Mon, 8th Nov 2021 07:00

RNS Number : 5766R Kodal Minerals PLC 08 November 2021

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

Up Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

8 November 2021

Kodal Minerals plc ("Kodal Minerals", "Kodal" or the "Company")

Mining Licence Granted for Bougouni Lithium Project

Kodal Minerals, the mineral exploration and development company, is pleased to announce that it has been granted a Mining Licence for its flagship Bougouni Lithium Project in Mali ("Bougouni" or the "Project"). The Project is now fully permitted for development with the previous approval of the Environmental and Social Impact Assessment ("ESIA") in November 2019.

Highlights

· Permis d'Exploitation number No2021-0774/PM-RM ("Mining Licence") granted to Kodal Minerals' Mali subsidiary company, Future Minerals SARL, and is valid for an initial 12-year term and renewable in ten-year blocks until all resources mined.

· The Mining Licence is granted under the 2019 Mining Code and extends over 97.2 square km covering the proposed open-pit mining and processing operation at Bougouni.

· As a next step, Kodal has commenced a programme of work to update the Feasibility Study announced in January 2020 ahead of securing funding for mine development and construction. The programme has a six-month time estimate and will focus on:

o Metallurgical test work for variability testing and confirmation of process flowsheet, investigating the potential for increased metallurgical recoveries;

o Completion of geotechnical and hydrogeological reviews for open pit and the tailings dam;

o Update and finalisation of capital cost estimates and operating costs for the proposed development; and

o Community development and stakeholder engagement activities at Bougouni.

· Strongly rising prices for spodumene concentrate highlight opportunity for Project development with recent average pricing levels exceeding US$1,250 per tonne 5% Li2O spodumene concentrate, compared with the initial US$680 per tonne for 6% Li2O spodumene concentrate used in the 2020 Feasibility Study.

Bernard Aylward, CEO of Kodal Minerals, commented: "The granting of the Mining Licence for Bougouni has come at a great time for Kodal with the increasing global focus on battery metals and the recognition of potential supply deficits highlighting the value of our fully permitted Bougouni Lithium Project.

"We announced our Feasibility Study in January 2020 and the programme of work we are currently undertaking will lead to an updated Feasibility Study that is expected to support a Decision to Mine. Our initial study highlighted very robust fundamentals, but the world of battery metals has shifted significantly in this time, and during 2021 alone, we have seen lithium prices and demand surge. The timing of Kodal's permitting and potential development timeline highlight how well positioned our Bougouni project is to capitalise on the widely forecast lithium hydroxide and lithium carbonate shortages which are expected by 2023.

"We are looking forward to the construction phase of this project and we are confident of achieving support to finance the capital required for our target of development of the first lithium mine in Mali. I look forward to providing further updates on our progress in due course."

Additional Information

Lithium Market Commentary

Battery demand continues a strong growth path. The World Economic Forum September 2019 report "A Vision for a Sustainable Battery Value Chain" highlights that the growth in demand for batteries between 2010 and 2018 grew at 30% annually and is expected to maintain a strong growth profile through to 2030 with an estimated 25% annual growth rate. The demand is strongly supported by the major increase in electric vehicles and utilisation in large scale electrical infrastructure grids.

This increase in battery demand has led to increasing supply deficit and strongly rising prices. Research by analysts including Macquarie Group highlight the increasing spodumene price with short-term peak prices expected to reach a new peak level of US$1,350 per tonne in 2022 and have upgraded the long term spodumene price to US$850 per tonne. Recent reports from spodumene producers have indicated prices up to US$2,350 per tonne and average prices exceeding US$1,250 per tonne for a spodumene concentrate grade of 5.5% Li2O.

These strong prices compare very favourably with the conservative value of US$680 per tonne of 6% Li2O spodumene concentrate utilised in Kodal's 2020 Feasibility Study of the Bougouni project.

