Kodal Minerals Plc
Kodal Minerals Plc is an AIM-listed West African lithium producer operating the Bougouni Lithium Project in Mali, producing 125ktpa of spodumene concentrate for sole off-take to JV partner Hainan Mining in China, with a gold exploration portfolio in Mali and Côte d'Ivoire.
- Company typePublic
- Founded2013
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Kodal Minerals Plc does
Kodal Minerals Plc is an AIM-listed public company (LSE: KOD) headquartered in London that operates as a West African lithium producer and mineral explorer. The company's flagship asset is the Bougouni Lithium Project in southern Mali, where the Stage 1 Dense Media Separation (DMS) processing plant commenced production in February 2025 and is targeting 125,000 tonnes per annum of spodumene concentrate at 5.5% Li2O grade. A planned Stage 2 Flotation Plant expansion targeting 230ktpa is scheduled for 2028 commencement. Kodal also holds a portfolio of gold exploration assets in Mali and Côte d'Ivoire including Fatou, Nangalasso, Slam, and Korhogo projects.
The business is structured around a single revenue-generating product, spodumene concentrate, produced through DMS technology that sorts mineral particles by density. Stage 1 processing utilizes Haiwang DMS equipment with a throughput guarantee of 4,848 tonnes per day. Spodumene concentrate is transported approximately 900km by road to the Port of San Pedro in Côte d'Ivoire, then shipped by sea to Hainan Mining's lithium hydroxide plant in China. The company also retains the original mining licence underlying the project under Mali's 2023 Mining Code via its local operating entity LMLB, in which the Mali Government holds 35% equity.
Kodal generates revenue through spodumene concentrate sales priced under a four-year offtake agreement with Hainan Mining Co. Ltd, a subsidiary of Fosun International, using Shanghai Metal Markets (SMM) price indices with adjustments for grade, shipping, and insurance. The company has secured 100% offtake for Stage 1 production from its controlling JV partner and primary customer. The Bougouni project is operated through Kodal Mining UK Limited (KMUK), a joint venture entity in which Kodal holds 49% and Hainan Mining holds 51%, with KMUK holding 65% of the operating company LMLB.
Kodal Minerals Plc firmographics
Firmographics- Name
- Kodal Minerals Plc
- Legal name
- Kodal Minerals plc
- Website
- https://kodalminerals.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Kodal Minerals Plc is an AIM-listed West African lithium producer operating the Bougouni Lithium Project in Mali, producing 125ktpa of spodumene concentrate for sole off-take to JV partner Hainan Mining in China, with a gold exploration portfolio in Mali and Côte d'Ivoire.
- Ownership category
- akta.pro rank
Kodal Minerals Plc industry classification
Industry- Product category
- Lithium Mining
- NAICS
- Other Nonmetallic Mineral Mining and Quarrying (21239)
- SIC
- Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Lithium Mining & Brine Extraction (IMAKAFAA)
- akta.pro secondary industries
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)
Keywords
Where Kodal Minerals Plc is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Kodal Minerals Plc business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales, Others
Revenue model
- Spodumene Concentrate Sales: Kodal generates revenue through the sale of spodumene concentrate produced at the Bougouni Lithium Project. The company has a 100% offtake agreement with Hainan Mining Co. Ltd for all production from Stage 1 DMS processing plant. Revenue is calculated based on Shanghai Metal Markets (SMM) price indices with adjustments for grade, shipping and insurance costs. The company has received over $89 million in revenue from first three shipments.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Spodumene concentrate priced under offtake agreement |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Kodal Minerals Plc product offering
Product offeringCore offering
Kodal Minerals Plc is an AIM-listed West African lithium producer and explorer, operating the flagship Bougouni Lithium Project in southern Mali through a joint venture with Hainan Mining Co. Ltd. The company produces and sells spodumene concentrate (approximately 5.3-5.5% Li2O) from Stage 1 Dense Media Separation (DMS) processing targeting 125,000 tonnes per annum, with a Stage 2 Flotation Plant expansion (230ktpa) planned for 2028. Kodal also holds a portfolio of early-stage gold exploration assets in Mali and Côte d'Ivoire.
