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Keras raises funds to fast-track Nayega development

29th January 2020

By: Marleny Arnoldi

Deputy Editor Online

     

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Aim-listed Keras Resources has raised £310 000 by placing about 206-million shares at a price of 0.15p apiece.

The funds will be used to fast-track infrastructure development at the Nayega manganese project, in Togo. The project is held by the company’s 85%-owned subsidiary Société Générale de Mines.

Keras explained in a release on Wednesday that some of the developments include fabrication of a 25 000 t a month expansion plant, the finalisation of a hydrogeological study to increase water supply at the project and securing storage facilities near Port Lomé to export beneficiated manganese ore.

CEO Russel Lamming confirmed that the company was focusing on delivering on the target of first production in the first quarter of this year.

“Although production will start immediately after completion of the permitting process, it is important that the long-lead items underpinning the expansion to the 25 000 t a month capacity are ordered to ensure that we reach nameplate capacity by year-end. 

“As such, the new plant will be ordered, and we will finalise the hydrogeological project to ensure sufficient water is available for the expansion. In addition to on-site activities, we will be setting up a secure storage facility near Port Lomé to ensure we can manage the export of the manganese ore efficiently,” he elaborated.

The company was also in discussions with third-party offtakers, with a view to securing prepayment and stockpile financing to minimise dilution as Nayega is developed.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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