LONDON-LISTED FIRM TO ACQUIRE A MINING PROJECT IN KENYA FOR UP TO KSH 47 BILLION

London-listed mining and development firm Marula Mining PLC has successfully completed its legal, financial, and technical due diligence for the proposed acquisition from a Kenyan-incorporated mining company, Bamba.
In a notice dated September 3 2025, Marula Mining confirmed that both firms have now entered into a joint venture, with Marula owning 60 percent of the Bamba manganese project in Kilifi County, Kenya, while Bamba retains the remaining stake.
“As announced on 13 August 2025, with the Company’s Board of Directors now satisfied that the due diligence work that was undertaken confirms the strategic importance and value of the Project, the Company will proceed to prepare the formal joint venture documentation, including commercial agreements and associated shareholder documentation that will establish an operations committee with the provisions for governance, operating budgets, profit distributions, reporting, key operating and production related matters,” read the notice in part.
As part of the acquisition, the Company issued 500,000 new ordinary shares of 0.01 pence each for 5 pence per share on August 25 to settle £25,000 (Ksh 4,339,000) due to Bamba. Marula will make a one-off cash payment of £250,000 (Ksh 43,390,000) to Bamba upon selling 100,000 tonnes of manganese ore from the project.
The company will fully fund a 12-month exploration and development program to establish and integrate large-scale commercial manganese mining and processing operations.
Marula will use cash flow from its manganese operations in Kenya to fund the project.
It also plans to invest in new mining and processing equipment, targeting a minimum monthly production of up to 10,000 tonnes of saleable manganese ore over the next three months.