Product overview
Kodal Minerals Plc is a London AIM-listed West African lithium producer and explorer operating the flagship Bougouni Lithium Project in southern Mali. The company operates a two-stage mining development: Stage 1 DMS (Dense Media Separation) is currently producing approximately 125,000 tonnes per annum of spodumene concentrate, while Stage 2 Flotation Plant expansion targeting 230ktpa is in development for 2028. The company also holds a portfolio of gold exploration assets in Mali and Côte d'Ivoire including Fatou, Nangalasso, Slam, and Korhogo projects.
Differentiator
Problem solved
Functional benefit
Products and services
- Bougouni Lithium Project - Stage 1 DMS Dense Media Separation (DMS) processing plant producing approximately 125,000 tonnes per annum of 5.5% Li2O spodumene concentrate from the Ngoualana open pit deposit, with an initial 4-year life of mine and low capex of approximately $65 million.
- Bougouni Lithium Project - Stage 2 Flotation Plant Planned downstream flotation plant processing 2Mtpa of finer-grained lithium ore from the Boumou and Sogola-Baoulé deposits, targeting 230,000 tonnes per annum output with a 10+ year life of mine and approximately $175 million capex.
- Spodumene Concentrate (Li2O) Lithium spodumene concentrate product at approximately 5.3-5.5% Li2O grade, sold under an exclusive offtake to Hainan Mining Co. Ltd for conversion into lithium hydroxide used in EV batteries and energy storage technologies.
- Fatou Gold Project Gold exploration project located 280km south of Bamako, Mali, covering 301km² with an inferred mineral resource estimate exceeding 350,000 ounces gold at the main prospect.
- Nangalasso Gold Project 100% owned 345km² gold project located in Southern Mali, approximately 30km west of the Syama Gold Mine, with gold anomalies defined from surface geochemical sampling.
- Slam Gold Project Gold exploration project in south-western Mali located in the Siguiri Basin sequence, consisting of the Djelibani Sud and Kambali licence areas.
- Korhogo Gold Project Gold exploration project in North Central Côte d'Ivoire with surface geochemical anomalies extending over 2km in strike and 600m in width.
Quantifiable outcome
- 53,195 DMT spodumene concentrate produced year-to-date Q2 2026
- +3 more outcomes
Companies that use Kodal Minerals Plc
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles1 record
Kodal Minerals Plc technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Kodal Minerals Plc partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor and core.
- Taguna MotorsminorMalian transportation company awarded contract for transportation of spodumene concentrate from Bougouni mine to port. First trucks departed site in October 2025 with over 30,000 tonnes transported to date.
- Government of MalicoreMali Government holds 35% equity in Les Mines de Lithium de Bougouni SA (LMLB), the operating company for the Bougouni Lithium Project. Mining licence transferred to LMLB under Mali's 2023 Mining Code. Government officially opened the mine in November 2025. Mali President Assimi Goïta attended the official opening ceremony.
- Hainan Mining Co. LtdcoreIn November 2023, Kodal Minerals signed a US$117.5m funding package with Hainan Mining (subsidiary of Fosun International) to develop the Bougouni Lithium Project. Hainan invested US$100m into Kodal Mining UK Limited (KMUK) for a 51% stake, providing full funding for development and commencement of production. Hainan also acquired 14.49% of Kodal Minerals via US$17.75m equity subscription. The partnership includes a 100% offtake agreement for all spodumene concentrate production.
Scale indicators9 records
Recent moves8 records
Expansion highlights5 records
Kodal Minerals Plc competitors and assessment
Company assessmentBroad incumbents
- Ganfeng Lithium: One of the world's largest lithium producers with vertically integrated operations including mining, processing, and battery materials production. Broad incumbent comparable as it converts spodumene concentrate into lithium chemicals and is also the JV partner of Leo Lithium at Goulamina (same Mali region as Kodal).
- Albemarle Corporation: World's largest lithium producer with operations across Australia, Chile, and the US. Broad incumbent that sets global lithium pricing benchmarks and competes across the lithium value chain including spodumene concentrate production.
- Tianqi Lithium: Major Chinese lithium producer and a major shareholder of Greenbushes (Australia's largest lithium mine). Broad incumbent with spodumene concentrate production feeding into Chinese lithium chemical processing comparable to Kodal's Hainan Mining offtake channel.
