Marula Mining PLC has signed a binding term sheet to acquire an initial 50% interest, with the option to increase its stake to up to 70%, in the Tonto Tshipi Minerals special purpose vehicle, which owns the Derdepoort Manganese Mine and associated processing plant.
Under the proposed transaction, Marula will issue shares valued at £1,000,000, provide a £1,000,000 working capital injection, and pay a further £1,000,000 fee upon completion of due diligence. Additional payments could include up to £9,000,000 for increasing its ownership interest, alongside a further £100,000 fee linked to the option structure.
The company has also committed to investing a minimum of £2,000,000 in exploration and development activities at Derdepoort over the next 12 months.
The Derdepoort Manganese Mine hosts proven ore reserves of approximately 4.38 million tonnes, with an average grade of 34.78% MnO.
To support the acquisition and ongoing operations, Marula is also in discussions to secure US$2.25 million in debt funding through manganese delivery prepayment arrangements.
Jason Brewer, CEO of Marula Mining Plc, said:
“This transaction represents a significant step forward in Marula’s strategy to build a scalable manganese portfolio in South Africa.
“The combination of an established resource and reserve base, existing processing infrastructure, favourable mining characteristics and significant exploration upside positions the Company to expand production while maintaining a low-cost operating profile.
“This consolidation of these assets in the region provides Marula with potential operational leverage and a pathway to production. We look forward to finalising due diligence and the establishment of the Tonto Tshipi Minerals SPV, enabling the Company to advance site activities and progress the project towards production.“
For enquiries contact:
|
Marula Mining PLC Jason Brewer, Chief Executive Officer
Faith Kinyanjui Mumbi Investor Relations |
Email : jason@marulamining.com
Email : info@marulamining.com |
