29th Apr 2019 15:20
LONDON (Alliance News) - Mineral resource firm Keras Resources PLC said on Monday it has promoted Project Manager Graham Stacey to chief operating officer, to allow for a smooth transition into commercial production at the Nayega Manganese project in Togo.
In addition, Keras and the government of Togo have finalised the drafting of the Nayega Mining Convention and all documentation related to the Nayega Exploitation permit application.
All agreements are now subject to ministerial authorisation before the permit is granted.
Stacey has been a project manager at Keras since August, and the company said he has over 20 years experience, including previously working with Anglo American PLC and Keaton Energy Holdings Ltd.
"I am pleased to provide this update which is the result of 6 months of hard work by our management team and the authorities in Togo. We have spent a significant amount of time with the Togolese authorities to secure an agreement which will underpin the success of Nayega over the next decade and provide robust cashflows going forward," said Chief Executive Russell Lamming.
"In addition to the commercial benefits to both the republic of Togo and Keras shareholders, the agreements include a Social and Labour plan which will provide funding into the local communities surrounding the mining operation. We expect authorisation prior to the wet season starting in the next few months," Lamming added.
Shares in Keras Resources were down 4.5% at 0.32 pence on Monday.
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