Kodal Minerals (LON: KOD) is on track to become West Africa’s first London-listed lithium producer, with its Bougouni project in Mali set to commence production in the fourth quarter of this year.

Focus Keyphrase: Bougouni Project First Production

Kodal Minerals has secured a $117.75 million funding package for the development of the Bougouni project’s initial stage. The company has transferred project ownership to Kodal Mining UK, acquiring a $100 million investment from its partner Hainan Mining Co.

Bougouni Project’s Strategic Location

The Bougouni project, positioned 170 km south of Bamako, is near established mining operations like Hummingbird’s Yanfolila mine. All necessary infrastructure, including road construction and earthworks, is complete, with plant equipment arriving soon.

Significant Growth and ESG Initiatives

Kodal reports a boost in mineral resources, a 266% surge in net assets, and praises its community-focused ESG practices. It is also progressing with gold projects in West Africa, leveraging investments from Hainan.

Shares of Kodal increased by 3% following these announcements, trading at 0.52p in London, implying a market cap of £104.25 million.

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