Keras receives first payment under cooperation deal in Togo for Nayega

(Alliance News) - Keras Resources PLC on Friday said it has now received its first payment under the cooperation deal signed with the Republic of Togo related to its Nayega manganese mine.

The Surrey, England-based mine developer focused on West Africa and the US said the payment came as mining activities started at Nayega, in northern Togo, at the end of July.

The mine is meeting expectations of processing ore at an initial rate of 4,000 tonnes per month of saleable manganese for the first three months, followed by nameplate capacity of 8,000 tonnes a month of saleable ore, Keras said.

Keras signed the cooperation agreement in May 2023, and the payment was triggered after the shipment of the first 2,700 tonnes of ore in containers at the beginning of September.

Keras did not on Friday disclose the financial value of the payment.

"The first payment under the cooperation agreement is a significant milestone for both the company and Nayega and we now look forward to the continued increase in production with cashflows that will underpin the cashflows from the US operations. I look forward to updating shareholders in the near term on progress on both fronts," said interim Executive Chair Russell Lamming.

Shares in Keras Resources were up 1.8% at 1.43 pence in London on Friday afternoon. The stock remains down 48% over the past year.

By Emily Parsons, Alliance News reporter

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