Marula Mining PLC - Offtake Agreement for Manganese at Larisoro
Announcement provided by
Marula Mining PLC · MARU31/05/2024 07:00
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
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
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
· 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
· Fujax have been on site at the Larisoro Mine and to the facilities in
· In addition to being headquartered in the
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
The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of
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
Marula's strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and
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, |
+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.
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