Marula Mining
PLC
("Marula'' or the "Company")
17
April 2024
Update on Mining and
Processing Activities at the Larisoro Manganese
Mine
Marula Mining (AQSE: MARU), an
African focused mining and development company, is pleased to
provide an update on its mining and processing activities at the
Larisoro Manganese Mine (the "Mine"), located in Samburu County in
Northern Kenya.
As announced on 1 March 2024, the
Company has entered into an agreement with
Kenyan manganese mine operator Gems and Industrial Minerals Limited
("GIM") to secure a commercial interest in the Mine. Since
then, the Company can confirm that it has: (i) commenced its
planned US$1,750,000 exploration activities on site, as announced
on 24 March 2024; (ii) progressed the formal documentation
of a Technical Support Agreement ("TSA")
and a Commercial Agreement ("CA") with GIM, which it expects to
have signed by end of April 2024; (iii) completed new process plant
design work in South Africa and Kenya; and (iv) commenced
refurbishment and upgrade works on the existing process plant to
increase monthly production rates to up to an initial 5,000 tonnes
("t") of saleable high-grade manganese ore.
The refurbishment and upgrade work
to the existing processing equipment is being undertaken ahead of
the Company's planned investment of US$1,500,000 for new
mining, crushing, screening, and processing equipment that is
anticipated to increase the monthly manganese ore production to up
to 10,000t over the next three to six months.
Highlights
·
Experienced Kenyan mining and crushing specialist
consultants have been appointed to complete plant refurbishment,
modifications and upgrade work at the Mine
·
Work to commence this week following the
mobilisation of the consultants to site
·
Refurbishment and upgrade work to be completed
over the next three weeks and technical support over its
re-commissioning in May and June 2024
·
The process plant refurbishment work will
include:
·
servicing and installation of the primary jaw
crusher including performance optimisation
·
fabrication and reinforcement of new feed hopper
to enhance its durability and ensure improved and efficient
material handling
·
implementation of structural enhancements to the
feed hopper to support the increased load capacity
·
upgrade of conveyor system including replacement
of rollers, bearings and pulleys and installation of new conveyor
belts and general fabrication services to ensure smooth material
flow
·
installation of two new screen meshes to meet new
product size requirements
·
major modifications and structural enhancements to
the vibrating screen deck to improve its efficiency and reliability
and implementation of advanced fabrication techniques to ensure
durability and longevity of the screen deck
·
This work is being completed to have the Mine and
processing plant operating at initial levels of up to 5,000t per
month of saleable product during Q2 2024
·
Design work, detailed costings and proposals have
also now been received from a number of specialist mineral
processing groups in South Africa and Kenya for the installation
and commissioning of the new crushing and screening
plant
·
The new processing plant has been designed to
achieve initial monthly production rates of
up to 10,000t of saleable
product
·
Installation of the new processing equipment
remains on track to commence on schedule later in Q2 2024 along
with the arrival of new mining equipment
·
High-grade manganese ores from the Mine, already
delivered to the lay-down yard in Nairobi are currently undergoing
final sorting and sampling ahead of planned sales in May
2024
·
This material is both high grade manganese oxide
and manganese carbonate ores
·
Initial sales of this material will be to one of
the existing Asian-based customers of GIM and the Mine as
well as an initial trial
shipment of
2,000t to be delivered to one of the new proposed offtake parties
as announced on 27 March 2024
·
As the Company moves ahead with its expansion
activities at the Mine, a number of community-based initiatives are
to now commence following meetings with community leaders, the
surrounding communities and key stakeholders last week on
site
·
These community initiatives are in addition to a
commitment to work with the communities and provide full time and
casual employment as part of the planned expansion and ongoing
operations at the Mine
Jason Brewer, Marula Mining PLC CEO, said:
"We are pleased with the progress that is
being made at the Larisoro Manganese Mine and in particular the
commencement of the refurbishment and upgrade works on the existing
processing and mining equipment on site.
"This work, which is being completed by a specialist Kenyan
mining and processing group, will assist us in achieving our
initial production targets and improving the performance and
reliability of the existing machinery and plant ahead of the
arrival of new processing and mining equipment later this
quarter.
"I
am very happy with the progress being made since we announced our
proposed investment in the Larisoro Manganese Mine and we believe
we are on track to have the Mine operating at the initial planned
levels of up to 5,000 tonnes per month of saleable product in Q2
2024, which we anticipate will rise to 10,000 tonnes per month once
new equipment has been acquired.
"With first manganese ore sales still on track for this
quarter to existing customers of the Mine and to a potential new
offtake party, I look forward to updating shareholders with further
updates on this and our other planned developments
here."
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), 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.