What Marula Mining does

Marula Mining PLC (AQSE:MARU) is a London-listed (AQSE Growth Market, with a secondary A2X listing) mining and exploration investment company focused on battery metals and critical minerals across East, Central and Southern Africa. Incorporated in England and Wales in 2006 and operationally headquartered in Nairobi, Kenya, the firm holds interests in eight mining operations and projects spanning South Africa, Botswana, Kenya and Tanzania — covering lithium, tantalum, cobalt, manganese, copper, graphite, tungsten and rare earths. Its operational footprint includes the Blesberg Lithium and Tantalum Mine (with a 100% offtake to Q Global Commodities Group), the wholly-owned Kilifi Manganese Processing Plant (~10,000 t/month capacity, ~60 km from Mombasa Port) and partially-constructed processing infrastructure at Kinusi Copper Mine.

The company's core activity is acquiring controlling or majority interests in advanced mining and processing assets — typically via binding terms sheets or JV structures with local operators (e.g., Takela Mining at Kinusi, GIM at Larisoro, Mansena at Kruisrivier, Geowise at Boteti, Bamba Mining JV) — and deploying capital for mining and processing equipment to bring those assets into production. The processing technology stack ranges from conventional open-pit mining, crushing and screening through to XRF sorting (for spodumene, coltan, feldspar and mica), gravity concentration/jigging circuits (Kinusi Phase 1) and hydrometallurgy including heap leach, solvent extraction and electrowinning refining (Kinusi Phase 2, targeting 10,200 tpa copper cathode).

Marula generates revenue through the direct mining and sale of mineral products — spodumene concentrate, tantalite/coltan, copper concentrate and cathode, manganese ore, graphite, tungsten concentrate and by-products — into international commodity markets via long-term offtake agreements. The primary customer segment is the green energy and EV supply chain (battery and EV manufacturers, steel producers, commodity traders), with an explicit secondary focus on Asian commodity markets reached through Mombasa Port. Pricing is determined by global commodity markets, ore grades and offtake terms rather than published pricing tiers, and the company has 1-10 employees consistent with an asset-operator/JV holding model rather than a vertically integrated miner.

Name

Marula Mining

Legal name

Marula Mining PLC

Website

https://marulamining.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

Marula Mining PLC (AQSE:MARU) is a London-listed mining and exploration investment company focused on battery metals and critical minerals across East, Central and Southern Africa, holding interests in eight mining operations and processing assets in South Africa, Botswana, Kenya and Tanzania.

Ownership category

akta.pro rank

Product category

Critical Metals Mining

NAICS

Other Metal Ore Mining (212290), Copper, Nickel, Lead, and Zinc Mining (21223), Other Metal Ore Mining (21229)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Manganese Ore Mining & Concentrates (IMAKAFAF), Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM), Critical Minerals Recycling & Urban Mining (Li, Ni, Co, Graphite, REE) (IMAKAFAK)

Keywords

• Critical minerals mining
• Battery metals production
• Mineral exploration services
• Manganese ore processing
• Lithium mining operations

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Mineral Production and Sales: Marula Mining generates revenue through mining operations and sale of mineral products including spodumene concentrate (lithium), tantalite/coltan, copper concentrate, manganese ore, graphite, tungsten concentrate, and by-product minerals. The company has established offtake agreements for its production including a long-term offtake agreement for 100% of Blesberg's spodumene ore and concentrate production.
2. Battery Recycling: The company plans to invest EUR 500,000 in a battery recycling project in Kenya, representing a new revenue stream in the critical metals value chain.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Marula Mining PLC identifies, invests in, and operates mining and mineral processing projects producing critical and battery metals including lithium (spodumene), tantalum, cobalt, manganese, copper, graphite, tungsten, and rare earths across East, Central and Southern Africa. The company acquires majority interests in producing and near-term mining projects, develops processing infrastructure, and sells mineral products to international commodity buyers through long-term offtake agreements and direct export channels.

