Keras Resources PLC (AIM:KRS) highlighted reported progress at the Nayéga manganese mine, in Togo, where it will share revenue share under advisory and brokerage arrangements with the government.
State-owned firm STM - Société Togolaise de Manganèse – has a mining permit and has now signed up a contractor, Carrieres Mines Travaux Publics SA (CMTP), for mining and logistics operations.
STM has also entered into a deal to sell its first 400,000 tonnes of manganese ore to Fujax Group.
Keras, meanwhile, noted that STM has been on-site at Nayéga since June, and it expects the start of mobilisation ‘as soon as possible’.
"The award of the Nayéga exploitation permit and the offtake is certainly welcome and we look forward to further information related to the mobilisation of CMTP and on the re-development of Nayéga,” Keras interim chair Russell Lamming said.
Keras is due 1.5% of gross revenue from Nayéga for three years as an advisory fee, plus as a brokerage fee, 6% of gross revenue from the lesser of 3.5 years or 900,000 tonnes of sold beneficiated manganese ore.
In London, Keras shares were up 10% at 1.44p.