Kodal Mining said its lithium mining project in Mali would not be affected by the new law. On August 29, the head of Mali's military government, Asemi Goita, signed a law that doubles the number of shares authorities can buy to 20 percent and sets aside an additional 5 percent for "state investors." Malian authorities have already said the updated law will not apply to established gold companies that have long dominated the country's mining industry, such as Barrick Gold's Loullo-Gounkoto and B2Gold's Fekola mine.
In a statement on Friday, Kodal said Mali's National Bureau of Geology and Mines had confirmed that Kodal's license to mine the Bougouni lithium project would be "administered" in accordance with the terms of the previous law. Kodal is competing with Australia's Leo Lithium to bring Mali's first lithium mine into production. Kodal received its license in late 2021, while Leo Lithium secured the rights to develop the Goulamina assets in August 2019.
