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Africa|Copper|Exploration|Logistics|Mining|PROJECT|Resources|Services|Surface|Sustainable|System|Testing|Drilling|Bearing
Africa|Copper|Exploration|Logistics|Mining|PROJECT|Resources|Services|Surface|Sustainable|System|Testing|Drilling|Bearing
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Marula seeks JSE listing, provides Kinusi exploration update

Marula Mining CEO Jason Brewer

Marula Mining CEO Jason Brewer

29th June 2023

By: Cameron Mackay

Creamer Media Senior Online Writer

     

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Africa-focused mining and development company Marula Mining plans to apply for a dual listing of its ordinary shares on the JSE and has appointed South African corporate advisory group Bridge Capital Advisors to manage and oversee the listing process.

The decision to apply for a dual listing on the JSE is driven by the company's strategy to establish itself as a leading battery metals-focused African mining, exploration and development company.

Marula's partnership with independent commodity, mining, logistics and investment fund Q Global Commodities has played a significant role in facilitating this decision to seek a listing on the JSE.

The company expects the proposed listing on the JSE – in addition to a planned dual listing on the Nairobi Securities Exchange (NSE) – to occur after the company's planned listing on the Aim market of the LSE.

The JSE is Africa's largest and most liquid stock exchange, with 39 listed mining companies, of which 23 are dual listed.

The JSE basic material sector has an aggregated market capitalisation of R6-trillion, accounting for 28% of the overall JSE market capitalisation.

The Marula board believes the proposed listing will be well supported by investors in South Africa, and by the company's key stakeholders in Southern and East Africa.

The planned listing on both the JSE and the NSE demonstrates Marula's commitment to the key countries it operates in within Africa and recognises the vast potential and growth of the continent's capital markets.

Marula has interests in the Blesberg lithium and tantalum mine, in South Africa, and the Nkombwa Hill niobium, tantalum, rare earths and phosphate project, in Zambia. It is also reviewing potential opportunities in Kenya, Tanzania, Zambia, South Africa and Zimbabwe.

"We are looking forward to a very busy third quarter this year. It should see us progress with our proposed listing to the Aim market of the LSE and obtain dual listings on both the JSE and the NSE in due course,” says Marula Mining CEO Jason Brewer.

He adds that this strategic move is supported by a strong and increasingly growing partnership with Q Global.

The collaboration also further enhances Marula's positioning for success on the JSE, which Brewer believes strengthens the company’s prospects for growth and value creation in Southern Africa.

"The proposed dual listings on the JSE and the NSE represent a significant milestone in the company's journey, opening new avenues for expansion. We remain dedicated to delivering sustainable long-term returns to our shareholders and maximising the potential of Africa's mining sector and capital market.

"Through this listing on the JSE, we anticipate enhanced market visibility, the attraction of new investors, and the ability to capitalise on the abundant opportunities within Africa's mining landscape," Brewer says.

KINUSI

Meanwhile, the company has also announced the initial findings of the exploration work completed by independent geological consultants Geofields Tanzania at the Kinusi copper mine, in Tanzania.

Marula holds a 75% commercial interest in Kinusi, with local mining company Takela Mining Tanzania holding the other 25%.

Geofields has completed the Phase 1 programme of exploration activities and the detailed geological mapping and sampling work over all ten granted mining licences.

Geofields has confirmed the presence of a copper mineralised corridor that extends over 1 km in strike length and is 300 m wide and with high-grade narrow veins visually. The corridor is estimated to contain about 20% to 30% mineralised copper-bearing minerals which are mainly malachite and azurite.

Fifty-one samples were collected and prepared by Geofields as part of the Phase 1 programme and have now been sent for laboratory analyses at testing services provider SGS’s testing facilities in Tanzania.

Assay results from these samples are due to be received in late July. These are expected to be received along with assay and metallurgical results from the previously submitted samples.

Marula’s directors are of the view that this initial work by Geofields has confirmed the presence of a major mineralised copper system at Kinusi and one that supports the company’s accelerated mine development plans.

Surface exposure of copper mineralisation was observed across the PML2921DOM, PML2919DOM, PML2922DOM, PML2927DOM and PML2925DOM mining licences at Sasimo, where artisanal mining activities have taken place at various locations.

Copper mineralisation at PML2926DOM – one of the two Mseke mining licences – is considered by Geofields to be similar to that observed at the eight Sasimo mining licences, with visual estimates of the copper mineralisation being an average of about 15% copper.

The other Mseke mining licence PML2928DOM is close to active mines, located about 1 km to the northwest, and Geofields has recommended further work be undertaken there to detect any potential mineralisation that is not exposed at surface.

Geofields has confirmed that the quality assurance and quality control protocols implemented in the sampling programme at Kinusi are consistent with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Geofields’ final Phase 1 programme report, including a comprehensive geological database incorporating all the mapping and results from the Phase 1 programme, is also expected to be received in July.

Recommendations for the Phase 2 programme of activities at Kinusi will also be submitted by Geofields as part of the Phase 1 programme report and will include a geophysical survey across the full licence area and the detailed exploration and resource drilling programme work.

Given the initial findings by Geofields, Marula's executive management, along with technical representatives from Q Global Commodities, will be visiting Kinusi in July following the delivery of the final Phase 1 programme report.

This will be done to follow up on the findings and assist with planning of the Phase 2 programme of exploration and drilling activities and ongoing site development works.

"We are pleased with these initial findings from Geofields’ exploration activities at Kinusi. The presence of a copper mineralised system, with the strike length and widths and high-grade copper mineralisation estimated across the granted mining licences at Sasimo, supports our ongoing accelerated development and processing plans for Kinusi,” says Brewer.

He adds that the initial findings of the Phase 1 exploration work at Kinusi highlight the highly promising nature of the project.

Marula maintains a strong commitment to continue advancing Kinusi.

"We look forward to receiving Geofields’ final Phase 1 programme report and the assay results from the samples that have been submitted to SGS for analysis in the coming weeks. These will assist in the next phase of geophysical survey work and exploration and resource drilling to be completed at Kinusi,” Brewer says.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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