Marula Mining eyes Larisoro Manganese Mine in Kenya
Marula Mining has signed a binding terms sheet with Kenyan operator Gems and Industrial Minerals (GIM) to acquire an initial 60% commercial interest in the Larisoro Manganese Mine.
The Larisoro Manganese Mine, operational since 2012 and located in Samburu County, is a shallow open-pit mine that has been producing manganese ore with an average manganese content of 33.41% over the past six years.
Larisoro Manganese Mine
The mined ore is processed to create a product with more than 37% manganese, which has been sold in Asian markets. Marula aims to boost the mine’s monthly production to 5,000–10,000 tonnes of high-grade manganese ore.
Marula paid £300,000 to GIM upon signing the terms sheet, satisfied through the issuance of 2.4 million new ordinary shares at 12.5p each. Further payments include £200,000 upon signing the Technical Support Agreement and Commercial Agreement, with additional payments after the initial exploration program and upon reaching specific sales milestones.
Marula has an option to increase its stake in the mine to 70% with a further £1.25m payment to GIM, in cash or shares. Marula CEO Jason Brewer expressed confidence in the investment, citing a successful site visit, technical assessment, and review. He highlighted the mine’s historical high-grade assays, production history, and existing stockpile of material as positive factors for the investment.