Product overview

Marula Mining PLC is a London AQSE-listed African-focused mining and exploration investment company. The company's product portfolio consists of battery metals and critical minerals mining operations, processing plants, and exploration projects across East, Central, and Southern Africa. Key products include: the Blesberg Lithium and Tantalum Mine and Northern Cape Lithium and Tungsten Project (South Africa), Kruisrivier Cobalt Mine (South Africa), Boteti Lithium Brines Project (Botswana), Larisoro Manganese Mine, Kilifi Manganese Processing Plant, and Bamba Manganese Mining Project (Kenya), Kinusi Copper Mine, Nyorinyori Graphite Mine, and NyoriGreen Graphite Project (Tanzania). The company focuses on producing and exporting critical metals including lithium, tantalum, cobalt, graphite, manganese, copper, tungsten, and rare earths for use in battery technologies and global green economies.

Differentiator

Problem solved

Functional benefit

Products and services

• Blesberg Lithium and Tantalum Mine One of the largest known economically mineralised pegmatite deposits in South Africa and historically the largest single source of tantalum. Contains over 250,000 tons of historical stockpiles with high-grade spodumene; re-processing commenced Q1 2023 with assay results demonstrating high-grade lithium (6.19% Li2O, 5.60% Li2O). Strategic partnership with Q Global Commodities Group includes US$4 million investment in new mining and processing equipment targeting up to 5,000 tpm of high-grade spodumene sales.
• Northern Cape Lithium and Tungsten Project Wholly owned exploration project through subsidiary Southern African Lithium and Tantalum Mining (Pty) Limited. Prospecting Right extends over 15,000 hectares of Vioolsdrift Farm, 12km south of the Orange River in Namaqualand District, Northern Cape Province, South Africa. Includes tungsten assets (Kaalbeen, Isis, Koubank, Kaalbeen West mines) and pegmatites at Spodumene Kop II and Groendoorn with potential for tantalite and industrial minerals.
• Kruisrivier Cobalt Mine Former producing cobalt mine operated intermittently for over 55 years up to the 1930s, located 180km northeast of Johannesburg. Marula holds 51% majority interest through Mansena Kruisrivier Cobalt Proprietary Limited. Historical non-JORC compliant resources of 733,000 tonnes grading 8% cobalt down to 200m depth, increasing to 1.5 million tonnes grading 8% cobalt down to 500m. Also contains gold, nickel, copper, chromium, zinc, lead, platinum, and silver mineralisation.
• Boteti Lithium Brines Project Located in Makgadikgadi Desert Salt Pan in Boteti District, Botswana. Binding terms sheet to acquire up to 70% interest from Geowise Resources (Pty) Limited. Comprises three granted prospecting licences (165/2022, 166/2022, 167/2022) extending over 188,140 hectares. Area designated as 'Makgadikgadi Lithium Zone' by Botswana's Department of Mines for extensive brine resources including lithium and potash.
• Larisoro Manganese Mine Conventional shallow open pit mine in north-central Kenya within Proterozoic Mozambique mobile belt, east of the East African Rift Valley. 60% commercial interest through binding terms sheet with Gems and Industrial Minerals Limited. US$1,500,000 investment for new mining, crushing, screening and processing equipment targeting 5,000-10,000 tonnes per month of saleable high-grade manganese ore. Mined ore ranges 18.82%-55.01% Mn, averaging 33.41% Mn.
• Kilifi Manganese Processing Plant Fully operational and permitted mineral processing plant located approximately 60km from Port of Mombasa in Tezo Area, Kilifi County, Kenya. Acquired through 100% shareholding in Agarwal Metals and Ores Limited. Capable of beneficiating approximately 10,000 tonnes per month of manganese ores. Targets upgrading run-of-mine ore feed of +20% manganese to +30% manganese after processing.
• Bamba Manganese Mining Project

