African mining and exploration company Marula Mining (AQSE: MARU), listed in London, has declared that it is proceeding with its intended dual listing on the Nairobi and Johannesburg stock exchanges.
- Marula will be the first metals mining company to list in Nairobi and would join the exclusive club of dual-listed companies.
- The mining outfit will be listed as part of the NSE’s Growth Enterprise Market Segment (“GEMS”), a grouping of SME’s including Homeboyz Entertainment Plc, Kirwitu Ventures Ltd, and Nairobi Business Ventures Ltd.
- The listing is currently expected in Q1 of 2024.
With projects extracting rare earths, tantalum, lithium, niobium, and phosphate from its operational mines, Marula has operations in Kenya, Tanzania, South Africa, Zambia, and Zimbabwe. The company founded Muchai Mining Kenya, a subsidiary in Nairobi, in May 2023 to investigate copper and graphite mining prospects. The world’s need for rare earth metals is increasing dramatically as more sustainable and environmentally friendly energy sources are adopted.
If the NSE’s Geoffrey Odundo is successful, he will be ending his chairmanship on a positive note, having contributed to the exchange’s listing boom with the June 2023 listing of Homeboyz Entertainment Plc and, more recently, Marula Mining, both of which happened within a year of one another. The NSE saw a protracted lack of listings that started in October of 2015 when Stanlib Fahari REIT (now ILAM Fahari I-REIT) was listed.
The announcement earlier this month that three companies, including Credit Bank, had halted their plans to list on the exchange, raising speculation among some that the decisions were made in response to the depreciating shilling, is encouraging for the exchange. Marula’s listing is a positive development for the market.
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