The Bougouni lithium project is on track to be the first lithium mining development in Mali. Credit: Kodal Minerals.

Kodal Minerals will become West Africa’s first London-listed lithium producer in the fourth quarter of this year (Q4 2024) when its Bougouni project in southern Mali begins production.

On Tuesday it confirmed a $117.75m (£89.75m) funding package for stage one of the Bougouni lithium project, which was initially announced in November. The company also announced that Kodal Mining UK had acquired ownership of the project in return for a $100m investment from its operating partner Hainan Mining, a subsidiary of Fosun International. Kodal now owns a 49% stake in Bougouni.

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Bernard Aylward, CEO of Kodal Minerals, said: “The past 12 months have been truly transformational for Kodal as the Bougouni Lithium Project has advanced in Mali and transitions from developer to producer, with Stage 1 first production firmly on track for Q4 2024, which would make Bougouni the first London-listed lithium producer.

“We are excited about the role Kodal lithium will play in the global EV [electric vehicle] revolution, providing feedstock to Hainan’s lithium hydroxide plant in China, which, in turn, is supplying Asian markets including Japanese and Korean car battery makers.”

On its website, Kodak says the Bougouni project will be the first of a portfolio of projects to go into production in the West Africa region. The mine is set to enter commercial production by Q4 2024, with the project on track and on budget.

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The mine is based 170km south of Mali’s capital city Bamako, and is near to several other mines including B2Gold’s Fekola mine and Hummingbird’s Yanfolila mine.

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At the time of the Bougouni announcement on Tuesday, Kodal also reported a 266% increase in net assets following an increase in mineral resources.

Kodal’s shares were up 3% following the news and traded at £0.50 in London at market close on Tuesday.