Kodal Minerals pushing on at Bougouni while funding discussions continue
September 01, 2023 at 08:51 am EDT
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Kodal Minerals PLC (AIM:KOD) chief executive Bernard Aylward speaks to Thomas Warner from Proactive after the mineral exploration and development company announced the agreement of an extension to the deadline to complete the Bougouni lithium project funding package with Hainan Mining.
Aylward explains that Kodal Minerals has extended its long stop date by another month to finalise the funding agreement. This collaboration is set to fully fund the project's development and inject capital into Kodal Minerals PLC for future growth. While Aylward describes the need for an extension disappointing, he says that both parties are dedicated to making the transaction a reality.
Aylward clarified that the hold-up primarily pertains to compliance items during the restructure of subsidiary family companies. Despite this delay, the company is actively advancing the project, using the $3.5 million prepayment received from Hainan Mining for key activities like engineering design, mineral resource estimates, and consulting with authorities. Additionally, Aylward mentioned positive relations with the new Minister of Mining in Mali, Professor Amadou Keita, who has expressed support for Kodal Minerals' project.
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Kodal Minerals Plc is a United Kingdom-based company, which is engaged in the exploration and development of mineral assets. It operates through three segments: the West African Gold projects, the West African Lithium projects, and the UK administration operations. Its projects include Bougouni Lithium Project and Gold Project. The Bougouni Project covers an area of 350 square kilometers (km2) and is located approximately 180 kilometers (km) south of Bamako, the capital of Mali. Bougouni Lithium Project includes the Bougouni West project, which covers an area of 200 km2 and is located approximately 25 km to the west of Kodalâs existing Bougouni Lithium project. Gold Project include Fatou Gold Project, Dabakala Project, Nangalasso Gold Project, Slam Project, Korhogo Gold Project, and Nielle Gold Project. Fatou Project is located approximately 280 kilometers (km) south of Bamako, the capital city of Mali. It is focused on the development of its Bougouni Lithium Project in Southern Mali.