Keras Resources
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AIM-listed minerals resource company Keras Resources is on track with its 10 000 t bulk sampling metallurgical testwork programme at the Nayega manganese project in northern Togo. 

Togo – The bulk sampling programme is fully funded by a major producer of manganese-based alloys.

The 20 tph scrubber plant has been commissioned and is ramping up to full capacity.

The installed mining and processing equipment at the Nayega bulk sampling site have the capacity to produce about 6 500 tpm of +35% manganese ore.

The mining and screening phase of the bulk sampling programme was completed with approximately 13 000 t of +12mm manganese already pre-screened on the scrubber plant feed stockpile.

Moreover, the installation of a 6 km water pipeline and all water reticulation equipment has been completed.

The 6 500 m3 lined storage dam is at full capacity and the operation is currently recovering 70% of water from plant tailings so the water balance is currently operating within design capacity

 “Completing the installation of the scrubber plant and ancillary equipment with the capacity to produce circa 6 500 tpm of +35% manganese ore is a major milestone for Keras. With the mining and screening phases now complete our efforts are now focused on delivering the 10 000 t of bulk sample material to the Port of Lomé in the shortest possible timeframe,” says Keras Resources CEO Russell Lamming.

Third party funding package

In addition to the activities in Togo, the company has been actively assessing additional value accretive investment opportunities which have required funding.

The US$1 500 000 third party funding package is split into two payments of which US$750,000 has already been paid with the remainder payable when the 10 000 t are ready for shipping which is expected at the end of January. 

This has required the company to secure a short-term bridging facility until the company receives the second tranche of the third-party bulk sample funding.  The loan is intended to cover the costs of identifying new opportunities and project costs which are due for payment prior to receipt of the second tranche of $750 000 

The £300 000 loan has been provided by non-executive chairman Mr Brian Moritz and non-executive director David Reeves. The loan is unsecured and will be repaid when the remaining $750 000 from the $1 500 000 third party funding package is paid. This payment is expected in February 2019 post the completion of the bulk sample. The loan will be repayable at a 4% premium on or before 30 March 2019.