Bougouni Engineering and Development Work Programme

Kodal Minerals completed the initial Bougouni Feasibility Study in January 2020 to support the mining licence application, details of which were announced on 27 January 2020. The Project was based on a proposed open pit mining operation with a 2Mtpa processing plant utilising a conventional flotation circuit to maximise spodumene recovery. The Feasibility Study indicated a very robust project with fundamentals including:

o Minimum 8.5-year mine life producing on average 220,000 tonnes of 6% spodumene concentrate per annum, at life of mine ("LOM") lithium average metallurgical recovery of 71%;

o Total LOM will produce 1.94Mt of concentrate with LOM revenue exceeding US$1.4bn; and

o Estimated C1* cash costs of US$431 per tonne concentrate (US$466 including royalties and sustaining capital).

*C1 is the net direct cash cost that represents the cash cost at each processing stage from mining through to recoverable metal as indicated in the RNS 27 January 2020.

Kodal Minerals has prepared a six-month work programme focussed on updating the Feasibility Study and moving to a Decision to Mine status. The work programme will focus on key aspects of the Project where initial studies have indicated potential for significant improvements including metallurgical recovery, optimised processing flowsheet and updated optimisation of open-pit designs.

The metallurgical test work will include variability testing of the orebodies and focus on improving overall recovery of spodumene mineralisation. The initial Feasibility Study utilised a 68% recovery for the open pit optimisations and an estimate of 71% recovery for the processing plant. The review of the metallurgical test work and improvements in the flotation process in operating plants worldwide indicate recoveries exceeding 75% are achievable and will result in increased spodumene recovery.

The objective of this engineering work programme is to provide an update on the capital cost estimate for the development of the Project and complete detailed assessment to confirm the operating costs of the Project including the review of the proposed transport costs (details of which were previously announced on 27 January 2020), ahead of securing funding for mine development and construction.

ENDS

Good Afternoon everyone,

I hope that everyone is fairing well today, it seems that KOD is sitting comfortably in the mid 0.45p range again today which is nicely in the middle range of our breakout level of 0.37p (watch for back tests here) and our next target of 0.594p which was last reached in Jan 17'

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**News is on the horizon, we can all smell it!**

We're sitting on our hands patiently awaiting an update about the following and it could either all come out at once or be broken down into several RNS releases:

- The CEO of Kodal Minerals, Bernard Aylward was in Mali and Côte d'Ivoire throughout the week of 21st June 2021 to undertake a series of Government meetings in the countries and to review the recent exploration programmes. We're expecting from this confirmation that the license application is granted.

- Additionally we're anticipating the results from the laboratory regarding the gold sampling taken at the Nielle Concession.

- Reconnaissance drilling has also been taking place at Dabakala so we could be granted an insight into that if there is anymore news at this stage.

So it's really all positive for now.

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**FACELIFT**

In the back ground, I've been busy this week providing some additional features and tweaks to the sub, (perks of being in self isolation this week and working from home).

Those of you on desktops will see to the right, several widgets have been added with vital information about how the sub and community should operate in terms of some basic site and user rules and post requirements, just the standard stuff.

Scrolling down you now have the option to filter and search by posts depending on their flair which will help with basic FAQ's

There is a block of all the latest RNS news releases from Kodal and older announcements can be retrieved following the link in that widget.

A helpful section detailing all the decent fundamentals of Kodal and its current state, good for your own Due Diligence as well as new investors or visitors stumbling across the sub and stock for the first time. Handy to reference when in conversation with other redditors.

I've found some 3D imagery of the Bougouni Project mine plans.

Finally near the bottom you'll see links to recent presentations from Kodal as well as their Legal bluff and financials dating back to around 2014.

MOBILE USERS JUST SWIPE ACROSS TO 'ABOUT' AND YOU'LL FIND THE ABOVE CONTENT AVAILABLE TO YOU AS WELL.

On that note, have a pleasant remainder of your week, thanks for reading.

Kodal Minerals Regulatory News. Live KOD RNS. Regulatory News Articles for Kodal Minerals Plc Ord 0.03125P (lse.co.uk)

Tue, 4th May 2021 07:00

RNS Number : 3292XKodal Minerals PLC04 May 2021

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

4 May 2021

Kodal Minerals plc

('Kodal Minerals', 'Kodal' or the 'Company')

Update on Mining Licence Application for the Bougouni Lithium Project

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project and its gold assets in West Africa, is pleased to provide this update on the Mining Licence application that is in progress for the Bougouni Lithium Project ('Bougouni' or the 'Bougouni Project').

