Kodal Minerals secures US$13 million repayment from Bougouni operation
Kodal Minerals Plc, the West African lithium producer, has secured its first repayment of US$13 million from Les Mines de Lithium de Bougouni (LMLB), the operator of its Bougouni lithium project in Mali. This milestone reflects strong spodumene prices supporting the operation’s financial health and ongoing production.
The payment from LMLB to Kodal Mining UK (KMUK) marks the initial repayment of loans provided to fund capital expenditure at the Bougouni mine. KMUK, in which Kodal holds a 49% stake alongside majority partner Hainan Mining, has applied these funds to significantly reduce its loan facility with Hainan Mining.
Bernard Aylward, Chief Executive of Kodal Minerals, commented, “The robust spodumene price environment is enabling LMLB to generate very positive returns, and we expect regular repayments to KMUK to continue.”
In the three months ending June 30, Bougouni produced 26,174 dry metric tonnes of spodumene concentrate grading 5.34% lithium oxide, bringing year-to-date production to 53,195 tonnes. Production was slightly below budget due to maintenance and breakdown issues in May affecting the crushing circuit, which reduced feed to the processing plant. However, maintenance has since been completed, and throughput returned to normal in June. Additional mining equipment mobilized to the Ngoualana open pit has also improved mining rates.
The project has made significant export progress, with a third shipment of approximately 20,400 tonnes of concentrate arriving at Hainan port on 27th June 2026. This shipment was priced at US$2,304 per tonne based on Shanghai Metal Market Chinese and African CIF indices for 6% concentrate, with an interim payment of US$34.4 million already received. A fourth shipment of around 24,200 tonnes departed San Pedro in Côte d’Ivoire on 11th July 2026, and is expected to arrive at Hainan port in late August.
Aylward added, “Exports will continue on a six-week to two-month schedule, with revenue from the third and fourth shipments expected in the current quarter. We have also taken steps to prepare for the upcoming wet season to ensure steady production. Our focus remains on meeting budget targets and maintaining prudent cash management.”
This initial loan repayment and ongoing robust production highlight Kodal Minerals’ strong operational and financial position as it advances its Bougouni lithium project amid a favorable market environment.
