Marula Mining PLC has signed a binding term sheet to acquire an initial 50% stake in the Tonto Tshipi Manganese Mine in South Africa, with the option to lift its interest to 70% as it accelerates its expansion into bulk commodity production.
The deal will see Marula issue 5 million new shares at 5p each, alongside a £250,000 cash payment to support initial working capital. Further milestone payments include another £250,000 following due diligence and a substantial £5m upon completion of a feasibility study, reflecting the scale of the opportunity being targeted.
The Tonto Tshipi project boasts identified manganese resources of 38.9 million tonnes at 37% MnO, positioning it as a potentially significant producer in the regional market. Marula expects to begin conventional open-pit mining by mid-December 2025, with early production targeting 1,000 tonnes of run-of-mine ore by December 20, and a ramp-up to 30,000 tonnes of saleable product per month in early 2026.
To underpin its ambitions, the company has committed a minimum £1m exploration and development budget over the next 12 months, with the aim of completing a full feasibility study and laying the groundwork for a large-scale commercial operation.
The acquisition represents a strategic step forward for Marula as it seeks to establish itself as a meaningful player in the manganese sector, strengthening its portfolio with near-term production and long-term growth potential.
For enquiries contact:
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Marula Mining PLC Jason Brewer, Chief Executive Officer
Faith Kinyanjui Mumbi Investor Relations |
Email : jason@marulamining.com
Email : info@marulamining.com |
