Kodal Minerals has announced that it is on track to become the first company listed on the London Stock Exchange to produce lithium in West Africa. The company’s Bougouni Lithium Project in Mali is expected to begin production by the fourth quarter of 2024, marking a significant milestone for both the company and the region.
The project’s development has been accelerated by a $117.75 million funding package from Hainan Mining Co., which covers Stage 1 of the development. An additional $17.75 million investment from Hainan is aimed at supporting exploration efforts. Under the terms of the deal, Kodal Minerals holds a 49% stake in the project, with Hainan controlling the remaining 51%.
Construction is already underway, with key infrastructure such as the processing plant progressing according to plan. Recent assessments have confirmed that the capital expenditure for the project remains at $65 million, as estimated in the 2020 feasibility study. Long-lead equipment deliveries are arriving at the Port of Abidjan, ensuring the project remains on schedule for initial lithium production by year’s end.
CEO Bernard Aylward described the past year as transformational for Kodal, emphasizing that the company is transitioning from developer to producer. The Bougouni project is located 170 km south of Mali’s capital, Bamako, in an area known for other mining operations, such as Hummingbird’s Yanfolila mine and B2Gold’s Fekola mine.
Kodal Minerals’ progress places it ahead of competitors like Australia’s Leo Lithium, which is also developing lithium projects in Mali, and Ganfeng Lithium, which recently acquired Leo Lithium’s remaining stake in the Goulamina lithium project. 
