ACCRA, Oct 24 – Kodal Minerals is seeking to build a broader West African lithium portfolio beyond its Bougouni mine in Mali, leveraging nearly two decades of regional operating experience as it expands into Ghana.
The London-listed mining company this week agreed to earn up to an 80% stake in Ghana’s Asamankese lithium project, extending a regional presence that already includes its producing Bougouni operation and gold exploration assets in Mali and Ivory Coast.
Chief Executive Bernard Aylward told Reuters that the company intends to concentrate on West Africa, where it has developed experience working with local authorities, communities and regulatory systems over the past 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.
Kodal’s Bougouni lithium mine, operated through a joint venture with China’s Hainan Mining, entered production in 2025. The operation provides an established production base as the company evaluates further opportunities across the region.
Ghana project expands regional lithium exposure
Kodal believes the Asamankese project could develop into a significant discovery, with early exploration results showing similarities to the initial stages of development at Bougouni.
The proposed investment gives the company exposure to Ghana’s emerging lithium sector as West African governments seek to diversify mining beyond established commodities such as gold.
Kodal plans to finance exploration at its regional projects through existing cash resources and cash flow from its mine rather than raising additional equity, Aylward told Reuters.
That approach would allow the company to pursue exploration while limiting reliance on new share issuance, although the pace of development will depend on exploration results, available funding and project economics.
West Africa targets critical minerals investment
West Africa, one of the world’s leading gold-producing regions, is increasingly attracting attention for critical minerals such as lithium. Governments are seeking to broaden their mining industries and capture greater economic value from mineral resources, while changes in mining policies and regulation have sometimes unsettled investors.
The region’s lithium potential is attracting interest as demand for battery materials remains linked to electric vehicles, energy storage systems and consumer electronics.
Recovering lithium prices have also improved the outlook for new mine development following a prolonged downturn that slowed projects across the sector. Ghana’s flagship Ewoyaa lithium project has been among the developments affected by weaker market conditions.
Aylward said demand from electric vehicles, energy storage and consumer electronics continued to underpin the long-term outlook for lithium and investment in additional supply.
“We believe ….that new supply brought to market will be rewarded,” he said.
For Kodal, the strategy combines production from Bougouni with exploration-led growth in Ghana and its existing gold interests elsewhere in West Africa. The commercial potential of this approach will depend on the quality of new discoveries, the ability to advance projects into development and the evolution of lithium market conditions.
