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Marula Mining PLC on Friday said it has made a payout following a milestone being reached by partner Takela Mining. The London-based mining company with projects in South Africa, Kenya and Tanzania said it will issue 1.8 million new shares at 9.00 pence each to Takela Mining Tanzania Ltd, after it reached the ‘decision to mine’ milestone at the Kinusi copper mine, part of a 2023 mining partner agreement. The issuance was at a 50% premium to Marula’s 6.00p closing price on Thursday. Marula Mining also on Friday said it has drawn down a further £500,000 from its existing facilities with AUO Commercial Brokerage LLC. It expects funds to be received on February 20, and that 13.3 million new shares will be issued at 3.75p each in consideration of the drawdown. Funds will be used to advance and accelerate progress at the Kilifi manganese processing plant, the Kinusi copper mine, and also at the Blesberg lithium and tantalum mine. Following the drawdown, around £2.7 million of the total £8.5 million has been advanced to the company under the approved AUO facilities, and around a further £3.8 million remains available for Marula Mining to utilise. Separately on Friday, Marula provided an update on its Kilifi plant in Kenya. Marula said plant modifications remain on track to be completed within the current quarter. ‘We have been progressing the initial sales agreements for this quarter’s production and looking at the longer-term offtake arrangements,’ said Chief Executive Officer Jason Brewer. ‘With the current strength of the manganese market and the high-value product that we believe we can deliver at the Kilifi Plant.’ Negotiations are ongoing for an initial 5,000 tonnes of manganese sales, which are anticipated to complete this quarter. Brewer continued: ‘With the progress we are making here at Kilifi and the recent news from our Kinusi Copper Mine, and other developments across the group, it is fair to say that Marula is on track to establish itself as a multi-mine, multi-commodity producing critical metals mining company. ‘This quarter was always going to be a significant one for the company and we hope to deliver on our strategy and production goals.’ Shares in Marula Mining last traded at 4.99 pence each on Aquis in London on Friday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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