Marula Mining (AQSE: MARU A2X: MARU), announces that through its wholly owned South African subsidiary, Muchai Mining South Africa Proprietary Limited, it has signed a binding term sheet (“Term Sheet”) with South African mining company Mansena Cobalt Proprietary Limited to acquire a 51% shareholding in Mansena Kruisrivier Cobalt Proprietary Limited.
The cobalt project in Southern Africa is a high-grade, brownfield project with promising infrastructure, aimed at expanding Marula’s battery metals portfolio.
Marula Mining’s shares are currently suspended due to pending accounts, with expectations to resume trading soon, and significant developments in manganese and lithium projects are underway. Jason talked about developments at the lithium & manganese projects where cash flow is expected in the near future.
The video is an interview with Jason Brewer, CEO of Marula Mining, discussing their recent acquisition of a cobalt project. Key points include:
- Acquisition Details: Marula Mining acquired 51% of Manena Cobalt by issuing 1 million shares and a cash payment of £100,000. The project is in southern Africa and adds to their portfolio of battery metals including graphite, copper, and lithium.
- Project Highlights: The cobalt project is a high-grade, brownfield site with existing infrastructure. It previously produced cobalt with grades over 15% and gold grades of five to seven ounces per ton.
- Strategic Importance: Marula aims to diversify its battery metals portfolio and secure projects outside the Democratic Republic of Congo (DRC), focusing on regions like southern Africa.
- Operational Challenges: The company is addressing logistical constraints in South Africa, impacting their Blasberg and manganese projects. Despite these challenges, progress is being made, and updates are expected soon.
- Financial and Audit Issues: The company’s shares are currently suspended pending the completion of their accounts audit. Brewer expressed frustration and embarrassment over the delays but expects trading to resume within a week.
- Future Plans: Marula is also looking forward to unlocking significant funding from the F9 fund, which will accelerate the development of their projects, including lithium hydroxide and carbonate production at Blasberg and copper and graphite projects.
- Expansion and Growth: Brewer hinted at expanding their presence in Kenya with the manganese project and emphasized the importance of systematic exploration and resource definition.
Overall, Marula Mining is focused on expanding its portfolio of battery metals, addressing logistical and financial challenges, and accelerating project developments with anticipated funding.