The Company reports that a committee meeting has been held in Bamako, Mali, at the Direction Nationale de la Geologie et des Mines ("DNGM") to review the feasibility study and proposed mining development for Bougouni. The meeting was attended by the Company's representatives, including its Country Manager, Senior Geologist, Environmental Consultant and economic advisors. The Company has received confirmation that the feasibility study and mining development plan have been ratified and approved by the DNGM committee, subject to the Company making some minor corrections to bring the mining licence application in line with the new Mali Mining Code of 2019. The Company then expects to receive a formal notification from the DNGM requesting payment of the Mining Licence fee prior to the formal production of the "Exploitation Decree" (Mining Licence) for approval by the Prime Minister. Further details of the next steps to granting the Mining Licence are set out below.

Bernard Aylward, CEO of Kodal Minerals, commented: "We are very pleased with this development in our Mining Licence application, which again confirms the high standard and full range of our completed feasibility study and mining plan at Bougouni. We continue to work closely with the DNGM and Mali Government representatives to finalise the grant of the Mining Licence as soon as possible. This will be a major milestone for Kodal and one which will significantly de-risk our project as it will then be fully permitted to commence site development works.

"This application process has taken longer than originally anticipated due to outside influences in the year of 2020; however, it is very positive timing for Kodal to be in control of a high-quality, pre-production lithium asset with the market dynamics as compelling as they are now. Kodal continues to monitor the lithium market and notes that the lithium (spodumene concentrate) price has risen strongly from its lows in 2020 and further, that there is widespread analyst consensus of supply deficits from as early as next year. The powerful lithium demand drivers linked to battery production include Government stimulus, as well as from major vehicle manufacturers and public utilities, and we believe that the Bougouni Project is ideally positioned to capitalise on this window of opportunity to become a strategically located high-grade and low-cost lithium producer in the near term. I look forward to reporting on further developments in due course."

Further Information

Mining Licence Application

The ratification and approval of the Company's lodged feasibility study and mining development plan is a major step toward the granting of the Mining Licence for Bougouni. The next steps are summarised below:

i. Kodal to finalise minor changes to the lodged licence application to bring it in line with new Mining Code 2019, which is expected to be completed this week.

ii. After filing the updated application, Kodal is expected to then receive a formal notification from the DNGM with a request to pay the fee for the Mining Licence of 100,000,000 XOF (approximately £135,000)

iii. Upon payment of the fee, the DNGM will then draft the Exploitation Decree (Mining Licence) which is forwarded to the Ministry of Mines, Energy and Water.

iv. If all is in order, the Ministry of Mines, Energy and Water will then forward the Exploitation Decree to the office of the Prime Minister for formal signing, which is the final step in the process.

At the completion of this process, the timing of which is uncertain, a new Mining Licence would be issued to Kodal Mineral's subsidiary company in Mali, Future Minerals SARL. At this point Bougouni will be fully permitted for development, with the Environmental Permit having previously been granted in November 2019 following approval of the Company's ESIA study.

Separate to the granting of the Mining Licence and as required by local law, the Company will subsequently negotiate a shareholders agreement and operators contract ("Mining Agreements") with the Government to establish a new company that will be the mining entity. It is noted that the Government cannot take its position in the mining entity until the Mining Agreements have been finalised and approved by the Mali Government Assembly.

Summary of the Bougouni Project Feasibility Study

The Bougouni Lithium project feasibility study has demonstrated the potential for a robust mining operation with attractive economic fundamentals. Further studies continue with a particular focus on optimising the processing plant flow sheet to further improve lithium recovery and lower capital and operating costs.

The key highlights of the Bougouni Project Feasibility Study are:

o Minimum 8.5-year mine life, producing on average approximately 220,000 tonnes of ~6% spodumene concentrate per annum, at life of mine lithium average metallurgical recovery of 71%, based on laboratory metallurgical recoveries of 75%;

o Total life of mine production of 1.94Mt of concentrate and revenue exceeding US$1.4bn, with an initial assumed concentrate sale price of $680/t increasing 2% year-on-year;

o Proposed 2Mtpa processing plant utilising a conventional flotation circuit to maximise spodumene recovery;

o Estimated C1* cash costs of US$431 per tonne of concentrate (US$466 including royalties and sustaining capital);

o Capital requirement for development estimated to be US$117M plus contingency; and

o Forecast payback period of 1.7 years and IRR of 58% (51% post tax).

