Marula Mining, the AQSE-listed mining company, said approval of the budget and development plan for its Tonto Tshipi and Derdepoort Manganese Mines remains conditional on finalising a long-term offtake agreement.
The company is in active discussions with a major global commodity trading group in South Africa, though it cautioned there is no guarantee the agreement will be concluded on current terms, or at all.
Until the offtake and associated prepayment funding are secured, the timing of an operational restart at the two South African manganese mines remains uncertain.
Marula previously entered a binding term sheet to acquire an initial 50% interest in the Tonto Tshipi Minerals SPV, which holds the mining right covering both projects, with an option to increase that stake to 70%.
"We are particularly encouraged by the continued discussions held on the long-term offtake agreement and its associated opportunities," said CEO Jason Brewer.
The next material catalyst is completion of the offtake and funding documentation, after which the company expects to finalise the development budget and set a timetable for recommencing operations.
