KOD - Kodal Minerals pushing on at Bougouni while funding discussions continue
(NewsDirect)
Kodal Minerals PLC (AIM:KOD) chiefexecutive Bernard Aylward speaks to Thomas Warner from Proactive afterthe mineral exploration and development company announced theagreement of an extension to the deadline to complete the Bougounilithium project funding package with Hainan Mining.
Aylward explains that Kodal Minerals hasextended its long stop date by another month to finalise the fundingagreement. This collaboration is set to fully fund the project'sdevelopment and inject capital into Kodal Minerals PLC for futuregrowth. While Aylward describes the need for an extensiondisappointing, he says that both parties are dedicated to making thetransaction a reality.
Aylwardclarified that the hold-up primarily pertains to compliance itemsduring the restructure of subsidiary family companies. Despite thisdelay, the company is actively advancing the project, using the $3.5million prepayment received from Hainan Mining for key activities likeengineering design, mineral resource estimates, and consulting withauthorities. Additionally, Aylward mentioned positive relations withthe new Minister of Mining in Mali, Professor Amadou Keita, who hasexpressed support for Kodal Minerals' project.
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