London-listed miner says Mali lithium project not hit by new law
London-listed Kodal Minerals said its lithium project in Mali won’t be impacted by new legislation that entitles the state to a greater share of the West African nation’s mining assets.
On August 29, Mali’s military head of state Assimi Goita signed the law, which doubles the stake the authorities can acquire to 20% and sets aside an additional 5% of shares for “national investors.” The authorities had already said the updated law won’t apply to the established gold operations that have long dominated the country’s mining industry – such as Barrick Gold Corp.’s Loulo-Gounkoto and B2Gold’s Fekola assets.
Mali’s National Directorate of Geology and Mines has confirmed that Kodal’s license to mine the Bougouni lithium project will be “administered in accordance” with the terms of the previous law, the firm said in a statement Friday.
The boom in lithium, a key battery metal, has kick-started a race for deposits. Mining heavyweights, battery manufacturers and automakers from Rio Tinto Plc to Tesla Inc. are chasing deals as they look to secure future supplies.
Kodal is vying with Australia’s Leo Lithium Ltd. to bring Mali’s first lithium mine to production. Kodal was awarded its license in late 2021, while Leo Lithium was given the right to develop the Goulamina asset in August 2019.
Leo Lithium suspended trading of its shares on September 19 pending an announcement on the application of the revised mining code to its project.
Mali has been beset by instability since a jihadist insurgency began in 2012, and has experienced two military coups over the past three years. Since the last army takeover in 2021, the junta has ordered the departure of a 13 000-strong United Nations force and allowed hundreds of personnel from Russia’s Wagner mercenary group to help combat the Islamist militants.
Comments
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