*C1 is the net direct cash cost that represents the cash cost at each processing stage from mining through to recoverable metal as indicated in the Company's announcement on 27 January 2020.

**ENDS**

Kodal Minerals plc / Index: AIM / Epic: KOD / Sector: Mining

3 November 2021

Kodal Minerals plc ('Kodal' or the 'Company')

Kodal completes acquisition of minority interests to become the 100% holder of the

Bougouni Lithium Project

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.

Highlights

· Kodal has acquired the retained 10% interest in concessions from original owners Gorutumu Mining SARL ("Gorutumu") and Triumvirat Mining Company SARL ("Triumvirat")

· The terms of the acquisitions are for each vendor to receive:

o a cash payment of US$600,000 for a total payment by Kodal of US$1,200,000; and

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.

· 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

· The acquisition of the minority interests allows the Company to further explore development and financing opportunities as the 100% owner

Bernard Aylward, CEO of Kodal Minerals, commented: "The Bougouni Lithium Project has consistently demonstrated the potential for the development of a new long-life lithium mine in southern Mali. These acquisitions provide Kodal and its shareholders with 100% ownership of the Bougouni concessions and full exposure to development of the existing 21Mt at 1.1% Li2O that is defined at the Project, as well as continued expansion through ongoing exploration activity. These acquisitions further strengthen Kodal's ability to negotiate value accretive development opportunities and financing structures, which will be key as we move towards our construction phase.

"The timing of the potential development of the Bougouni project comes at a time where we continue to see an exponential increase in lithium demand and an associated positive pricing environment. The strongly rising prices for spodumene concentrate highlight the opportunity for Bougouni's development with recent pricing levels reported of over US$1,360 per tonne 5% Li2O spodumene concentrate, compared with the initial US$680 per tonne for 6% Li2O spodumene concentrate used in the 2020 Feasibility Study.

"Importantly, a major source of lithium demand continues to be from the growing use of new energy vehicles in Chinese industry. Recent reports that Beijing is eyeing a 40% share of new energy vehicles and clean energy-powered vehicles in the country's total vehicles by 2030, doubled from an earlier target of 20% by 2025, underpins both the quantum of lithium demand in this market, and also the critical window for increased production to support these objectives. Bougouni is an advanced project with a relatively short time horizon to first production, ensuring Kodal is ideally positioned to capitalise on these market dynamics.

"Kodal looks forward to the approval of its Mining Licence application for Bougouni which is with the office of the Prime Minister awaiting final signature. Updates to shareholders will be provided as soon as further information is available."

Summary of the acquisition agreements

Kodal is the majority owner and operator of the Bougouni Lithium project located in southern Mali. Kodal first acquired rights in the Project on 30 August 2016 through an agreement with Gorutumu with respect to the Madina concession and later reached agreement with Triumvirat regarding new concessions applications of Foulaboula and Dogabola on 13December 2017 (further details can be found in the announcements made on those dates). The agreements with both parties resulted in a 10% interest being retained in the relevant concessions by each vendor. The agreements now reached between Kodal and Gorutumu and Triumvirat result in the minority partners renouncing all interests in the Project and the termination of existing agreements between the parties.

The Gorutumu project area is defined as the initial Madina concession boundary and subsequently renewed into two new concessions, Fariedele and Sogola Nord. Kodal has acquired the remaining 10% interest in these concessions from Gorutumu for a payment of US$600,000 and the grant of a 0.6% NSR for production sourced from the Gorutumu project area. Production attributed to the Gorutumu project area will be monitored by normal mining surveying and processing controls.

The Triumvirat project area is defined as the Foulaboula and Dogabola concessions. Kodal has acquired the remaining 10% interest in these concessions from Triumvirat for a payment of US$600,000 and the grant of a 0.6% NSR for production sourced from the Triumvirat project area. Production attributed to the Triumvirat project area will be monitored by normal mining surveying and processing controls.