Direct peers
- Liontown Resources: ASX-listed lithium producer developing the Kathleen Valley Project in Western Australia. Comparable as a small-to-mid cap publicly-listed spodumene concentrate producer with major offtake agreements to LG Energy Solution and other battery manufacturers.
- Core Lithium: ASX-listed lithium producer at the Finniss Lithium Project in Australia's Northern Territory, producing spodumene concentrate. Comparable as a small-cap publicly-listed spodumene concentrate producer targeting Chinese offtake customers.
- Leo Lithium: ASX-listed developer of the Goulamina Lithium Project in southern Mali. Direct competitor operating in the same jurisdiction and product category (spodumene concentrate), with a JV structure involving Ganfeng Lithium.
- Piedmont Lithium: US-listed lithium developer focused on spodumene concentrate and lithium chemical production in North America. Comparable as a small-cap publicly-listed lithium developer with offtake agreements with major battery manufacturers.
- Atlantic Lithium: Australia-listed lithium developer with the Ewoyaa Project in Ghana, also targeting spodumene concentrate production in West Africa. Directly comparable as a competing AIM/ASX-listed West African-focused lithium developer with similar offtake structures to Chinese buyers.
- Sigma Lithium: Brazilian-headquartered lithium producer operating the Grota do Cirilo project producing battery-grade spodumene concentrate. Comparable as a publicly-listed pure-play spodumene concentrate producer targeting the EV battery supply chain.
Others
- Hainan Mining Co. Ltd: Chinese mining company (Fosun International subsidiary) and Kodal's JV partner with 51% stake in KMUK and 100% offtake buyer. Listed as a peer/ecosystem participant given its central role as both customer, partner, and downstream lithium hydroxide producer.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Kodal Minerals Plc social profiles
Digital presenceKodal Minerals Plc compliance and trust
Trust signalCompliance5 records
Kodal Minerals Plc financial estimates
Financial estimateRevenue estimate
Valuation estimate
Kodal Minerals Plc leadership team
Management profileNumber of profiles
Profiles8 records
Kodal Minerals Plc subsidiaries and ownership
Company hierarchySubsidiaries3 records
Kodal Minerals Plc funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Kodal Minerals Plc M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Kodal Minerals Plc
What does Kodal Minerals Plc do?
Kodal Minerals Plc is an AIM-listed West African lithium producer and explorer, operating the flagship Bougouni Lithium Project in southern Mali through a joint venture with Hainan Mining Co. Ltd. The company produces and sells spodumene concentrate (approximately 5.3-5.5% Li2O) from Stage 1 Dense Media Separation (DMS) processing targeting 125,000 tonnes per annum, with a Stage 2 Flotation Plant expansion (230ktpa) planned for 2028. Kodal also holds a portfolio of early-stage gold exploration assets in Mali and Côte d'Ivoire.
Is Kodal Minerals Plc a public or private company?
Kodal Minerals Plc is a public company. It is classified as public and is currently operating.
When was Kodal Minerals Plc founded?
Kodal Minerals Plc was founded in 2013. It employs 11 to 50 people.
Where is Kodal Minerals Plc based?
Kodal Minerals Plc is headquartered in London, United Kingdom, in the Europe region.
How does Kodal Minerals Plc make money?
One revenue line is on record: spodumene Concentrate Sales.
Who are Kodal Minerals Plc's main competitors?
Broad incumbents on record are Ganfeng Lithium, Albemarle Corporation and Tianqi Lithium. Direct peers are Liontown Resources, Core Lithium, Leo Lithium, Piedmont Lithium, Atlantic Lithium and Sigma Lithium. Hainan Mining Co. Ltd is listed as an others.
Does Kodal Minerals Plc have an API?
No public API is recorded for Kodal Minerals Plc.
What industry is Kodal Minerals Plc in?
Kodal Minerals Plc's product category is Lithium Mining. Its primary akta.pro industry code is IMAKAFAA, Lithium Mining & Brine Extraction, with a secondary code of IMAKAFAL, Exploration & Resource Development (Critical Minerals). Its NAICS code is 21239 and its SIC code is 1090.