(Alliance News) - Keras Resources PLC on Friday said it has formed the Nayega Foundation for the development of community, environmental and sustainability projects in Togo, west Africa.
The London-based mineral resource company's Chief Executive Russell Lamming and Chief Operating Officer Graham Stacey are currently at the Nayega manganese mine in Togo undertaking a site visit. They also will meet with community leaders and a delegation from Togo's ministry of mines to ensure an "open and inclusive" process for the development of the Nayega Foundation.
Shares in Keras Resources were up 12% at 0.13 pence in London on Friday.
Keras said it intends to contribute 5% of its attributable net profit from Societe Generale de Mines SA on an annual basis to the foundation, which will help to support the communities in the vicinity of the mine.
Keras' subsidiary Southern Iron Ltd holds an 85% interest in SGM, which provides manganese exploration and mining services and owns the Nayega mine. The Togo government will be entitled to a 10% carried interest in SGM once the exploitation licence has been granted.
The company said the first project is a clean water initiative, which will provide four water stations for both the community and their livestock with water. This is to be supplied by the infrastructure installed during the 2019 bulk sample project.
"Environment, social and governance is a key component of any mining project or company and needs to be incorporated into a project's DNA from the outset. The development of the Nayega mine, which will be 100% operated by a Togolese workforce, will make a significant positive impact on the local community and the Nayega Foundation will compound that benefit. This trip to Togo has included meetings with key government officials and community leaders to make sure that all structures are in place for when commercial production commences at Nayega," said Lamming.
Back in September, Lamming met with Togolese Prime Minister Komi Selom Klassou and Minister of Mines & Energy Marc Ably-Bidamon to discuss the issuance of an exploitation permit for production at the Nayega manganese project.
By Zoe Wickens; zoewickens@alliancenews.com
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Keras Res (KRS)