodal has made significant progress in the restructuring of its Mali subsidiary entities responsible for the lithium projects. The company has finalized the full registration of its new mining entity, Le Mines de Lithium de Bougouni SA (LMLB), which operates entirely under KMUK.
Moreover, the transfer of shareholding from Future Minerals SARL to KMUK is also nearing completion. Kodal remains in discussions with the Mali Government to address outstanding compliance issues related to the Funding Transaction. Hainan and Xinmao have reassured that the approvals from the Chinese Government are intact and they are prepared to finalize the transaction once all conditions are met.
Bernard Aylward, Kodal Minerals’ CEO, stated, “Both Kodal and Hainan are committed to finalizing the transaction while simultaneously preparing for the project’s next phase. In recent developments, Hainan made a pre-payment of US$3.5M to Kodal in August.
These funds are being directed towards engineering, metallurgical testing, and a current Mineral Resource update. In the coming month, several high-ranking executives from Hainan and Fosun groups will visit Mali to collaborate on the project.
Furthermore, in August, the Kodal team met with Mali’s new Minister of Mines, Professor Amadou Keita. The team briefed him on all ongoing initiatives.
The Minister recognized the advancements and the forthcoming investments in Mali. He reaffirmed the Government’s commitment to support the project and any help the Ministry can offer.”
