StockMarketWire.com - Kodal Minerals' first half losses narrowed compared with a year earlier as the company moved closer to toward delivering maiden lithium production at its flagship Bougouni project in southern Mali.

The loss for the 6-month period to 30 September was £343,000, below £529,000 for the 6 months to 30 September 2017, the company said.

The maiden mineral resource placed Bougouni in the top 15 lithium projects globally with 'substantial exploration upside remaining,' the company added.

Kodal touted potential for low cost production, citing an initial processing review showing an estimated production cost of $400 a tonne of spodumene concentrate, below the current market selling price of between US$800 and US$900 per tonne.

'2018 has culminated in the achievement of several key milestones which have added tangible value to our asset, including declaring our maiden JORC-compliant Resource of 17.3 Mt at 1.2% Li2O, and propelling it closer to a decision to mine in 2019,' said Bernard Aylward, CEO of Kodal Minerals.

'Our work to date has highlighted that the Bougouni project has sufficient size and scale to produce attractive returns for investors with our Maiden Resource and associated initial engineering studies, both published in September 2018, pointing to a minimum 10-year mine life.'

'Of equal importance, with this quantum in mind and with a relatively simple mining and processing route identified, it is expected that capital required to construct a mining and processing operation will be modest compared to some of our lithium peers and that our proposed plant is well understood and amenable to rapid construction.' At 9:20am: [LON:KOD] Kodal Minerals share price was -0.01p at 0.13p



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