Mali Sends First Lithium Cargo to China as Kodal Begins Commercial Shipments

Kodal Minerals has reached a defining moment in its transition from developer to producer with the departure of its first commercial shipment of lithium spodumene concentrate from the Bougouni mine in southern Mali. This milestone marks the company’s entry into revenue generation and underscores Mali’s growing significance within the global lithium supply chain. The timing of the shipment is particularly favourable, as stabilising and gradually improving lithium prices provide constructive market conditions despite ongoing political volatility in the country.

The inaugural cargo consists of 28,950 tonnes of concentrate bound for Hainan, China, following an earlier transport of approximately 30,000 tonnes to the Port of San Pedro in Côte d’Ivoire for stockpiling and onward shipment. To date, Bougouni has produced 45,000 tonnes of concentrate, leaving roughly 16,000 tonnes scheduled for export in the near term. Analysts have noted that Kodal’s revenue trajectory is tracking well against Canaccord Genuity’s second half 2025 forecast of 65 million dollars, supported by solid sales fundamentals. The sale price is expected to exceed 930 dollars per dry metric tonne, after adjustments for grade, product quality and freight costs.

For Kodal’s Malian subsidiary, the shipment also marks its first revenue event. The company will invoice 95 percent of the cargo value and anticipates an initial payment of around 24 million dollars. This step reflects the strengthening operational cadence at Bougouni, which in February became Mali’s second producing lithium mine. The site currently operates a dense media separation plant sourcing ore from the Ngoualana deposit, while Stage 1 production levels are projected to surpass 125,000 tonnes per year. Stage 2 will introduce flotation processing and incorporate feed from the Boumou and Sogola Baoulé deposits, positioning the project for expanded output in the medium term.

Ownership of the Bougouni project is structured through the LMLB joint venture, in which Kodal Mining UK and its partner Hainan collectively hold a 65 percent stake, with the Malian state retaining the remaining 35 percent. This arrangement provides Mali with a direct share of the project’s economic returns while embedding the mine within the broader development priorities of the country. As export activities scale up, the Bougouni operation is expected to play a meaningful role in Mali’s evolving mining landscape, particularly as global demand for lithium continues to rise alongside electric vehicle production and battery manufacturing.

For Africa’s mining sector, the commencement of commercial shipments from Bougouni highlights the continent’s increasing relevance in supplying critical minerals for the global energy transition. Mali’s emergence as a lithium producer strengthens regional diversification beyond traditional gold and base metals, broadens export earnings and may attract further investment into hard rock lithium opportunities across West Africa. Kodal’s progress also demonstrates how relatively fast tracked development models can deliver early revenue, stimulate local economic participation and reinforce the region’s strategic importance in global clean energy supply chains.

Mini Glossary

• Spodumene concentrate: A lithium rich mineral product produced from hard rock ore, used as feedstock for lithium chemical processing.
• Dense media separation (DMS): A processing method that separates minerals based on density differences to produce concentrate.
• Flotation processing: A beneficiation technique used to separate minerals through their surface properties in a liquid medium.
• Dry metric tonne (DMT): A unit of measure for ore or concentrate that excludes moisture content.
• Supply chain: The network of processes involved in producing and delivering a product from source to end user.

Editor: Vural Burç ÇAKIR