Business
New licence application, Mali
New licence application, Mali.
About this update from Kodal Minerals Plc
[{"type":"text","content":"\n \nRNS Number : 1514Z Kodal Minerals PLC 13 December 2017 \n\n \nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \nKodal Minerals plc / Index: AIM / Epic: KOD / Sector: Mining\n \n13 December 2017\nKodal Minerals plc\n('Kodal Minerals' or the 'Company')\n \nNew licence application over Kolassokoro licence area\n \nKodal Minerals, the AIM quoted mineral exploration and development company, provides an update on the status of its interests in the Kolassokoro licence area, which is part of the Bougouni Lithium Project in Mali, and provides details of the action it has taken to seek to protect its ownership of relevant interests in this licence area.\n \nThe Company owned its interest in the Kolassokoro licence area by way of an agreement with the registered licence holder EMAS Mining SA (\"EMAS\") as announced on 6 September 2016 (the \"EMAS Agreement\"), that gave the Company exclusive rights to explore and develop for minerals within the 250 square kilometre licence area, with an option to acquire up to a 90% interest in the licence. The Company had recently accelerated payments under the EMAS Agreement so as to acquire the maximum 90% interest and, following the licence renewal granted on 19 September 2017, was in the process of transferring the licence into the name of Future Minerals SARL (\"Future Minerals\"), its 100% owned Malian subsidiary.\n \nWhilst seeking to progress the licence transfer, the Company became aware of an irregularity in the Kolassokoro licence. Following subsequent discussions with the Directorate Nationale de la Géologie et des Mines (\"DNGM\", the Malian National directorate of Geology and Mines) the Company established that the licence may be considered to have expired as a result of EMAS not replying to correspondence sent to it by DNGM.\n \nFurthermore, a local company, Triumvirat Mining Company SARL (\"Triumvirat\"), had made an application to DNGM for two new licences within the Kolassokoro licence area. Kodal has reached an agreement with Triumvirat under which Triumvirat has wi...