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Kodal Minerals Secures $117.8M for Bougouni Lithium Project

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Kodal Minerals PLC (KOD.L), a West Africa-focused mineral explorer and developer, has successfully completed a USD117.8 million funding transaction for the Bougouni lithium project. The deal, previously established with Hainan Mining Co Ltd and its UK subsidiary Xinmao Investment Co Ltd, ensures full funding for the project’s development and the start of production in Mali. Additionally, it bolsters ongoing exploration and development programs aimed at expanding the project.

The funding includes a USD17.8 million equity investment by Hainan Group into Kodal Minerals, granting them a 15% stake in the company. Moreover, Hainan Group has committed a USD100 million investment into Kodal’s subsidiary, Kodal Mining UK Ltd.

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