Kodal Minerals reports production below budget

(Sharecast News) - Kodal Minerals said on Friday that the Bougouni lithium project produced 26,174 dry metric tonnes of spodumene concentrate grading 5.34% lithium oxide in the quarter to 30 June, taking year-to-date output to 53,195 tonnes. Production was below budget after crushing circuit maintenance and breakdowns reduced plant feed in May, although throughput recovered in June and additional mining equipment improved activity at the Ngoualana open pit.

The project completed a third shipment of about 20,400 tonnes, with an indicative price of $2,304 per tonne and an interim payment of $34.4m already received, while a fourth shipment of roughly 24,200 tonnes departed Côte d'Ivoire on 11 July.

Operator LMLB also made an initial $13m loan repayment to Kodal Mining UK, which was used to repay most of its Hainan facility, with further repayments expected as strong spodumene prices support margins and cash generation.

At 0911 BST, shares in Kodal Minerals were up 4.83% at 0.3p.

Reporting by Josh White for Sharecast.com.

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