Marula Mining
PLC
("Marula'' or the "Company")
29
May 2024
Key Operations Contracts for
Larisoro Manganese Mine
Marula Mining (AQSE: MARU) an
African focused mining and development company, is pleased to
confirm that agreements which extend over all the key operations
activities at the Larisoro Manganese Mine ("Larisoro" or the "Mine") in Samburu
County, Kenya have been executed with
several Kenyan based service providers.
These key agreements include
contracts for the drilling and blasting of material on site; the
use of mobile mining equipment for the mining, loading and hauling
of the ore and waste material; and also for the transportation of
the manganese ore from Larisoro to Nairobi where it will be
delivered into existing sales agreements and a proposed new
long-term offtake agreement.
All these agreements have been
signed with Kenyan-owned companies reinforcing the Company's
commitment to work with local, well-qualified and experienced
Kenyan companies.
These contracts are in addition to
the processing plant refurbishment and upgrade agreement that is in
place with a Kenyan-based specialist mineral processing company
that has been on site at Larisoro throughout May 2024 completing
this work, as announced 17 April 2024.
Highlights
·
Drilling and blasting contract awarded to an
experienced Kenyan owned contracting group
·
The schedule of rates contract will extend over
the drilling and blasting of both manganese ore and waste and
overburden material to achieve the Company's monthly targeted
manganese ore production rates of between 5,000 tonnes and 10,000
tonnes of saleable high-grade manganese ore by September
2024
·
Contract work is ongoing, with the first
production blast at the Central Pit having already been
successfully undertaken
·
A contract for the supply and operation of mobile
mining equipment has also been signed by the Company with a Kenyan
based supplier
·
The mobile mining equipment and their experienced
operating personnel are already on site and are working under the
management and oversight of the Company and its technical
team
·
Mining, loading and hauling of manganese ore and
waste and overburden material has already commenced and is ongoing
under a monthly fee arrangement
·
A further transportation contract has been
finalised and signed for the provision of transportation and
logistics of the manganese ore from Larisoro to Nairobi
·
This transportation contract, which is under a
standard schedule of rates with a Kenyan owned company, is for an
initial three-year period and will continue on an annual basis
thereafter
·
Upon delivery of the material to Nairobi, the
manganese ore will be sold under existing sales agreements and a
planned new long-term offtake agreement
·
Management of the logistics and transportation of
the manganese ore from Nairobi to Mombasa and into the
international commodity export markets will be managed under the
Company's new offtake agreement
·
An update on the Company's proposed new long-term
offtake agreement will be provided in due course
Jason Brewer, Marula Mining PLC CEO
said:
"These contracts collectively represent a significant
advancement for the operation of the Larisoro Manganese Mine in
Samburu.
"The contracts, all with Kenyan owned companies, demonstrate
our commitment to local businesses and our preference for
partnering with experienced and capable Kenyan companies. We
anticipate that these collaborations will not only enhance our
operational capabilities but also contribute significantly to our
overall success and growth in Kenya's mining
sector.
"Our drilling and blasting specialists, logistics partners, and
mobile mining equipment providers bring a wealth of expertise that
we believe will assist in establishing the Larisoro Manganese Mine
as a long-term and efficient mining operation.
"I
look forward to updating the shareholders with further updates on
the Larisoro Manganese Mine."
The
Directors of Marula are responsible for the contents of this
announcement.
About Marula Mining
Marula Mining (AQSE: MARU) is an
African focused battery metals investment and exploration company
and has interests in several high value mine projects in Africa;
the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project
in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite
Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite
Project all in Tanzania, the Nkombwa Hill Project in Zambia and the
Larisoro Manganese Mine located in Kenya. As we advance operations
at these battery metals focused projects, Marula will continue to
build and expand its interests in other high-quality projects in
Africa.
Marula's strategy is to identify and
invest in advanced and high-value mining projects throughout East,
Central and Southern Africa that the Directors believe would
deliver returns for its shareholders. The Board and management team
aims to establish Marula as a socially and environmentally
responsible, sustainable, and profitable producer of critical
metals and commodities that are of increasingly strategic
importance to modern technologies and the global economy. Marula's
shares are traded on the AQUIS Stock Exchange (AQSE) in the United
Kingdom and the A2X Market in South Africa. Marula is exploring
opportunities to admit its shares to trading on the London Stock
Exchange plc's Standard List, Kenya's Nairobi Securities Exchange
and South Africa's Johannesburg Stock Exchange.
For
enquiries contact:
Marula Mining PLC
Jason Brewer,
Chief Executive Officer
Faith Kinyanjui Mumbi
Investor Relations
|
Email : jason@marulamining.com
Email : info@marulamining.com
|
AQSE Corporate Adviser
Cairn Financial Advisers LLP,
Liam Murray / Ludovico Lazzaretti
|
+44 (0)20
7213 0880
|
Broker
Peterhouse Capital Limited,
Charles Goodfellow / Duncan Vasey
|
+44
(0)20 7469 0930
|
Financial PR and IR
BlytheRay
Tim
Blythe / Megan Ray / Said Izagaren
|
+44 (0)20 7138 3204
|
Caution:
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should"
''envisage'', ''estimate'', ''intend'', ''may'', ''plan'',
''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.