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Pin to quick picksKodal Minerals Share News (KOD)

Share Price Information for Kodal Minerals (KOD)

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Share Price: 0.435
Bid: 0.42
Ask: 0.45
Change: 0.005 (1.16%)
Spread: 0.03 (7.143%)
Open: 0.43
High: 0.44
Low: 0.43
Prev. Close: 0.43
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Kodal shares surge as it agrees to cooperate with Mali Lithium

Wed, 29th Jan 2020 15:36

(Sharecast News) - Mineral exploration and development company Kodal Minerals has signed a memorandum of understanding with ASX-listed Mali Lithium, it announced on Wednesday.
The AIM-traded firm said the company was looking to develop the Goulaminia Lithium Project, located near Kodal's Bougouni Lithium Project in southern Mali.

It said the MoU was for general cooperation and the "investigation of synergies" in the development of the two projects.

Kodal said the two companies recognised the potential to improve the development of each project through the sharing of certain infrastructure and operational support, and under the MoU would review a number of key areas for cooperation.

Those key areas included sharing facilities in the closest town of Bougouni during pre-development, where both firms currently had separate facilities to support exploration and fieldwork, as well as the establishment of common workshop, servicing, storage and catering facilities.

It would also see the establishment of common supply chains for spares, reagents, fuel and other consumables, as well as a joint strategy for transport and shipping and a joint approach to community development.

In addition to exploring operating synergies, the two companies said they intended to negotiate an access agreement for the N'Kemene Ouest and Mafele Ouest concessions, together the Bougouni West Project, that were owned by Kodal Minerals via the Bamabara option agreement.

"Following the completion of our Feasibility Study and the lodging of our mining licence application for the Bougouni Lithium Project, Kodal Minerals is continuing to work on optimising and improving its development," said chief executive officer Bernard Aylward.

"Kodal Minerals recognises that the potential synergies of development with Mali Lithium can have significant beneficial effect on the development capital required as well as ongoing operating expenses throughout the life of mine."

Aylward said the two companies were operating in the same region of Mali, and intended to develop similar lithium mining operations.

"It makes strong sense for the companies to work together where possible to improve the operations and financial return on the projects."

At 1527 GMT, shares in Kodal Minerals were up 53.05% at 0.07p.
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Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Provides an update on project development activities and general progress at its Bougouni Lithium Project in southern Mali. Says Bougouni is on track to commence production in the fourth quarter following the achievement of key milestones in the first quarter. Explains the project is fully financed with all permitting in place, including environmental and social permits. Notes Kodal's community development plan was also recently approved by Mali's Environment Ministry. Says all weather access roads to the Ngoualana open pit and dense media separation processing site are complete. Chief Executive Bernard Aylward says: "The first quarter of 2024 has seen major progress as we push ahead with the development of our flagship Bougouni Lithium Project." Adds: "Significantly, the team has finalised negotiations for the award of a mining contract. The mining contractor will mobilise to site in the coming weeks and will commence with site clearing works in early April along with other key site establishment activities."

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