West Africa-focused Kodal Minerals (LSE: KOD) reported on Tuesday higher production, shipments and revenue at its Bougouni lithium mine in Mali in the first three months of the year, marking a steady operational ramp-up.
The company produced 26,981 tonnes of spodumene concentrate grading 5.28% lithium oxide Li₂O, with March output exceeding 10,900 tonnes, a record for the operation.
Two shipments during the period lifted total exports to about 49,000 tonnes, while revenue received by the project operator surpassed $51 million, with a final balancing payment pending.
“The March production of over 10,900 tonnes and the recent departure of the third shipment highlight continued improvement and consistent delivery at Bougouni,” CEO Bernard Aylward said, citing plant upgrades and mining improvements aimed at boosting throughput and reliability.
Consistent output
The results highlight Bougouni’s transition toward consistent production as lithium markets strengthen. Ongoing feasibility work on a second stage flotation plant could further expand capacity and support longer-term growth.
Located about 180 km from Mali’s capital, Bamako, Bougouni began production in early 2025, with first shipments dispatched in October. The operation is Mali’s second active lithium mine after Ganfeng Lithium’s Goulamina, which opened in late 2024.
Kodal holds a 49% stake in Kodal Mining UK (KMUK), alongside majority partner Hainan Mining of China. KMUK owns 65% of Les Mines de Lithium de Bougouni, the project’s operating company, in partnership with the Mali government, and oversees management and operations.
Shares in Kodal Minerals were flat at 0.36 pence apiece in London on Tuesday afternoon, valuing the company at £73.3 million ($100 million).
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