Update on Manganese Ore Deliveries and Sales
Marula Mining PLC
("Marula'' or the "Company")
28 June 2024
Update on Manganese Ore Deliveries and Sales
Marula Mining (AQSE: MARU A2X: MARU), an African focused mining and development company, is pleased to confirm that delivery of manganese ore from the Larisoro Manganese Mine, located in Samburu County in Northern Kenya (the "Larisoro Mine"), have commenced.
Approx. 1,000 tonnes ("t") of manganese ore from the Larisoro Mine is being transported to Nairobi under the recently signed export logistics agreement ("Logistics Agreement") with Scan Global Logistics Kenya Limited ("SGL Kenya").
On arrival in Nairobi, the manganese ore will be added to the existing stockpiles. SGL Kenya will then manage the loading of wagons and transportation through to Mombasa Port. They will also be responsible for management of the customs clearance and port related shipping processes before the manganese ore is loaded onto the designated sea vessel for export and delivery under existing manganese ore offtake agreements.
Highlights:
· initial amount of approx. 1,000t of manganese ore being transported to Nairobi under the Logistics Agreement with SGL Kenya
· loading of an initial consignment of approx. 1,250t of manganese ore into containers will be then be managed by SGL Kenya at the stockpiling facilities in Nairobi and then transported by rail through to Mombasa Port
· Under the Logistics Agreement SGL Kenya is responsible for managing the transportation and shipping processes of this initial 1,250t of manganese ores from the Larisoro Mine through to the final destination port
· upon satisfaction of all necessary customs and tax clearances and completion of the export booking and port related processes at Mombasa Port, SGL Kenya will then oversee the process of loading of the vessels for shipment
· delivery of this initial 1,250t of manganese ore is to be made under existing manganese ore offtake agreements and forms part of the Company's previously announced delivery of 2,000t that it had planned to complete by 1 July 2024 and which is now expected to be completed by mid-July 2024
· the majority of the revenue from the sales of the manganese ore under the existing offtake agreements are to be received upon receipt of the initial assay and tonnage reports in Kenya. A final payment will be made upon confirmatory assay and tonnage reports at the destination ports
· deliveries of manganese ore from the Larisoro Mine are forecast to increase in H2 2024 as a result of the investment plans by the Company
The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.
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 Kenya's Nairobi Securities Exchange and South Africa's Johannesburg Stock Exchange.
For enquiries contact:
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Marula Mining PLC Jason Brewer, Chief Executive Officer
Faith Kinyanjui Mumbi Investor Relations |
Email : jason@marulamining.com
Email : info@marulamining.com
|
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AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti |
+44 (0)20 7213 0880 |
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Broker Peterhouse Capital Limited, |
+44 (0)20 7469 0930
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Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren |
+44 (0)20 7138 3204
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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.
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