Manganese Export Logistics Agreement Signed
Marula Mining PLC
("Marula'' or the "Company")
25 June 2024
Manganese Export Logistics Agreement Signed
Marula Mining (AQSE: MARU A2X: MARU), an African focused mining and development company, is pleased to announce that it has entered into an export logistics agreement ("Logistics Agreement") with Scan Global Logistics Group's ("SGL Group") Kenya-based subsidiary, Scan Global Logistics Kenya Limited ("SGL Kenya"), for the transportation and export of manganese ore from the Larisoro Manganese Mine located in Samburu County in Northern Kenya (the "Larisoro Mine").
Under the terms of the Logistics Agreement, SGL Kenya will manage and oversee all aspects of the ore transportation and shipping process, including the loading and railing of containers to the port of Mombasa, export booking process, customs clearance, and all port-related processes, sea freight and shipping arrangements.
In addition, the Company has secured a revolving KES 12.5 million line of credit (approx. US$100,000) from SGL Kenya under the Logistics Agreement which will be used to manage costs and its working capital during the sale and export of manganese ores during the term of the Logistics Agreement.
Highlights:
· key logistics and export and shipping agreement signed with SGL Kenya
· SGL Kenya will manage the complete process of transportation and shipping of manganese ores from the Larisoro Mine on behalf of the Company
· the Logistics Agreement will see SGL Kenya manage and oversee all aspects of the manganese ore transportation process from the loading of wagons and containers in Nairobi to the export booking process, customs clearance and port-related and shipping processes in Mombasa
· loading of manganese ore by SGL Kenya is scheduled to commence by end of June 2024
· SGL Kenya is part of the SGL Group, which has a global presence in the logistics and freight forwarding industry across all six continents and extensive experience and knowledge to deliver comprehensive logistics solutions
· the Logistics Agreement is in addition to the three key operating contracts recently announced by the Company in the announcement dated 29 May 2024 and which included the transportation of the manganese ore from the Larisoro Mine to Nairobi by a local Kenyan owned transportation company
· the Company has also secured a KES 12.5 million (approx. US$100,000) line of credit from SGL Kenya to assist the Company with its export and shipping costs and general working capital requirements during the export sales and shipping process
Jason Brewer, CEO of Marula Mining, commented:
"We are pleased to have entered into this agreement with Scan Global Logistics on this pivotal process for the export of manganese ores from the Larisoro Manganese Mine.
"This collaboration underscores our commitment to efficient operations and sustainable growth in Kenya's mining sector and Africa as a large. SGL Group's proven expertise and extensive support further solidify our strategic objectives. The teams are actively working to ensure seamless execution from mine to port and into international markets.
"We have trucks and material moving and our stockpiles are building, so it is an exciting time for us now as revenues are due to flow.
"It has been a busy period for our team on site at the Larisoro Manganese Mine and I look forward to updating shareholders with more news on our activities in Kenya, Tanzania and South Africa."
The Directors of Marula are responsible for the contents of this announcement.
About Marula Mining
Marula Mining (AQSE: MARU A2X: 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 in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania and the Nkombwa Hill Project in Zambia. 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) and South Africa's Independent Exchange the A2X Markets, 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, |
+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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 hour ago Pipehawk
- 1 hour ago Frasers Group
- 1 hour ago DP Aircraft I Limited Pref
- 1 hour ago Cropper (James)
- 14 hours ago Oxford Nanopore Technologies