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Pin to quick picksKodal Minerals Regulatory News (KOD)

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Appointment of Non-Executive Director

19 Mar 2024 10:25

RNS Number : 4257H
Kodal Minerals PLC
19 March 2024
 

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

 

19 March 2024

Kodal Minerals plc

("Kodal Minerals", "Kodal" or the "Company")

 

Appointment of Non-Executive Director

 

Kodal Minerals, the mineral exploration and development company which is constructing the fully financed and permitted Bougouni Lithium Project in South West Mali ("Bougouni"), is pleased to announce that Lei ("David") Teng has today joined the board of directors of the Company (the "Board") as a Non-Executive Director.

 

David qualified as a certified practising accountant ("CPA") in Australia and has over 15 years' experience working in the natural resource division (Fosun Resource Group) of Fosun Group. At Fosun Resource Group, David has held various senior positions, including but not limited to, investment director, senior investment director, executive director, managing director and co-chairman with a focus on investment, strategy and management in the global resource sector. Most recently, David was appointed president and vice chairman of Hainan Mining Co Ltd ("Hainan" or "Hainan Mining"), a publicly listed subsidiary of Fosun Group, and he is the non-executive board chairman of ROC Oil Company Pty Ltd, an Australia-based petroleum company also controlled by Fosun Group. David is also a global partner at the Fosun Group where he is responsible for global natural resource investment and management.

 

David's appointment to the Board follows the completion of the funding transaction for US$117.75 million (the "Funding Package") with Hainan and its wholly owned UK-incorporated subsidiary Xinmao Investment Co. Limited ("Xinmao" and together the "Hainan Group"), who in-turn hold 14.72% of the issued share capital of the Company.

 

The appointment further consolidates the strong working relationship with Kodal's Bougouni joint venture partner, Hainan Group. The construction of Bougouni is fully funded by the US$100 million cash investment into Kodal's UK subsidiary company, Kodal Mining UK Limited ("KMUK"), by the Hainan Group. KMUK is 49% owned by Kodal and 51% by the Hainan Group. The construction of Bougouni is anticipated to cost US$65million and production is expected to commence in Q4 2024. The funding available to KMUK also includes further exploration and infill drilling programmes to significantly increase Bougouni's current JORC Mineral Resource estimate of 31.9 million tonnes at 1.06% lithium oxide. 

 

Kodal will be providing a development update on the Bougouni lithium project next week and will be hosting an investor presentation and Q&A for shareholders, details of which are expected to be announced with the Bougouni lithium project update.

 

Commenting on the appointment, Bernard Aylward, CEO of Kodal Minerals, stated:

 

"The appointment of Mr Teng to the Board marks another major step forward for the further integration of our joint venture partners, Hainan Group, into the Kodal organisation structure for the development of Bougouni following completion of the US$117.75m funding transaction in November 2023. David's significant knowledge and experience in the mining sector will be a valuable asset to the Board as we advance Bougouni in 2024 to full production by year-end. We welcome David to the Board and we look forward to a fruitful year ahead as we progress to becoming London's first quoted Lithium producer in West Africa."

 

AIM disclosures

 

Lei ("David") Teng, aged 44, is, or has been during the last five years, a director or partner of the following companies and partnerships:

 

Current:

Past:

Hainan Mining Shareholding Co. Ltd

Hainan Xingshao Enterprise Management LP

Hainan Mining Co Ltd 

Roc Oil Company Pty Ltd 

Kodal Mining UK Limited 

Xinmao Investment Co., Limited

Hainan Mining Shareholding Co. Ltd

 

Lei Teng does not hold any ordinary shares in the Company.