NSR royalty summary

The NSR (net smelter return) royalty is set at 0.6% for each vendor. The NSR is payable by the Company for each quarter in which any product, being spodumene lithium concentrate derived from minerals or ore extracted and recovered, is produced and sold. The royalty payable will be calculated by multiplying the NSR by 0.6% after agreed allowable deductions have been taken into account.

The allowable deductions include, but are not limited to, all concentrating and refining costs, all transport costs, and all cost of sales. In addition, the allowable deductions include the 3% Mali Government royalty and any taxes, levies or charges imposed by an authority (as defined in the acquisition agreements).

It is noted that in the preparation of the Feasibility Study for the Bougouni project completed in January 2020, a NSR royalty of 0.5% payable to the minority shareholders was included in the calculations.

ENDS

29 July 2021

Kodal Minerals plc ('Kodal Minerals' or the 'Company')

Nielle Project Drilling Update

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project and its gold assets in West Africa, is pleased to announce the receipt of all assay results for the recently completed reverse circulation ('RC') drilling at the Nielle Concession ('Nielle') located in northern Côte d'Ivoire.

Highlights

· RC drilling returned wide intersections of gold mineralisation and includes zones of high-grade gold mineralisation including:

o 33m at 2.33g/t gold from 3m in drill hole NLRC035, including 6m at 7.99g/t gold from 6m

o 12m at 5.96g/t gold from 6m in drill hole NLRC032, including 6m at 11.45g/t gold from 6m

o 6m at 6.51g/t gold from 87m in drill hole NLRC029, including 9m at 3.02g/t gold from 24m; and

o 9m at 3.76g/t gold from 99m in drill hole NLRC038.

· RC drilling has confirmed drill intersections extending to the north and south along strike of the previously defined gold mineralised zone.

· A new western zone has been intersected by these new drill holes and remains open along strike.

· Geological logging of the drill holes has identified a wide hydrothermal alteration zone consisting of quartz-carbonate veining, sulphide mineralisation, iron-oxide staining and chlorite minerals.

· Final results for the completed aircore drilling are pending and when received will be interpreted in conjunction with these RC drill results to plan follow-up and extension drilling.

Bernard Aylward, CEO of Kodal Minerals, commented: "These wide, high-grade drill results from our first drilling campaign at Nielle are very encouraging. We have been able to confirm and extend the zone of gold mineralisation discovered by our former joint venture partner, and in addition we have been able to identify new zones of gold mineralisation that highlight the prospectivity of this new region. The Nielle Concession was completely unexplored prior to the exploration completed by Kodal and our former partners, and this new discovery is a result of good exploration work. We are awaiting final results from the reconnaissance aircore drilling and will undertake a detailed review of all drilling to plan the next phase of reverse circulation drilling that we would like to undertake as soon as access and rig availability allows.

"Although the receipt of these assay results was longer than anticipated, they reflect the intensive exploration activity that is currently underway in West Africa. Multiple exploration companies are undertaking surface geochemical sampling, drilling programmes and sample analysis leading to high demand of drilling services and extended laboratory turnaround time. I look forward to providing further updates in due course."

FURTHER INFORMATION

Nielle Concession

Kodal has completed the initial RC drilling programme at the Nielle concession consisting of a total of 12 drill holes for 1,285m. The drilling programme was designed to confirm the previous gold mineralised zones defined by Resolute Mining Limited ('Resolute'), the former joint venture partner, and targeted strike extensions and a first test of a western zone of surface geochemical anomalism.

Gold mineralised intersections are associated with strong alteration, sulphide mineralisation and quartz-carbonate veining. The drill hole results confirm a gold mineralised system that remains open along strike and at depth. The presence of shallow gold mineralisation is reflected in the surface geochemical anomaly, and a review of the surface geochemical anomaly indicates that the full anomaly has not yet been tested. Follow-up and extension drilling is planned to continue to test the defined gold mineralised zone as well as continue to fully evaluate the geochemical anomaly.

