Aim-listed Kodal Minerals has been granted a mining licence for its flagship Bougouni lithium project, in Mali.
The project is now fully permitted for development.
"The granting of the mining licence for Bougouni has come at a great time for Kodal, with the increasing global focus on battery metals and the recognition of potential supply deficits highlighting the value of our fully permitted Bougouni lithium project," says CEO Bernard Aylward.
Kodal in January 2020 published a feasibility study for Bougouni and is now undertaking a programme of work that will lead to an updated feasibility study that it expects will support a decision to mine.
"Our initial study highlighted very robust fundamentals, but the world of battery metals has shifted significantly in this time, and during 2021 alone, we have seen lithium prices and demand surge. The timing of Kodal's permitting and potential development timeline highlight how well positioned our Bougouni project is to capitalise on the widely forecast lithium hydroxide and lithium carbonate shortages which are expected by 2023.
"We are looking forward to the construction phase of this project and we are confident of achieving support to finance the capital required for our target of development of the first lithium mine in Mali," Aylward notes.