Keras Resources plc (AIM: KRS) is pleased to announce an update on the Nayéga manganese mine (“Nayéga”) in northern Togo owned by Société Togolaise de Manganèse (STM), the Republic of Togo’s (“State”) 100% owned investment company.
Carrieres Mines Travaux Publics SA (“CMTP”), Nayéga’s mining and logistics contractor, has now completed the dry commissioning of the Nayéga processing plant and has mobilised its mining fleet to the Nayéga mine site with the aim of starting mining activities by the end of June 2025 and is expected to be processing ore at an initial rate of 4,000 tonnes of saleable manganese for the first 3 months starting July 2025 and thereafter at nameplate capacity of 8,000 tonnes per month of saleable ore.
Keras signed a Cooperation Agreement in 2023 with the State whereby it will be paid an advisory fee of 1.5% of gross revenue generated from the Nayéga mine for the provision of advisory services for 3 years and 6.0% of gross revenue generated from the Nayéga mine for the provision of brokerage services for the lesser of 3.5 years or 900,000 tonnes of beneficiated manganese ore produced and sold from Nayéga
Russell Lamming, Interim Executive Chairman of Keras, commented, “The mobilisation of CMTP to site and the imminent production at Nayéga is very good news. The cashflow due under the Cooperation Agreement will underpin the progress and associated cashflows from the US operations. I look forward to updating shareholders in the near term.“
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
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Russell Lamming
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Keras Resources plc |
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Notes:
Keras Resources (AIM: KRS) wholly owns the Diamond Creek organic rock phosphate mine in Utah, US. Diamond Creek is one of the highest-grade organic phosphate deposits in the US and is a fully integrated mine to market operation with in-house mining and processing facilities. The operation produces a variety of organic phosphate products that can be tailored to customer organic fertiliser requirements.
The Company is focused on continuing to build market share through its traditional milled dry rock products as well as its joint venture with Phosul LLC in the fast-growing US organic fertiliser market and build Falcon Isle Resources into the premier organic phosphate producer in the US.
