• Kodal Minerals has yet to receive an export permit three months after launching its Bougouni lithium mine.
• CEO Bernard Aylward publicly voiced concerns over halted exports, causing a six-month share price low.
• Mali's review of pricing practices and permit transfers continues to delay spodumene shipments.

Kodal Minerals is experiencing delays in securing an export license for its Bougouni lithium mine in Mali, more than three months after the start of operations. The situation escalated after the company’s CEO, Bernard Aylward, voiced frustrations in an interview, stating that although lithium concentrate was being produced and a buyer was ready, no exports had been authorized.

In a statement issued on May 19, Kodal sought to downplay growing investor concerns, affirming it maintains positive relations with the Malian government. The clarification followed a Reuters article on May 15, in which Aylward remarked, “We are spending money to manufacture a product we want to sell… Our buyer wants to buy it, but we can’t export it.”

The report triggered a wave of coverage across African and international media outlets. On May 16, Kodal’s shares dropped to 0.31 GBX (0.0031 pounds sterling) on the London Stock Exchange, marking their lowest level in six months. The next day, the company took to X (formerly Twitter) to reassure shareholders, before issuing a formal statement the following Monday.

According to Kodal, the export holdup stems from a permit transfer delay that initially prevented full operational approval of its Malian subsidiary. The mining permit handover was eventually authorized in a cabinet meeting on April 16, which Kodal welcomed as a significant milestone. However, export permissions have still not materialized.

The company currently holds 27,000 tons of spodumene concentrate at the Bougouni site. No shipment timeline has been provided, and the company remains unable to monetize production.

CEO Aylward further explained that the Malian government is evaluating the pricing mechanism to ensure that the spodumene concentrate is sold at fair market value. The issue is particularly sensitive given that Kodal’s Chinese partner, Hainan Mining, is the majority shareholder in the joint venture and the designated buyer of the lithium output. Aylward also hinted that other lithium operations in Mali, including Goulamina, could be facing similar scrutiny, though no confirmation has been made public.

While Kodal’s stock recovered slightly to 0.32 GBX on May 20, questions persist over when exports from Bougouni will begin, and how long Mali’s pricing and permitting review will delay operations.