Kodal Minerals plans to expand its lithium portfolio across West Africa, building on its operating experience in the region as demand for critical minerals grows.
The London-listed miner is looking to expand its West African lithium operations beyond its producing Bougouni mine in Mali, with the Asamankese project in Ghana offering a new growth opportunity, according to Reuters.
Earlier this week, Kodal agreed to earn up to an 80 per cent interest in Ghana’s Asamankese Lithium Project in the Eastern Region through a binding agreement with local company GH Geo-Consult Limited.
The 156-square-kilometre project is located about 75 kilometres by road from Accra. Kodal has acquired an initial 10 per cent interest for US$300,000, with the option to increase its stake through a staged investment programme over five years.
Under the agreement, the company can increase its interest to 30 per cent after a first exploration stage, 60 per cent following a second stage targeting an initial mineral resource estimate, and 80 per cent after a third stage targeting completion of a definitive feasibility study. GH Geo-Consult would retain the remaining 20 per cent.
Exploration results have identified promising lithium mineralisation at two priority prospects, Amantra and Nfranta. Historical rock-chip samples returned lithium oxide grades of up to 3.02 per cent, while Kodal’s own sampling recorded grades of up to 2.49 per cent.
The company said field exploration was underway, with a local drilling contractor appointed and initial diamond drilling expected to begin before the end of 2026. Further investment will depend on the results of exploration and progress through the project’s development stages.
Kodal Chief Executive Bernard Aylward told Reuters that the company was deliberately focusing on West Africa, where it had developed expertise over 15 to 18 years.
“We understand the legislation, we understand how to work with local communities and authorities, and we believe the geological potential is very strong,” he said.
The company’s Bougouni lithium mine in Mali, operated through a joint venture with China’s Hainan Mining, entered production in 2025. Kodal also holds gold exploration assets in Mali and Côte d’Ivoire.
Aylward said early exploration results at Asamankese showed similarities to the initial stages of development at Bougouni, although the Ghana project would be assessed on its own geological merits.
Kodal plans to fund exploration from existing cash resources and cash flow from its producing mine rather than raising additional equity, Aylward told Reuters.
The expansion comes as recovering lithium prices improve the outlook for new mine development following a downturn that slowed projects across the sector, including Ghana’s flagship Ewoyaa lithium project.
Aylward said demand from electric vehicles, energy storage systems and consumer electronics continued to support the long-term case for investment in new lithium supply.
“We believe ….that new supply brought to market will be rewarded,” he said.
