Marula Mining PLC Update on Blesberg Spodumene Sales

RNS Number : 2694T

Marula Mining PLC

20 June 2024

 

 

 

Marula Mining PLC

 

("Marula'' or the "Company")

 

20 June 2024

 

Update on Blesberg Spodumene Sales

 

Marula Mining (AQSE: MARU) an African focused mining and development company, provides an update on the current status of its spodumene sales.

The Company confirms that initial sales of 500 tonnes ("t") of spodumene is proceeding, with its executive management team and consultants in South Africa currently finalising all the necessary and outstanding logistics and exports arrangements.

Highlights:

·    Initial spodumene sales represent the total planned and scheduled sales for both May and June 2024

·    This export sales process and the receipt of sales proceeds is expected to be concluded over the next 2 to 4 weeks

·    Arrangements for the transportation and export of this initial 500t of spodumene sales has been delayed by the logistical constraints currently being experienced in Southern Africa.

·    The Company's executive team and advisors anticipate further sales of spodumene to proceed smoothly going forward into existing offtake agreement arrangements and into further sales arrangements into China

·    Sales of spodumene ore are expected to achieve the Company's minimum sales targets of 10,000t of spodumene ore for 2024

·    The Company's South African subsidiary, South African Lithium and Tantalum Mining (Pty) Limited ("SALT") is expecting to finalise agreements for the sales of other by-product minerals including tantalum, feldspar and mica, which are anticipated to commence in Q3 2024

·    In addition, the Company is pushing ahead with its plans to establish expanded processing facilities to produce a higher value lithium carbonate and/or lithium hydroxide and which it expects to have established later in 2024 at the Blesberg Lithium and Tantalum Mine

 

The Directors of Marula are responsible for the contents of this announcement. This announcement contains inside information for the purposes of UK Market Abuse Regulation.

 

About Marula Mining

Marula Mining (AQSE: MARU) is an African focused battery metals investment and exploration company and has interests in several high value mine projects in Africa; the Blesberg Lithium and Tantalum Mine and Korridor Lithium Project in South Africa, the Kinusi Copper Mine, the Nyorinyori Graphite Project, the NyoriGreen Graphite Project and the Bagamoyo Graphite Project all in Tanzania, the Nkombwa Hill Project in Zambia and the Larisoro Manganese Mine located in Kenya. As we advance operations at these battery metals focused projects, Marula will continue to build and expand its interests in other high-quality projects in Africa.

 

Marula's strategy is to identify and invest in advanced and high-value mining projects throughout East, Central and Southern Africa that the Directors believe would deliver returns for its shareholders. The Board and management team aims to establish Marula as a socially and environmentally responsible, sustainable, and profitable producer of critical metals and commodities that are of increasingly strategic importance to modern technologies and the global economy. Marula's shares are traded on the AQUIS Stock Exchange (AQSE) in the United Kingdom and the A2X Markets in South Africa. Marula is exploring opportunities to admit its shares to trading on the London Stock Exchange plc's Standard List, Kenya's Nairobi Securities Exchange and South Africa's Johannesburg Stock Exchange.

 

For enquiries contact:

 

Marula Mining PLC Jason Brewer, Chief Executive Officer   Faith Kinyanjui Mumbi Investor Relations	Email : [e-mail]   Email : [e-mail]
AQSE Corporate Adviser Cairn Financial Advisers LLP, Liam Murray / Ludovico Lazzaretti	[phone]
Broker Peterhouse Capital Limited, Charles Goodfellow / Duncan Vasey	[phone]
Financial PR and IR BlytheRay Tim Blythe / Megan Ray / Said Izagaren	[phone]

 

Caution:

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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