LONDON: Marula Mining PLC (AQSE: MARU, A2X: MAR), an African-focused mining and development company, has signed an amendment agreement to acquire 100% of Takela Mining Tanzania Limited, the owner and operator of the Kinusi Copper Mine in Tanzania’s Dodoma Region.
The acquisition, made through Marula’s wholly owned subsidiary, Marula Mining Tanzania Limited (MMTL), will give the company full ownership and operational control of the Kinusi Mine. Marula currently holds a 75% commercial interest in the mine.
Under the agreement, MMTL will purchase all issued shares of Takela, contingent on the consolidation of 10 existing Primary Mining Licences into a single Mining Licence. In accordance with Tanzania’s Mining State Participation Regulations 2022, the government will receive a 16% free carried interest once the consolidated licence is granted.
The total consideration for the acquisition is £2.5 million, payable in three tranches: £500,000 upon signing, £750,000 upon licence conversion, and £1.25 million following commercial sales exceeding 10,000 tonnes. Takela may elect to receive payment in cash or Marula shares priced at 10 pence each. Additionally, Takela shareholders will receive a 1.5% net smelter royalty on gross sales from the mine.
Marula’s ability to meet its obligations under the agreement depends on future revenues from its copper and manganese operations or additional funding. The company provided a corporate funding update on Sept. 8.
As part of the transaction, Takela Executive Director Stewart Mremi will become General Manager of the Kinusi Mine, reporting to Marula’s East Africa Operations head, Christopher Attwood.
The acquisition follows site visits by Marula and Takela executives, who assessed copper mineralisation, mining activities, and processing facilities. Recommendations from the visits include new crushing and screening equipment, expanded site infrastructure, and additional haulage trucks.
Earlier this quarter, Takela completed two copper trial shipments totaling approximately 1,000 tonnes. Based on the results, Marula and Takela are finalizing a long-term offtake agreement with a global commodity trading group covering all future copper concentrate and cathode production.
Attwood said the acquisition marks a strategic milestone for Marula. “The potential at Kinusi is clear. Full ownership enables us to streamline operations and accelerate development plans,” he said.