Quantifiable outcome

• Target production of 5,000 tpm high-grade spodumene at Blesberg with new equipment investment.
• +6 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Q Global Commodities GroupcoreStrategic or Co-development PartnerStrategic partnership with Q Global Commodities Group for Blesberg Lithium and Tantalum Mine development, including US$4 million investment in new mining and processing equipment to increase monthly sales to up to 5,000 tpm of high-grade spodumene. Includes long-term offtake agreement for 100% of Blesberg's spodumene ore and concentrate production.
• Geowise Resources (Pty) LimitedcoreStrategic or Co-development PartnerBinding terms sheet signed with Botswana exploration company Geowise Resources to acquire up to 70% interest in the Boteti Lithium Brines Project. The project comprises three granted prospecting licences extending over 188,140 hectares in the Makgadikgadi Desert Salt Pan, designated as the 'Makgadikgadi Lithium Zone' by Botswana's Department of Mines.
• Takela Mining LimitedcoreStrategic or Co-development PartnerBinding head of agreement with Takela Mining Limited for 75% commercial interest in 10 primary mining licences at the Kinusi Copper Mine in Mpwapwa District, Dodoma Region of central Tanzania. Licences valid for 7 years.
• Gems and Industrial Minerals Limited (GIM)coreStrategic or Co-development PartnerBinding terms sheet with GIM for 60% commercial interest in Larisoro Manganese Mine in north-central Kenya. Agreement includes Technical Support Agreement and Commercial Agreement where Marula provides US$1.5 million investment for new mining, crushing, screening and processing equipment.
• Mansena Cobalt Pty LtdcoreStrategic or Co-development PartnerBinding head of agreement with Mansena Cobalt Pty Ltd for 51% majority interest in Mansena Kruisrivier Cobalt Proprietary Limited (MKC), holder of the Kruisrivier Cobalt Project - a former producing cobalt mine located 180km northeast of Johannesburg.
• Agarwal Metals and Ores LimitedcoreStrategic or Co-development PartnerAcquisition of 100% shareholding in Agarwal Metals and Ores Limited, a Kenyan incorporated mineral processing company that owns the Kilifi Manganese Processing Plant located approximately 60km from the Port of Mombasa in Kilifi County, Kenya. Plant is fully operational and capable of beneficiating approximately 10,000 tonnes per month.
• Bamba Mining Company LtdcoreStrategic or Co-development PartnerJoint venture arrangement at Bamba Manganese Mining Project where Marula holds 60% interest and Bamba Mining Company Ltd retains 40%. Project to be operated under a joint venture/SPV ensuring transparent governance.
• Mayflower Children's FoundationminorOthersCorporate Social Responsibility partnership with Mayflower Children's Foundation, a London-Kenyan charity focused on improving children's welfare through financial, moral and physical support. Marula team participates in charity initiatives visiting schools and children's shelter homes in Kenya.

Scale indicators22 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bushveld Minerals: AIM-listed mining company developing critical metals (vanadium, tin, coal-to-phosphate) in Southern Africa; comparable as a London-listed African critical-minerals platform with multiple commodity exposures.
• Premier African Minerals: AIM-listed multi-commodity mining developer with a portfolio of African critical-minerals assets including lithium, tungsten and tantalum; closest direct analogue to Marula's basket-of-African-critical-minerals strategy.
• Kodal Minerals: London-listed developer focused on the Bougouni lithium project in Mali with offtake arrangements with Chinese battery groups; comparable as a small-cap African lithium developer pursuing near-term production with single major offtaker.
• AfriTin Mining: AIM-listed African tin producer with by-product tantalum and lithium credits from its Namibian Uis mine; comparable as an African-focused, small-cap London-listed developer of technology/green-metals with multi-product output.
• Savannah Resources: AIM-listed developer advancing the Barroso lithium project in Portugal plus copper-gold interests in Africa; relevant as a small-cap London-listed critical-minerals developer with African portfolio exposure.
• Kore Potash: AIM-listed developer of the Kola and Dougou potash projects in the Republic of Congo; analogous as a London-listed, sub-$100M market cap African critical-minerals developer at the construction/development stage.
• Atlantic Lithium: Africa-focused lithium exploration and development company with its flagship Ewoyaa project in Ghana; directly comparable to Marula as a small-cap London-listed (AIM) lithium developer pursuing offtake with battery-end users.

Emerging players

• Arrow Minerals: ASX-listed explorer with gold, lithium and base-metal projects in West Africa; adjacent comparable as a small-cap multi-commodity African developer.
• Galileo Resources: AQSE-listed exploration company with lithium and rare-earth projects in Zimbabwe and Zambia; closely comparable venue and scale to Marula, though focused on earlier-stage projects.

Broad incumbents

• MMG Limited: Major diversified base-metals miner (copper, zinc, cobalt) with African operations including the Kinsevere copper mine in the DRC; relevant incumbent reference for copper and battery-metal production in Africa but materially larger and broader than Marula.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MarulaPlc
• LinkedInlinkedin.com/company/marula-mining-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marula Mining