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06 Nov 2019 | 08:41

Keras Resources' Societe Generale de Mines granted mining lincence for Nayega mine in Northern Togo

Keras Resources said its majority-owned subsidiary Societe Generale de Mines had been granted a licence by Togolese authorities to carry out a large-scale exploitation of the manganese deposit at Nayega in Nothern Togo. After meeting with the Togolese ministry of mines, Keras and Societe Generale de Mines said the ancillary documentation related to the exploitation permit was expected to be concluded by year end, allowing commercial production to commence in the first quarter of 2020. 'Our strategy of proving up the project through the fully funded 10,000-tonne bulk sample programme has been validated, and without investing any further capital, Keras can transition seamlessly from explorer to producer,' said Russel Lamming, chief executive of Keras Resources. Operations were expected to commence at nameplate capacity of 6,500 tonnes per month of saleable manganese ore in the first quarter of 2020, targeting the detrital and laterite ore horizons, Keras said. 'The company is currently in discussions with various offtakers to provide finance for the expansion programme,' Lamming added.

At 8:41am: (LON:KRS) Keras Plc share price was +0.03p at 0.48p

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