(Alliance News) - Kodal Minerals PLC on Friday said its financial performance remained stable during the first half of its current financial year as it is progressing on the development of the Bougouni project in Mali.
The Mali-focused mineral explorer reported a pretax loss of GBP338,574 for the six months to the end of September, broadly unchanged year-on-year. Kodal did not generate any revenue in either year.
"Kodal Minerals is focused on the development of the Bougouni lithium project in southern Mali, West Africa. The company has continued to advance to our objective and critically we received our environmental permit for the development of the project in November," explained Chief Executive Bernard Aylward.
Kodal Minerals noted that the granting of the environmental permit is the first approval required and needed to be received prior to the company lodging its mining licence application.
The company said it expects to achieve a fully permitted Bougouni project in the first half of 2020.
The stock was trading 5.3% lower in London on Friday morning at 0.045 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Kodal Minerals (KOD)