Keras Resources gets Togo’s approval to conduct testwork programme at Nayega manganese project

Tuesday, 24 July 2018 16:25
Keras Resources gets Togo’s approval to conduct testwork programme at Nayega manganese project

(Togo First) - AIM-listed Keras Resources announced last Monday that it got approval to undertake a bulk sampling metallurgical testwork programme at its Nageya manganese project, Northern Togo.

For the firm, obtaining permission on the project which it controls (85%) via its subsidiary Société Générale des Mines SARL (SGM).

The testwork programme is estimated at $1.5 million and includes the processing of 10,000 t of  beneficiated manganese ore by a major producer of manganese-based alloys, to assess how suitable the ore is in its smelting facilities.

Keras also revealed that it is targeting a beneficiated +10mm to 75mm manganese product through a simplified washing, scrubbing and screening operation.

Costs related to the programme, such as equipment, operating, logistics and management costs are fully funded by an end-user which the British says it reached an agreement with. Actually, an initial financing was provided to cover long-term fixed assets and management costs. “We have secured a funding agreement with a third-party end-user that potentially may share significant synergies with a West African manganese producer,” said Keras CEO, Russell Lamming.   

“We believe this is a huge endorsement for both the project and our team’s ability to identify quality assets and we look forward to working closely with the end-user through the metallurgical testwork process, he added.

Keras has completed the tender process with local mining contractors and logistics companies that are able to start the operation immediately. Contracts will be awarded by late July.

The company, which wishes to expand its manganese assets in Togo, said it is discussing with Togolese authorities to boost the profitability of its operations in the country. “Over the past several months we have been engaged in constructive discussions with the Ministry of Mines and other regulatory bodies in Togo on how to progress the Nayega project into a profitable mine, Russell Lamming said.

Keras’ shares soared by 15% in value after the nod announcement.

Open-pit low-capex Nayega project covers an area of 92,390 ha. It is situated on a deposit that covers 2.2km by 500m and averages 3.3 thick.

Fiacre E. Kakpo

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