Business
Acquisition of Minority Interests in Bougouni
Acquisition of Minority Interests in Bougouni.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1838R\n Kodal Minerals PLC\n 03 November 2021\n \n \n \n \n Certain information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 (Market Abuse Regulation) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.\n \n Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n Kodal Minerals plc / Index: AIM / Epic: KOD / Sector: Mining\n \n \n 3 November 2021\n \n \n \n \n \n Kodal Minerals plc ('Kodal' or the 'Company')\n \n \n \n \n \n Kodal completes acquisition of minority interests to become the 100% holder of the \n \n \n Bougouni Lithium Project\n \n \n Kodal Minerals plc, the mineral exploration and development company focused on the Bougouni Lithium Project in Southern Mali (\"Bougouni\" or the \"Project\") and its gold assets in West Africa, is pleased to announce that it has acquired the minority shareholdings of the original vendor parties of the Project. These acquisitions result in Kodal having 100% interest in all concessions of the Bougouni Lithium Project with the concessions all held in the name of Kodal's Malian subsidiary companies.\n \n Highlights\n \n · Kodal has acquired the retained 10% interest in concessions from original owners Gorutumu Mining SARL (\"Gorutumu\") and Triumvirat Mining Company SARL (\"Triumvirat\")\n \n · The terms of the acquisitions are for each vendor to receive:\n \n o a cash payment of US$600,000 for a total payment by Kodal of US$1,200,000; and\n \n o a net smelter return (\"NSR\") royalty for production attributed to each vendor's relevant concessions of 0.6% such that Kodal will pay a 0.6% NSR over all production.\n \n · Kodal now has 100% ownership of the concessions within the Bougouni Project where initial Feasibility Studies announced in January 2020 indicate a minimum 8.5-year mine life producing on average 220,000 tonnes of 6% spodumene concentrate per annum, with a total life of mine production of 1.94Mt of concentrate and life of mine revenue exceeding USD$1.4bn\n \n · The acquisition of the minority interests allows the Company to further explore development and financing opportunities ...