Marula Mining
PLC
("Marula'' or the "Company")
31
May 2024
Sales and Offtake Agreement
Signed for Manganese Ore at the Larisoro Manganese
Mine
Marula Mining (AQSE: MARU) an
African focused mining and development company, is pleased to
confirm that it has signed a sales and offtake agreement (the
"Agreement") with United Kingdom based, global
metals, minerals and energy commodities trading group
Fujax UK Ltd ("Fujax") for manganese ore production from
the Larisoro Manganese Mine ("Larisoro" or the
"Mine") in Samburu County, Kenya.
The Agreement is for an initial
tonnage of 2,000 tonnes ("t") of manganese ore ("Initial Tonnage")
and thereafter on agreement, further minimum monthly deliveries of
5,000t and nominal monthly deliveries of 20,000t for a 12 month
period, with an option to extend by mutual agreement.
Deliveries of the Initial Tonnage of
manganese ore to Fujax will commence immediately from stockpiled
material in Nairobi and processed material at the Larisoro Mine
that will be transported to Nairobi.
Highlights:
·
Sales and offtake agreement entered into with
Fujax for sale of manganese ores from the Larisoro Mine
·
Fujax is an established and experienced global
mineral and energy trading company and sources, mines, finances,
trades, markets, contractually manages, and transports metals and
minerals
throughout Africa, Asia and Europe
·
First deliveries under the Agreement and sales to
now commence
·
Initial sales tonnage of 2,000t to be completed by
no later than 1 July 2024
·
Monthly minimum sales of 5,000t and nominal
monthly sales of 20,000t to be completed over a further 12 months
through to June 2025
·
Manganese ore specifications required within the
Agreement of minimum manganese ore grade of 30% and maximum iron
ore grades of 4% are considered by the Company to be readily
achievable based on current sampling and assay results and
historical sales from the Larisoro Mine
·
Monthly deliveries and other specifications of the
manganese are in line with the Company's current production plans,
operating procedures and budget for the Larisoro Mine
·
Transportation of manganese ores from the Larisoro
Mine to Nairobi to now commence under a transportation and logistics agreement as announced on 29 May
2024
·
Fujax have been on site at the Larisoro Mine and to the facilities in Nairobi where the
manganese ore will be delivered and then onloaded to Mombasa by
rail
·
In addition to being headquartered in
the United Kingdom, Fujax has offices in Nairobi and Mombasa
and additional offices in Switzerland, Hong Kong, South
Africa and Zambia from where it supplies its global customer base
with responsibly sourced commodities from a diverse range of
countries across the entire commodity supply chain
Jason Brewer, Marula Mining PLC CEO, said:
"Entering into this initial sales and offtake agreement with
Fujax so soon after getting involved with our investment in the
Larisoro Manganese Mine supports our belief in the potential of
this manganese mining operation. We are delighted by this Agreement
which is in addition to the Blesberg Lithium offtake agreement with
Fujax. We look forward to our collaboration with Fujax to deliver
manganese ores into the international export markets whilst
generating sales proceeds for the Company.
"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 as we complete our exports of manganese
ores.
"I'd personally like to express my gratitude to the Fujax
team, and everyone actively involved with the Larisoro Mine. With
this Agreement, I am confident that we now have partners who can
bolster our position in Africa and the global manganese market,
ensuring our role as a long-term, sustainable producer of
high-value battery metal commodities."
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) 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) in the United
Kingdom and the A2X Market in South Africa. 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.