IN BRIEF: Kodal Minerals reports below-budget Bougouni production
Kodal Minerals PLC - West Africa-focused mineral explorer and developer - Updates on activities at the Bougouni Lithium project. Reports quarterly production of 26,174 dry metric tonnes of spodumene concentrate grading 5.34% lithium dioxide in the three months ended June 30, for year-to-date production of 53,195 DMT. Says the stage 1 dense media separation processing plant performed below budget in May due to maintenance and breakdown issues, but that operations returned to normal throughput in June. Kodal also notes that a third shipment of approximately 20,400 DMT of spodumene concentrate arrived at Hainan port on June 27, with USD34.4 million already received for 95% of the estimated final value. Expects a fourth shipment of approximately 24,200 DMT to arrive in late August.
Kodal is invested in the project via a 49% shareholding in Kodal Mining UK Ltd, which is in partnership with 51% shareholder Hainan Mining Co Ltd. Kodal Mining UK holds a 65% stake in subsidiary mining company Les Mines de Lithium de Bougouni SA, which owns Bougouni in partnership with Mali's government. LMLB has paid an initial USD13 million to KMUK in its first repayment of loans for capital expenditure.
"For the current quarter, the Bougouni operation has normal operations scheduled and has made preparation for the upcoming wet season to ensure steady production," Chief Executive Bernard Aylward says. "Revenue from both the third and fourth shipments are expected to be received during the current quarter and as we continue to see a strong spodumene price environment, the Bougouni operation is benefiting from the high spodumene lithium price and expects to continue to make regular repayments to KMUK."
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