Kodal Minerals awarded export permit for Bougouni spodumene

(Sharecast News) - Kodal Minerals said on Thursday that it has received an export permit for spodumene concentrate from its Bougouni lithium project in southern Mali, marking a key milestone in bringing the development into production. The AIM-traded firm said the permit, signed by Mali's Minister of Mines, professor Amadou Keita, authorises the export of an initial 125,000 tonnes of concentrate, subject to the completion of final administrative steps.

It said the approval confirmed pricing would be based on the Shanghai Metal Market reference price for spodumene, while transportation contracts must be awarded to Malian companies in line with local content laws.

All applicable taxes, duties and levies would be paid when due, Kodal said.

The company confirmed that its existing off-take agreement uses SMM pricing as a reference, and that it had signed a transport contract with a Malian firm to move material from the project to port facilities in Côte d'Ivoire.

"The granting of the export license is a critical step for the development of the Bougouni project as well as Mali's burgeoning spodumene industry," said chief executive Bernard Aylward.

"The permit further underpins the continued support of the Mali Ministry of Mines and the government and their interest in the further development and expansion of Bougouni."

He added that final administrative processes would be completed shortly, with mobilisation of the trucking fleet to site to follow.

At 1323 BST, shares in Kodal Minerals were up 9.86% at 0.39p.

Reporting by Josh White for Sharecast.com.