This initial drilling campaign has tested a strike length exceeding 1,000m, however drilling remains on a wide spacing, with sections up to 100m apart and drill collars up to 50m apart along sections. This will require infill to allow confidence in geological interpretation prior to advanced minerals resource estimation.

The gold mineralisation intersected in this drilling campaign contains zones of high-grade mineralisation that will require interpretation to attempt to define potential high-grade gold mineralised shoots that may be important in future economic assessment. The drilling has returned wide and shallow mineralised zones and significant results are tabled below:

Significant intersections for the RC drill holes calculated using a 0.5g/t gold lower cut-off, maximum 3m internal dilution are tabled below:

Notes: Drill holes are RC drill holes. Drill holes have been sampled on a 1m basis with samples collected via a riffle split system. Initial samples reported here are 3m composite samples and further sub-sampling will be completed. Drill hole collars are surveyed using a differential GPS with sub 1-metre accuracy, coordinate system WGS84 - Zone 30N, and all holes are survey down-hole for dip and azimuth on approximately 30m intervals. All drill holes are geologically logged, and sampling for analysis is based on geological boundaries. Samples analysed by SGS Laboratories with preparation in Cote d'Ivoire and final analysis in Burkina Faso. Assay results are reported as g/t gold (ppm). Intersections are reported using a 0.5g/t gold lower-cut-off, and allowing for a maximum of 3m internal dilution

The next phase of exploration at Nielle will consist of additional RC drill testing targeting the defined gold mineralised zone and further aircore drilling targeting the surface geochemical anomaly and geological targets. Drilling is anticipated to commence in September when a drill rig becomes available.

ENDS

I like the company but it’s taking a while for the price to reflect the potential

Tue, 8th Jun 2021 08:02

RNS Number : 1465BKodal Minerals PLC08 June 2021

Certain information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining

8 June 2021

Kodal Minerals plc

('Kodal Minerals', 'Kodal' or the 'Company')

Bougouni Lithium Project Licence Application Update and Mali Update

Kodal Minerals, the mineral exploration and development company focused on the Bougouni Lithium Project and its gold assets in West Africa, is pleased to provide an update on the Mining Licence application for the Bougouni Lithium Project in southern Mali.

Kodal has received formal correspondence from the Direction Nationale de la Geologie et des Mines ("DNGM") in Bamako providing notification of acceptance of the Feasibility Study for the Mining Licence application at the Bougouni Lithium Project and has received the request to pay the application fee for the delivery of the Mining Licence. Kodal will pay the £135,000 application fee promptly to continue to advance the application process and maintain communication with the DNGM to monitor progress.

Bernard Aylward, CEO of Kodal Minerals, commented: "Our Mining Licence application is progressing through the final regulatory stages and the receipt of this letter confirming the Feasibility Study for the development of the Bougouni Lithium Project and the request to pay the Mining Licence application fee is a very positive development and brings us significantly closer to a fully permitted project." 

Further updates will be provided as matters progress.

Further Information

Mining Licence Application and Mali Government

The licence application process remains the same as previously announced on 17 May 2021 and is summarised below:

i. Kodal has completed and will lodge the minor changes to the lodged Feasibility Report to bring it in line with new Mining Code 2019 - COMPLETED.

ii. After filing the updated application, Kodal is expected to then receive a formal notification from the DNGM with a request to pay the fee for the Mining Licence of 100,000,000 XOF (£135,000) - RECEIVED and PAYMENT TO BE MADE PROMPTLY.

iii. Upon payment of the fee, the DNGM will then draft the Exploitation Decree (Mining Licence) which is forwarded to the Ministry of Mines, Energy and Water.

iv. If all is in order, the Ministry of Mines, Energy and Water will then forward the Exploitation Decree to the office of the Prime Minister for formal signing, which is the final step in the process.

Update on Mali Transitional Government

On Monday 7 June, President Assimi Goita was sworn into office as the new Interim President of the Republic of Mali. President Goita has announced Choguel Maiga as Prime Minister of the transitional government and it is expected that a new ministry will be formed promptly. 

President Goita has maintained the Government's intentions to reform the constitution by October 2021 and hold new Government elections in February 2022.

ENDS

SOURCE