Kodal Minerals (LSE: KOD) has secured an export permit for spodumene concentrate from its Bougouni lithium mine in southern Mali, clearing a key hurdle for the project’s first shipments.
The permit authorizes exports of up to 125,000 tonnes of concentrate, pending completion of final administrative steps. It was confirmed in a letter issued by the Ministry of Mines and signed by Mines Minister Professor Amadou Keita.
“The granting of the export licence is a critical step for the development of the Bougouni project, as well as Mali’s burgeoning spodumene industry,” Kodal CEO Bernard Aylward said. “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.”
The document also confirms pricing will be based on the Shanghai Metal Market reference price for spodumene, though authorities retain the right to verify and adjust prices. Kodal has already agreed to sell all Bougouni output to China’s Hainan Mining, with pricing linked to the SMM benchmark.
Shares in Kodal Minerals gained 7% to close at 0.38 pence on Thursday in London, valuing the company at £76 million ($C141 million).
Logistics
The company has also signed a transport deal with a leading Malian logistics operator to move concentrate from the mine to port facilities in Côte d’Ivoire. Kodal said it will pay all applicable taxes, duties and levies.
Located 170 km south of Bamako, Bougouni aims to produce 11,000 tonnes of spodumene concentrate per month. The mine is run by Les Mines de Lithium de Bougouni SA, a Mali-registered company in which Kodal holds a 49% stake.
Bougouni is Mali’s second lithium operation, following Ganfeng Lithium’s Goulamina mine, which began producing in December 2024.
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