Marula Mining PLC, an African mining and development company, has finalized the acquisition of the Kilifi Manganese Processing Plant in Kenya. The company increased its ownership in Agarwal Metals and Ores Limited to 100% by purchasing the remaining 20% minority shareholder interests. This strategic move follows the approval of a 5-Year Budget for the Kilifi Plant, projecting substantial revenue and cash flows.
The 5-Year Budget forecasts total gross sales revenue of US$182.5 million and a pre-tax project NPV10 valuation of US$48.3 million. The acquisition of the minority shareholding was completed ahead of the wet commissioning of the Kilifi Plant, scheduled for May 12, 2025, and before the first planned manganese sales, now set to commence in May 2025.
As part of the acquisition agreement, Marula Mining PLC will make a cash payment of £1,000,000 and issue 12,000,000 new ordinary shares to the minority shareholder. These new shares are set to be admitted to trading on the Aquis Stock Exchange AQSE Growth Market and A2X Markets by May 6, 2025.
Following the Admission, the company’s total voting rights will amount to 293,655,678 ordinary shares, with each share carrying one vote. This figure will be used for shareholder notifications under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Jason Brewer, CEO of Marula Mining, expressed satisfaction with the acquisition, emphasizing the strategic advantages it brings to the company. He highlighted the importance of this move as the company transitions into operational phases and looks to optimize its processes and profitability.
Marula Mining is a battery metals investment and exploration company with interests in various mining projects across Africa. The company’s strategy focuses on identifying and investing in high-value mining projects in East, Central, and Southern Africa to deliver returns to its shareholders.
The acquisition of the Kilifi Plant marks a significant milestone for Marula Mining, enhancing its operational capabilities and setting the stage for further growth and success in the mining sector. The company’s commitment to responsible and sustainable mining practices positions it as a key player in the African mining industry.
With a strong focus on battery metals and critical commodities, Marula Mining aims to establish itself as a leading producer in the sector, contributing to the advancement of modern technologies and the global economy. The company’s shares are traded on the AQUIS Stock Exchange in London and A2X Markets in South Africa, with plans for potential listing on other exchanges in the future.
For further information about Marula Mining and its projects, interested parties can reach out to the company’s CEO, Jason Brewer, or the Investor Relations team. The acquisition of the Kilifi Plant underscores Marula Mining’s commitment to growth, sustainability, and value creation for its stakeholders.