RE: RE: JV News RNS22 Jan 2024 10:33
Togo yet to progress but further fees and commission on gross revenue due to KRS going forward
· The State will pay Keras a cash consideration of US$1.7m (one million seven hundred thousand United States dollars) ("Cash Payment") on 17 July 2023 and thereafter;
o Keras will be paid an advisory fee of 1.5% (one and a half percent) of gross revenue generated from the Nayéga mine for the provision of advisory services for 3 (three) years ; and
o Keras will be paid 6.0% (six percent) of gross revenue generated from the Nayéga mine for the provision of brokerage services for the lesser of 3.5 (three and a half) years or 900,000 (nine hundred thousand) tonnes of beneficiated manganese ore produced and sold from Nayéga.
Togo aims to double the contribution of its mining sector to GDP by 2025. In that context, it wants to exploit "its mineral resources in an "optimal" manner, starting with critical minerals like manganese, which is considered a transition metal because of its growing use in clean energy technologies - rechargeable batteries for electric vehicles and large-scale energy storage systems.
As a reminder, the Nayega manganese deposit is located in the Kpendjal West prefecture in the Savanes region, in the northern part of Togo. It spans over 29,819 hectares and consists of four exploration permits, namely the Pana permit, the Tandjoare permit, the Naki-Est permit, and the Borgou permit. It is Togo's largest known manganese project. According to Keras Resources, which conducted the exploration and sampling stages, it is at an advanced stage. A "Silicomanganese smelter test work was completed in Santander, Spain during July 2019 [...]” and the installed production capacity is 6,500 tonnes per month, the AIM-listed company detailed.
Robsky