Kodal advancing Bougouni ‘firmly on schedule’
Kodal Minerals says it is “firmly on schedule” to deliver first gold from its Bougouni project in southern Mali in mid-2024. Construction of the Bougouni gold project is well underway, with major construction contracts already awarded, a binding offtake agreement in place with a major international gold trader and a cornerstone investment from global mining investor Orion Resource Partners. Kodal managing director and chief executive officer Bernard Aylward said the company was pleased with the progress made at Bougouni so far in 2023. “We have a clear runway to production with major contracts in place, strong financial support and a highly experienced team executing the project,” Mr Aylward said. “As we move into the execution phase we are seeing very strong support from our stakeholders including the local community and the Mali Government. “We look forward to delivering the remaining project milestones and commencing gold production in mid-2024.”
On time and on budget
Kodal said the project remained on time and budget, with first gold production on track for mid-2024. Statutory approvals for the project were received in December 2022, a major earthworks contract was awarded to Societe Malienne de Genie Civil in January 2023, and a major EPCM contract was awarded to Ausenco in February 2023. Kodal also secured a $US120 million cornerstone investment from Orion Resource Partners in March for a 19.9 per cent stake in the company, raising the company’s total equity raised to date to $US355 million. In addition, the company executed a binding gold offtake agreement with leading international gold trader and refiner Asahi Holdings in December 2022.
Bougouni gold project
The Bougouni gold project is located in southern Mali, about 120 kilometres south of the capital Bamako. The project has a mineral resource of 1.07 million ounces of gold and an ore reserve of 576,000 ounces of gold. The project is expected to produce an average of 100,000 ounces of gold per annum over a 10-year mine life. Kodal is an Australian Securities Exchange-listed gold exploration and development company focused on developing the Bougouni gold project. The company has a strong track record of exploration success in Mali, having discovered the Bougouni gold project in 2011. Kodal is committed to developing the Bougouni gold project in a responsible and sustainable manner, and to creating value for all stakeholders.
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