Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guides
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Shares
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks Stock plan guidance
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Kodal agrees transfer of Bougouni licence with Mali government
(Sharecast News) - Kodal Minerals announced on Friday that it has reached an agreement with the government of Mali for the transfer of the Bougouni Lithium Project's mining licence to its Malian subsidiary, Les Mines de Lithium de Bougouni (LMLB).
The AIM-traded firm said the project in Southern Mali was fully funded through the $117.5m Hainan transaction, which included a $100m investment in Kodal's UK subsidiary, Kodal Mining UK (KMUK), owned 51% by Hainan Group and 49% by Kodal.
Under a binding memorandum of understanding (MoU), the Bougouni mining licence would now be governed by Mali's 2023 mining code.
The terms specified that the Malian state and private investors would hold a combined 35% equity in LMLB, with KMUK retaining 65%.
It said the licence had an initial 10-year term, with renewal guaranteed under existing mining regulations.
Additionally, the MoU extended customs and duties exemptions for the construction phase, and secured all required operational permits, including export permits for spodumene.
The agreement also included a $15m cash payment to the Malian government, payable in two instalments by KMUK, with the first due on signing and the final by 31 March next year.
Following the transfer, the Bougouni mining licence would be fully compliant with legal requirements, ensuring the project's standing and operational continuity.
"The MoU with the state for the transfer of the Bougouni mining licence is the final legal step required as we rapidly progress the construction of the project, with production on track for the first quarter of 2025," said chief executive officer Bernard Aylward.
"The transfer of the mining licence to the mining company LMLB confirms the good standing of the project and provides certainty of state support and ongoing stability of Bougouni.
"The strong partnership built between Kodal and the state has allowed discussions to be accelerated, culminating with this landmark MoU."
At 1442 GMT, shares in Kodal Minerals were down 5.6% at 0.41p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Diversity, Equity & Inclusion Reports | Doing Business with Fidelity | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
