London-listed Marula Mining has agreed to a deal to acquire a 60 percent stake in a manganese mining operation in Samburu County from local operator Gems and Industrial Minerals Limited (GIM) via cash and share swaps worth up to Sh280.2 million (£1.55 million).
Marula signalled its intention to enter the Kenyan mining sector a year ago when it hired PricewaterhouseCoopers Kenya (PwC Kenya) as a transaction, legal and tax advisor to guide local acquisitions and potential dual listings of the company’s shares on regional stock exchanges.
