KODAL Minerals plans to expand its lithium interests across West Africa beyond its Bougouni mine in Mali, building on almost 20 years of experience in the region, CEO Bernard Aylward said.
The London-listed miner began production last year at Bougouni, a joint venture with China’s Hainan. It also holds gold exploration ground in Mali and Ivory Coast, and this week agreed to earn up to 80% of the Asamankese lithium project in Ghana.
Aylward told Reuters the company understood local legislation, communities and authorities, and saw strong geological potential.
Kodal believes early Asamankese results, which resemble Bougouni’s initial stages, point to a potentially significant discovery. Exploration will be funded from cash and mine cash flow rather than new equity, he said.
West Africa, a major gold region, is increasingly courting critical minerals investment as governments diversify mining and seek bigger returns, at times unsettling investors.
A lithium price recovery has brightened prospects for new mines after a slump that delayed projects including Ghana’s Ewoyaa.
Aylward said demand from electric vehicles, energy storage and consumer electronics underpinned the long-term outlook, adding that new supply would be rewarded.