Kodal Minerals PLC Update on Kodal Project (9179M)
October 19 2016 - 2:00AM
UK Regulatory
TIDMKOD
RNS Number : 9179M
Kodal Minerals PLC
19 October 2016
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR")
Kodal Minerals Plc / Index: AIM / Epic: KOD / Sector: Mining
19 October 2016
Kodal Minerals Plc ('Kodal Minerals' or 'the Company')
Update on Kodal Project
Kodal Minerals, the mineral exploration and development company,
announces that it has requested a temporary withdrawal from the
planning process for its non-core phosphate and titanomagnetite
project in Southern Norway (the "Kodal Project"). This is in line
with the Company's strategy to prioritise development of its
recently acquired high grade lithium projects in Mali and its wider
gold portfolio in West Africa.
The Kodal Project was fully impaired by the Company in its
financial statements for the year ended 31 March 2015 in response
to the dramatic fall in the price of iron ore. The Company was
seeking to continue to progress the planning process but was not
undertaking any further exploration or development work on the
Kodal Project.
The Company has now determined to withdraw from the planning
process so as to avoid expending further management time or
incurring additional costs. The Company has written to the relevant
municipalities requesting a temporary withdrawal from the planning
process on the basis that the Kodal Project is not currently
economically viable and that this is unlikely to change in the
short term. The licences remain valid until July 2023 and the
Company may seek to restart the process if the economics of the
project improve in the future.
Bernard Aylward, CEO of Kodal Minerals, said: "The excitement
around, and potential value of, our recently acquired lithium
assets in Mali, combined with the continued low level of the iron
ore price, has prompted this pragmatic decision from the Board. We
are now directing the majority of the Company's capital and
management time towards West Africa and the areas of the business
which we believe hold the most near term value for shareholders and
we look forward to providing news from this core portfolio of
assets in due course."
**ENDS**
For further information, please visit www.kodalminerals.com or
contact the following:
Kodal Minerals plc
Bernard Aylward, CEO Tel: +61 418
943 345
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Allenby Capital Limited, Nominated
Adviser Tel: 020 3328
Jeremy Porter/Nick Harriss 5656
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SP Angel Corporate Finance LLP,
Financial Adviser & Broker Tel: 020 3470
John Mackay/Laura Harrison 0470
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St Brides Partners Ltd, Financial
PR Tel: 020 7236
Lottie Brocklehurst/Megan Dennison 1177
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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