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Keras reports progress on US, Togo assets
(Sharecast News) - Keras Resources reported operational progress at its high-grade phosphate and manganese assets in the US and Togo on Friday, with production ramping up at both sites and first manganese exports from Nayéga expected next month. The AIM-traded company said operations at its Falcon Isle subsidiary in Utah were advancing steadily, with production ongoing for both 'Phosul' granulate under the Phosul Utah joint venture and its own 'PhosAgri' organic rock phosphate products.
On the back of forward orders, Keras said it was planning to undertake a fresh mining campaign this autumn to extract a further 5,000 tonnes of rock phosphate, supplementing current inventories of around 7,500 tonnes.
At the Nayéga manganese mine in northern Togo, recommissioning was complete and the plant was now ramping up to full capacity.
Keras said feasibility studies were underway to explore increasing processing capacity beyond the current level of approximately 8,000 tonnes per month.
Around 1,000 tonnes of processed manganese was currently held in a warehouse in Lomé, with another 2,000 tonnes stockpiled at the mine ready for transport.
STM, the Togolese state-owned entity that owns Nayéga, was targeting the shipment of its first 100 containers - totalling 2,750 tonnes - in the first half of September.
Market pricing for Nayéga's 38% manganese product remained relatively robust, with CIF China prices currently in the range of $3.50 to $3.65 per dry metric tonne.
"After a period where the Company was focused on developing our infrastructural footprint in the North American organic market, I believe we are now at the inflection point where we start to see the growth in our product sales footprint," said interim executive chairman Russell Lamming.
"Our high-grade phosphate products are extremely well positioned for both the organic and conventional fertiliser markets and it is time to deliver into both of those markets.
"The cash flow from Nayéga will underpin the US cash flows and we look forward to being cash flow positive from a group perspective in due course."
Reporting by Josh White for Sharecast.com.
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