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Marula Mining PLC on Wednesday said it has agreed to acquire full ownership of Takela Mining Tanzania Ltd, securing 100% control of the Kinusi Copper Mine in Tanzania. The London- and Johannesburg-listed, Africa-focused miner said the acquisition will be completed through its wholly owned subsidiary, Marula Mining Tanzania Ltd, increasing its current 75% commercial stake in Takela to 100%. In exchange for full ownership, Marula will pay up to £2.5 million in three tranches: £500,000 on signing the share sale and purchase agreement, £750,000 upon conversion of the Kinusi mine’s 10 existing primary mining licences into a single mining licence, and £1.25 million after commercial sales from the mine exceed 10,000 tonnes. The payment can be made in cash or shares priced at 10 pence each, at Takela’s election. Takela’s shareholders will also receive a 1.5% net smelter royalty on all product sales from the mine. Upon licence consolidation, the Tanzanian government will be entitled to a 16% free carried interest under local mining regulations. The acquisition follows a recent site visit by Marula executives, who endorsed full ownership to streamline operations, accelerate development, and improve efficiency. Marula plans new crushing equipment, expanded site infrastructure, and additional haulage trucks. Marula also said Takela has completed two trial shipments totalling 1,000 tonnes of copper ore, with proceeds used for ongoing operations. A long-term offtake agreement with a global trading house covering 100% of Kinusi’s output is in the final stages. ‘This is a key strategic step that will allow the company to progress our development plans,’ said Chris Attwood, Marula’s General Manager of Operations for East Africa. As part of the transaction, Stewart Mremi, Executive Director of Takela, will become General Manager of the Kinusi Mine, reporting to Attwood. Marula noted that Edward Ruheni, its director of strategic initiatives, is a shareholder in Takela and a director of Marula’s Tanzanian subsidiary. As such, the deal is considered a related party transaction. Marula’s independent directors said the terms were fair and reasonable. Marula Mining shares were quoted at 3.50 pence on the Aquis Stock Exchange in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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