Keras Resources Makes Strides in Togo: A Positive Step Forward for Mining Industry
In exciting news from the African mining sector, Keras Resources PLC (AIM: KRS) has reported a promising start to its operations at the Nayéga manganese mine in Togo. Following the receipt of its first payment under a cooperation agreement with the Republic of Togo, shares of Keras Resources saw a healthy increase this past Friday. This initial step marks an important milestone for the company and highlights the potential of mining partnerships in the region.
The first batch of shipments included a significant 2,700 tonnes of manganese ore, which was exported earlier in September. Since launching mining activities at Nayéga at the end of July, the operation has made impressive strides, producing at a rate of 4,000 tonnes of saleable manganese per month. Plans are already in place to increase this production rate to 8,000 tonnes per month after the initial three-month phase. This ambitious strategy not only showcases Keras’s commitment to efficiency but also bodes well for the local economy, creating jobs and stimulating growth.
Keras Resources is optimistic about the outlook for both its Togolese and U.S. operations. The company has indicated that production and sales are aligning with their expectations, resulting in cash inflows that are vital for supporting operations across both countries. “The first payment under the cooperation agreement is a significant milestone for both the company and Nayéga,” stated Russell Lamming, interim executive chair of Keras Resources. “We now look forward to the continued increase in production, with cash flows that will underpin the cashflows from the U.S. operations.”
In the finance arena, Keras shares were trading at 1.43p on the London Stock Exchange, valuing the company at over £8 million. The positive trajectory promises not only to benefit Keras stakeholders but also reinforces the growing importance of fostering partnerships within Africa’s vibrant mining landscape.
The Nayéga project stands as an example of the potential for resource development in West Africa, where nations like Togo are working diligently to enhance their mining sectors. As Keras Resources unrolls its plans for expansion, the eyes of investors and industry players alike will be closely watching this promising venture unfold.
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