Kodal's $3.5mln prepayment "a very clear indication" of mutual desire to push on at Bougouni
London, UK
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August 07, 2023 09:14 AM Eastern Daylight Time
Kodal Minerals PLC (AIM:KOD) chief executive Bernard Aylward speaks to Thomas Warner from Proactive after the mineral exploration and development company announced the prepayment of US$3.5mln from the Hainan Group as part of the funding package for the Bougouni Lithium Project.
Aylward explains that he is currently focused on finalising a funding transaction announced with Kodal's future partner, the Hainan Group's subsidiary, Jinmao. The $3.5mln received this week from escrow was a prepayment that he describes as a "very clear indication" of the willingness of both parties to advance the Bougouni Project. Aylward says that he considers the prepayment of funding from Hainan a vote of confidence in the management's ability to develop the project, as well as the project itself.
He goes on to say that the Bougouni Project has shown promising results with excellent drilling outcomes and ongoing work on a resource update, and discusses ongoing activities in South Africa and China related to the development of the DMS plant and metallurgical test work for the flotation plant. The company aims to complete the transaction and achieve significant progress with the resource update and mining development by Christmas.
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