London company sees nearly 60 per cent upswing in shares following overseas deal
A mineral exploration and development company based in London has seen a sharp upswing in shares following an overseas deal.
Kodal Minerals, which is currently focused on a project in southern Mali, signed a Memorandum of Understanding (MoU) with Mali Lithium Limited (MLL), meaning that the companies will cooperate in the development of their respective projects.
Following the MoU announcement this morning, Kodal’s shares on the London Stock Exchange increased by 57.9 per cent.
Bernard Aylward, CEO of Kodal Minerals, commented: “Following the completion of our feasibility study and the lodging of our mining licence application for the Bougouni Lithium Project, Kodal Minerals is continuing to work on optimising and improving its development.
“Kodal Minerals recognises that the potential synergies of development with MLL can have significant beneficial effect on the development capital required as well as ongoing operating expenses throughout the life of mine.
“The two companies are operating in the same region of Mali and intend to develop similar lithium mining operations.
“It makes strong sense for the companies to work together where possible to improve the operations and financial return on the projects.”
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