Keras Resources Secures Manganese Mining Permit and Contracts in Togo
Why we think this is very good
The RNS announcement from Keras Resources PLC (KRS) is very positive, as the company has secured a mining permit for the Nayéga manganese mine in Togo, as well as a mining and logistics contract and a manganese sale/purchase agreement. These developments represent a transformational step forward for the company, which will underpin the progress and associated cashflows from its US operations. The securing of these key agreements suggests the company is well-positioned to commence full-scale mining operations at Nayéga, which should have a significant positive impact on the company's financial performance.
Key Points
- Société Togolaise de Manganèse (STM) has obtained a mining permit to commence full-scale mining at the Nayéga manganese mine in Togo
- STM has awarded a mining and logistics contract to CMTP to manage the mining, processing, and logistics of the manganese ore
- STM has entered into a manganese sale/purchase agreement with Fujax Group Limited for the first 400,000 tonnes of manganese ore produced
- Keras has advisory and brokerage agreements with the Togolese government, where it will receive fees based on the gross revenue generated from the Nayéga mine
Summary
Keras Resources PLC (KRS) has announced that its 100% owned investment company in Togo, Société Togolaise de Manganèse (STM), has obtained a mining permit to commence the exploitation of the Nayéga manganese mine. STM has also entered into a mining and logistics contract with Carrieres Mines Travaux Publics SA (CMTP) and a manganese sale/purchase agreement with Fujax Group Limited. The company will receive advisory and brokerage fees related to the Nayéga mine operations, which will underpin the progress and associated cashflows from the company's US operations.