Hainan Mining (SHA:601969) has concluded the final payment for the termination of its agreement to purchase spodumene from the Bougouni Lithium Mine in Mali, according to a Shanghai Stock Exchange filing on Thursday.
The Chinese mining company had previously agreed to pay a total of $14 million to Suay Chin International and Kodal Minerals following the termination of the deal earlier this year.
Kodal Mining UK had agreed to pay $14 million in termination fees to Suay Chin. About $3.5 million was already paid prior to the latest disclosure.
Under the recent deal, Kodal Mining UK will pay the second termination fee installment of $5 million to Suay Chin within three working days, while the third and fourth installments of $2 million and $3.5 million, respectively, will be paid before Nov. 30 and Dec. 20, the company said.
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