Aim-listed Kodal Minerals has acquired the minority shareholdings of the original vendor parties of the Bougouni lithium project, in Mali, resulting in it now owning 100% of the project.
Each vendor – Gorutumu Mining and Triumvirat Mining Company – will receive $600 000, respectively, and a net smelter return royalty of 0.6%.
With Kodal owning all concessions of the project, the company can fully explore financing and development opportunities.
A feasibility study on the project envisions the production of 220 000 t/y of spodumene concentrate over an eight-and-a-half-year mine life.
Meanwhile, Kodal awaits approval of a mining licence application for Bougouni.