 

**ENDS**

 

For further information, please visit www.kodalminerals.com or contact the following:

 

Kodal Minerals plc

Bernard Aylward, CEO

 

Tel: +61 418 943 345

 

Allenby Capital Limited, Nominated Adviser

Jeremy Porter/Vivek Bhardwaj/Nick Harriss

 

 

Tel: 020 3328 5656

SP Angel Corporate Finance LLP, Financial Adviser & Joint Broker

John Mackay/Adam Cowl

 

 

Tel: 020 3470 0470

Canaccord Genuity Limited, Joint Broker

James Asensio/Gordon Hamilton

 

 

Tel: 0207 523 4680

Buchanan, Financial PR

Bobby Morse/Oonagh Reidy

 

 

Tel: +44 (0)20 7466 5000

kodal@buchanancomms.co.uk

 

 

 

 

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END
 
 
BOAMZGMFGLRGDZM
Date   Source Headline
28th Mar 20249:20 amRNSBougouni Lithium Project
26th Mar 20247:00 amRNSBougouni Lithium Project Development Update
19th Mar 202410:25 amRNSAppointment of Non-Executive Director
22nd Dec 20237:00 amRNSKodal Minerals Interim Results to 30 Sept 2023
30th Nov 20235:00 pmRNSTotal Voting Rights
21st Nov 20235:53 pmRNSDirector dealings and shareholdings
16th Nov 20233:36 pmRNSExercise of Options, Warrants & Performance Rights
16th Nov 20237:00 amRNSNotification of Major Holdings
15th Nov 20238:00 amRNSKodal Minerals completion of Funding Transaction
14th Nov 20233:56 pmRNSIssue of Equity and Change to Total Voting Rights
14th Nov 20237:09 amRNSBougouni Lithium Project Mineral Resource Update
27th Oct 20239:57 amRNSKodal and Hainan Funding Package Completion
28th Sep 20234:00 pmRNSPost-AGM Webcast and Q&A Session
28th Sep 20232:48 pmRNSBougouni Funding Package: Long Stop Date Extension
22nd Sep 20237:00 amRNSUpdate on Project Development Preparations
18th Sep 20237:00 amRNSKodal Board Update
6th Sep 20237:00 amRNSFinal Results & Notice of AGM
31st Aug 20237:00 amRNSBougouni Funding – Extension of Long Stop Date
3rd Aug 20237:51 amRNSKodal receives Prepayment of US$3,500,000
30th Jun 20237:00 amRNSExtension of Long Stop Date for Bougouni Funding
31st May 20237:00 amRNSBougouni Assay Results & Funding Package Update
15th May 20235:31 pmRNSReplacement: Exercise of Options and TVR
12th May 20233:39 pmRNSExercise of Options and Total Voting Rights
2nd May 20235:04 pmRNSDirector/PDMR Shareholding
27th Apr 20238:02 amRNSExtension of Long Stop Date to 31 May 2023
19th Apr 20238:42 amRNSBougouni Drilling Results & Sale of Bougouni West
13th Apr 20238:00 amRNSBougouni Lithium Project Update on Funding Package
3rd Apr 20237:00 amRNSBougouni Lithium Project Update
3rd Apr 20237:00 amRNSReplacement: Total Voting Rights
31st Mar 20236:00 pmRNSTotal Voting Rights
23rd Mar 20237:00 amRNSDirector dealings and shareholdings
20th Mar 20237:00 amRNSExercise of options and change to TVR
1st Feb 202311:00 amRNSPrice Monitoring Extension
1st Feb 202310:45 amRNSFunding update – US$7million Deposit Received
19th Jan 20232:05 pmRNSSecond Price Monitoring Extn
19th Jan 20232:00 pmRNSPrice Monitoring Extension
19th Jan 20239:05 amRNSSecond Price Monitoring Extn
19th Jan 20239:00 amRNSPrice Monitoring Extension
19th Jan 20238:10 amRNSMajor Funding Package for Bougouni Lithium Project
3rd Jan 20234:40 pmRNSSecond Price Monitoring Extn
3rd Jan 20234:35 pmRNSPrice Monitoring Extension
3rd Jan 20232:05 pmRNSSecond Price Monitoring Extn
3rd Jan 20232:00 pmRNSPrice Monitoring Extension
3rd Jan 202311:05 amRNSSecond Price Monitoring Extn
3rd Jan 202311:00 amRNSPrice Monitoring Extension
23rd Dec 20227:00 amRNSInterim Results
19th Dec 20222:34 pmEQSKodal Minerals 'not looking to raise funds'
16th Dec 20227:00 amRNSBougouni Project Update & Appointment of Broker
8th Dec 20222:01 pmEQSKodal Minerals will be 'moving full steam ahead' once funding secured
2nd Nov 20224:40 pmRNSSecond Price Monitoring Extn

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