Kazera Global PLC (AIM:KZG) shares dropped some 21% on Monday, to 1.06p, after it announced it had sharpened its focus on heavy mineral sands in South Africa amid an operational reset that includes cost cuts, director fee deferrals and talks over short-term working capital.
The AIM-quoted investment company said its 2A Mining Right at Alexander Bay is progressing through the final stages of the South African regulatory process, with a locally based stakeholder appointed to support the process.
The company said the timing remains outside its direct control but that the asset is being positioned for expedited development once granted.
Kazera also said independent bulk sample test work at its Whale Head Minerals heavy mineral sands operation achieved concentrate grades of around 41% TiO₂, with potential for further optimisation.
Talks with a preferred strategic partner are focused on improving processing, raising throughput and delivering higher-grade, marketable concentrate, while introducing capital without recourse to shareholders.
The company has paused inland diamond mining at Deep Blue Minerals because of diesel shortages and high fuel prices, shifting activity towards recovering diamonds from beach and marine gravels derived from the HMS mining process. Kazera said the move should reduce costs and better align the diamond operations with its core HMS strategy.
Kazera is also progressing discussions with Hebei Xinjian over a potential settlement of the African Tantalum debt liability, while third parties have made preliminary expressions of interest in the asset.