Kodal Minerals (AIM:KOD) shares surged 11.8% to 34.7p after the company said Bougouni has received about US$89m from its first three spodumene concentrate shipments. Trading ranged 31p to 36p on volume of 66.13m, versus a previous close of 31p.
The company said the final payment for the second shipment of 19,738 dry metric tonnes (DMT) totalled US$27.6m after confirmation of grade, tonnage and moisture, with an implied SC6 average price of US$1,681.3 per tonne, and that the third shipment of about 20,480 DMT departed San Pedro on 12 April with an interim payment of US$34.4m representing 95% of the cargo’s estimated value inclusive of grade, shipping and insurance adjustments.
Operations at Bougouni continue to mine, process and transport concentrate to San Pedro and remain unaffected by recent unrest, with management targeting regular cargoes of up to 20,000 DMT.
"The receipt of the final payment for the second shipment and the interim payment for the third shipment highlights the strengthening spodumene concentrate price and the growing demand from the lithium market," Bernard Aylward, CEO.
The third shipment is expected to arrive in Hainan in July, triggering the calculation of the final payment, and Allenby Capital is the AIM nominated adviser with SP Angel acting as financial adviser and joint broker.
