Kodal Minerals Latest To Say Mali Operations Normal After Coup

(Alliance News) - Kodal Minerals PLC on Wednesday said it is "closely monitoring" the situation in Mali as a handful of London-listed firms stressed they have not seen an impact on operations in the country following the president's resignation.

Mali's president early Wednesday said he was resigning to avoid "bloodshed", hours after his arrest by troops in a coup. Ibrahim Boubacar Keita's government had been beset by months of protests over economic stagnation, corruption, and a brutal Islamist insurgency that has claimed thousands of lives.

Rebel soldiers took Keita and Prime Minister Boubou Cisse into custody on Tuesday afternoon and drove the pair to a military base on the outskirts of Bamako, which they had seized that morning. Keita appeared calm as he appeared in a state television broadcast soon after midnight to declare the dissolution of the government and national assembly, and said he had no choice but to resign with immediate effect.

Lithium-focused development and exploration company Kodal said there has been no current impact on its operations in Mali, and all employees remain safe.

"The board notes the situation in Mali remains unclear, however there is an expectation that new elections will be called and the company will make further statements as appropriate," said Kodal.

Shares in Kodal ended down 11% at 0.0425 pence in London on Wednesday.

Kodal's statement followed similar ones from other London-listed firms on Wednesday.

Resolute Mining Ltd said operations at its Syama gold mine, located in the south of Mali on the border with Cote d'Ivoire, are "continuing as normal". Cora Gold Ltd said operations at its Sanankoro gold project in southern Mali also are continuing as usual.

Additionally, Hummingbird Resources said it is monitoring the situation in Mali and has seen no impact on production at the Yanfolila mine, located around 280 kilometres south west of Bamako.

Resolute Mining ended down 14% at 61.98p, Cora Gold down 9.3% at 10.20p and Hummingbird down 10% at 31.00p.

By Lucy Heming; lucyheming@alliancenews.com

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