Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
26 February 2021
Keras Resources plc ('Keras' or the 'Company')
Keras Resources plc, the AIM listed resources company with mines in Togo, West Africa and Utah, USA, is pleased to provide an update on its latest Environment, Social and Governance ('ESG') initiatives, specifically at the Nayéga Manganese Mine ('Nayéga') in Northern Togo. These activities include the formation of the 'Nayéga Foundation'.
In compliance with Decree No 2017-023/PR, Société Générale de Mines SA (SGM) will contribute 0.75% of revenue from manganese sales at Nayéga to the public treasury to be used for community projects in the vicinity of the Nayéga mine. This fund is managed by a committee, as legislated by the Decree, comprising community leaders, representatives of the Ministry of Mines and Energy and a representative from SGM.
In addition to this regulatory requirement Keras has now undertaken to fund the Nayéga Foundation which will provide another platform for the development of community, environmental and sustainability projects, reflecting Keras' commitment as a responsible corporate citizen of Togo. Keras intends to contribute 5% of its attributable net profit from SGM to the Nayéga Foundation on an annual basis. The Company is currently focussed on establishing the appropriate ESG framework and structures in Togo to support the Foundation and the communities in the vicinity of the Nayéga Manganese Mine.
CEO Russell Lamming and COO Graham Stacey are currently at Nayéga undertaking a site visit and meeting with community leaders and a delegation from the Ministry of Mines to ensure an open and inclusive process for the development of the Nayéga Foundation. The first project is a clean water initiative which will provide four water stations for both the community and their livestock with water supplied by the infrastructure installed during the 2019 bulk sample project.
Russell Lamming, CEO of Keras Resources, commented, "ESG is a key component of any mining project or company and needs to be incorporated into a project's DNA from the outset. The development of the Nayéga mine, which will be 100% operated by a Togolese workforce, will make a significant positive impact on the local community and the Nayéga Foundation will compound that benefit. This trip to Togo has included meetings with key government officials and community leaders to make sure that all structures are in place for when commercial production commences at Nayéga. I look forward to updating shareholders on our progress in both Togo and Utah."
Southern Iron Limited, a 100% owned subsidiary of Keras, holds 85% of SGM which is the 100% owner of the Nayéga mine. The Government of Togo will be entitled to a 10% carried interest in SGM on grant of the exploitation licence.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
Keras Resources plc
Nominated Adviser & Joint Broker
Ewan Leggat / Charlie Bouverat
Damon Heath / Erik Woolgar
SP Angel Corporate Finance LLP
Shard Capital Partners LLP
+44 (0) 20 3470 0470
+44 (0) 207 186 9900
Susie Geliher / Cosima Akerman
St Brides Partners Ltd
+44 (0) 20 7236 1177