LONDON (ShareCast) - (Sharecast News) - Keras Resources announced on Friday that mining operations at the Nayéga manganese mine in northern Togo were set to begin by the end of June, following the completion of dry commissioning at the site's processing plant by contractor Carrieres Mines Travaux Publics (CMTP).
It said CMTP had now fully mobilised its mining fleet, with ore processing expected to start in July at an initial rate of 4,000 tonnes per month of saleable manganese.

The AIM-traded firm said that rate would ramp up to the plant's nameplate capacity of 8,000 tonnes per month after the first three months.

Under a 2023 cooperation agreement with the Togolese state, Keras said it would receive an advisory fee equal to 1.5% of gross revenue from the mine for a three-year period.

In addition, it was entitled to a 6% brokerage fee on gross revenue generated from up to 900,000 tonnes of beneficiated ore sold, or for a maximum period of 3.5 years, whichever was reached first.

The Nayéga project is operated by Société Togolaise de Manganèse (STM), Togo's state-owned investment company.

"The mobilisation of CMTP to site and the imminent production at Nayéga is very good news," said interim executive chairman Russell Lamming.

"The cashflow due under the cooperation agreement will underpin the progress and associated cash flows from the US operations.

"I look forward to updating shareholders in the near term."

At 1024 BST, shares in Keras Resources were up 2.92% at 1.24p.

Reporting by Josh White for Sharecast.com.

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