Acquisition Due Diligence Complete & Kilifi Update
Summary by AI BETAClose X
Marula Mining PLC
("Marula'' or the "Company")
3 September 2025
Due Diligence Completed on Acquisition of Bamba Mining
Update on Kilifi Manganese Processing Operations
Marul Mining PLC (AQSE: MARU A2X: MAR) an African focused mining and development company, is pleased to announce that it has successfully completed its legal, financial and technical due diligence in respect to its proposed acquisition from Kenyan-incorporated mining company Bamba Mining Company Limited ("Bamba") of a 60% interest in the Bamba Manganese Mining Project located in Kilifi County, Kenya (the "Project").
The Bamba Manganese Mining Project includes expired Prospecting Licence SPL/365 (pending renewal) and Mining Permit Application Nos. 4574, 4575, and 4576, which extend over an area of 40km2 and which are located approximately 16km northwest of the Company's existing Kilifi Manganese Processing Operations site.
As announced on 13 August 2025, with the Company's Board of Directors now satisfied that the due diligence work that was undertaken confirms the strategic importance and value of the Project, the Company will proceed to prepare the formal joint venture documentation, including commercial agreements and associated shareholder documentation that will establish an operations committee with the provisions for governance, operating budgets, profit distributions, reporting, key operating and production related matters.
The Company remains committed to funding a 12-month exploration and development programme at the Project with the aim of establishing and integrating large-scale commercial manganese mining and processing operations at the Project into the Company's broader manganese activities at the nearby Kilifi Manganese processing operations site.
Update on Kilifi
Manganese ore export sales from the Kilifi Manganese Processing Operations, which were initially due by 31 April 2025, have been delayed as a result of the acquisition of the Project (and its incorporation into the Company's broader and larger scale manganese mining and processing and value addition plans in the area) and also whilst final delivery arrangements are agreed under the 5-year agency framework contract with Baosteel Resources South Africa (Pty) Ltd ("Baosteel Resources"), a wholly owned subsidiary of state-owned China Baowu Steel Group Co., Ltd., ("Baowu"), the world's largest steel producer.
Furter updates of the commencement of these and other manganese ore export sales will be provided as they are completed during the current quarter.
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: MAR) is an African focused battery metals investment and exploration company and has interests in several high value mining operations and mine development projects in Africa: the Blesberg Lithium and Tantalum Mine and Northern Cape Lithium and Tungsten Project, all in South Africa; the Boteti Lithium Brines Project in Botswana; the Larisoro Manganese Mine and Kilifi Manganese Processing Operation both in Kenya; the Kinusi Copper Mine, the Nyorinyori Graphite Project and the NyoriGreen Graphite Project all in Tanzania. 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 AQUIS Stock Exchange (AQSE) in London and A2X Markets in South Africa. 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:
|
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 |
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A2X Advisor AcaciaCap Advisors Proprietary Limited, Michelle Krastanov |
+27 (11) 480 8500 |
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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