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(Alliance News) - Kodal Minerals PLC shares jumped on Thursday, after it said it has extended its long stop date for the Bougouni lithium project funding package.
Shares in the West Africa-focused mineral explorer and developer were up 17% to 0.50 pence each in London on Thursday around midday. Over the last 12 months, the stock is up 68%.
Kodal Minerals said its subsidiary Kodal Mining UK Ltd, Hainan Mining Co Ltd and Hainan's subsidiary Xinmao Investment Co Ltd have approved an extension for the Bougouni lithium project funding package, originally announced in January. The deadline has now moved to September 30 from August 31.
In January it said it had agreed a conditional funding package of USD117.8 million. At the time it said the package would provide full financing for the development and commencement of production at the Bougouni lithium project in Mali and support a major exploration and development programme.
On Thursday, Kodal said that it continues to work with the Mali government to finalise the remaining compliance that will complete the funding. It noted that all approvals have been obtained from the Chinese government.
It added that it has also completed the full registration of a new mining company, Le Mines de Lithium de Bougouni SA, which is a 100% subsidiary of Kodal Mining UK.
Kodal Minerals Chief Executive Bernard Aylward said: "Kodal and Hainan continue to work together to finalise the transaction as well as continuing the pre-development work to allow a rapid transition to the construction phase when the funding transaction is complete."
By Sophie Rose, Alliance News reporter
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