Keras Resources PLC Nayega Foundation (4289Q)
February 26 2021 - 2:00AM
UK Regulatory
TIDMKRS
RNS Number : 4289Q
Keras Resources PLC
26 February 2021
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
26 February 2021
Keras Resources plc ('Keras' or the 'Company')
Nayéga Foundation
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."
Further Information
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.
**ENDS**
For further information please visit www.kerasplc.com , follow
us on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com
Nominated Adviser & Joint SP Angel Corporate Finance
Broker LLP
Ewan Leggat / Charlie Bouverat +44 (0) 20 3470 0470
Joint Broker Shard Capital Partners
Damon Heath / Erik Woolgar LLP +44 (0) 207 186 9900
Financial PR
Susie Geliher / Cosima
Akerman St Brides Partners Ltd +44 (0) 20 7236 1177
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