On Friday, Kodal Minerals shares were struck down by more delays to their Bougouni lithium project in Mali as the long stop date for receiving funding from their Chinese partners was again extended.
Kodal Minerals are struggling to meet the conditions set out by their Chinese funding partner Hainan Mining Co and today’s extension is the third in as many months.
Kodal Minerals said they were in regular contact with the government in Mali and are working towards meeting the required conditions.
Kodal Minerals shares were down around 12% to 0.47p at the time of writing on Friday and are now worth circa 50% less than their April 2023 high.
“Kodal and Hainan remain firmly committed to completing the transaction and are working together towards the completion of all condition precedents,” said Bernard Aylward, CEO of Kodal Minerals.
“Kodal has continued to work with Hainan and its team in the review and planning of the proposed development of the Company’s Bougouni Lithium Project located in southern Mali and are preparing for the rapid development of the project following completion of the transaction.”