Keras Resources PLC has announced the resumption of activities at the Nayéga Manganese mine in Northern Togo, following a cooperation agreement with the Republic of Togo. The State is currently managing a public-private partnership award procedure to appoint a contractor to oversee all mining and processing activities at Nayéga, as well as provide a logistics solution from mine to port. The tender process closes on 7 June 2024, with the successful applicant expected to be fully mobilized within 6 months of the tender award.
The timing of the tender process aligns with the rebounding manganese market, and Nayéga, which is effectively production ready, is poised to capitalize on this market upturn. Keras has advisory and brokerage agreements with the State, entitling the company to receive an advisory fee of 1.5% of gross revenue generated from the Nayéga mine for the provision of advisory services and 6.0% of gross revenue for the provision of brokerage services.
Graham Stacey, CEO of Keras, expressed optimism about the progress at Nayéga, emphasizing its positive impact on the company's cash flow. He also highlighted the ongoing developments at the company's flagship operation in Utah, USA, where its subsidiary is finalizing the construction of a fully integrated granulator plant to produce Phosul® granules. Stacey looks forward to providing continuous updates to shareholders as the company progresses on these fronts.
The information contained in the announcement is considered inside information and is now in the public domain. Keras Resources PLC wholly owns the Diamond Creek organic rock phosphate mine in Utah, US, which is a fully integrated mine-to-market operation, producing a variety of organic phosphate products tailored to customer organic fertilizer requirements.
For further information, visit the company's website or contact the provided Nominated Adviser & Joint Broker.