London-listed Kodal Minerals has advised of an extension to the long-stop date for completing the funding package of the Bougouni lithium project, in Mali.
The extension, from the original deadline of September 30 to October 31, was agreed between Kodal, its subsidiary holding the Mali lithium assets Kodal Mining UK (KMUK), Hainan Mining and its subsidiary Xinmao Investment.
Meanwhile, Kodal has completed the restructure of KMUK, including fully registering another subsidiary under KMUK called Le Miens de Lithium de Bougouni, or Bougouni Mining.
KMUK will also soon own the Kodal group’s shareholding of Future Minerals.
Bougouni Mining will be the operator of the Bougouni mine.
Kodal continues working with the Mali government to finalise remaining compliance items that will complete the conditions precedent to complete the funding package.
In the meantime, Kodal confirms that works on site have started in preparation for the start of construction, including road upgrades.