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(Alliance News) - Keras Resources PLC on Thursday said it dropped the Nayega Manganese project in Togo to focus on targeting the organic fertiliser market in North America.
The Surrey, England-based mine developer focused on West Africa and the US said it will transfer its exploration permit for Nayega to Togolese state-owned company Societe Togolaise De Manganese, but will provide advisory and brokerage services regarding the project.
The Togolese state will pay Keras a cash consideration of USD1.7 million on July 17, as well as an advisory fee of 1.5% of gross revenue generated from the Nayega mine for its provision of advisory services for the next three years.
Keras also said it will liquidate its interest in Societe Generale de Mines, the company through which Keras holds interest in Nayega.
In 2019, Togo granted SGM the right for large-scale exploitation of the manganese deposit. Keras has now fully transitioned into a fully focussed North American business, targeting the organic fertiliser market through its high-grade organic rock phosphate mine, Diamond Creek.
Diamond Creek is located in the state of Utah. Keras acquired a 51% stake of Falcon Holdings LLC, the owner of Diamond Creek, in 2020.
Chief Executive Officer of Keras Graham Stacey said: commented: "This agreement is a reflection of the constructive relationship we have with the state and sets a very clear picture of how the asset will now be developed to the benefit of all stakeholders and rewards Keras for its investment to date."
Shares in Keras were up 1.2% to 4.91 pence each in London on Thursday midday.
By Sabrina Penty, Alliance News reporter
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