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NAIROBI - Marula Mining PLC (AQSE:MARU, A2X: MAR) has completed legal, financial and technical due diligence for its proposed acquisition of a 60% interest in the Bamba Manganese Mining Project in Kenya’s Kilifi County, the company announced Wednesday.
The Bamba project includes an expired prospecting license pending renewal and three mining permit applications covering 40 square kilometers. The site is located approximately 16 kilometers northwest of Marula’s existing Kilifi Manganese Processing Operations.
Following the successful due diligence, Marula will proceed with preparing formal joint venture documentation, including commercial agreements and shareholder documentation to establish an operations committee. The company plans to fund a 12-month exploration and development program aimed at establishing large-scale commercial manganese operations at the project.
Marula also reported that manganese ore export sales from its Kilifi operations, initially scheduled for completion by April 30, have been delayed. The company attributed the delay to the Bamba acquisition and ongoing negotiations regarding final delivery arrangements under its five-year agency framework contract with Baosteel Resources South Africa, a subsidiary of China Baowu Steel Group.
The company expects to complete these export sales during the current quarter.
Marula Mining maintains interests in several mining operations across Africa, including projects in South Africa, Botswana, Kenya, and Tanzania focused on battery metals such as lithium, tantalum, manganese, copper, and graphite.
The information was disclosed in a company press release statement.
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