Marula Mining to fully own Kilifi manganese processing plant in Kenya
Marula Mining has expanded its stake in Kenya’s Kilifi manganese processing facility to full ownership. Through its local subsidiary, Muchai Mining Kenya, the company has signed an amendment to a previous share purchase agreement to acquire the remaining 20% equity in Agarwal Metals and Ores (AMO). AMO is the owner and operator of the Kilifi plant.
100% Stake
This new agreement builds on Marula’s initial acquisition of an 80% interest in AMO completed in August 2024. With the latest transaction, Muchai Mining now holds 100% of the Kilifi project. Under the revised terms, Marula will pay $1.3 million, either in full or partially, by 31 December 2025. Additionally, the company will issue 12 million new ordinary shares at a price of 4.5 pence per share to the previous minority shareholder as part of the consideration.
The full acquisition follows the recent approval of a five-year operational budget for the Kilifi plant, projecting $182.5 million in gross revenue and $63.5 million in cash flow. The wet commissioning phase of the plant is on track for completion by 12 May 2025, and initial manganese sales—which had previously faced delays—are now expected to begin in May 2025, with no penalties involved.
Marula CEO Jason Brewer stated that this development enhances the company’s strategic control over the project just as it enters a key commercial phase. He emphasized that the acquisition terms are favorable, especially given the strong economic outlook outlined in the budget projections.
