Keras Resources PLC (AIM:KRS) shares moved on the front foot in Friday's deals, after it announced the receipt of its first payment under the cooperation agreement with the Republic of Togo for the Nayéga manganese mine.

Initial shipments included 2,700 tonnes of ore, exported earlier in September.

Mining activities began at Nayéga at the end of July. The operation is currently producing at a rate of 4,000 tonnes of saleable manganese per month, with plans to ramp up to 8,000 tonnes per month after the initial three months.

The company said production and sales are meeting expectations, with cash inflows expected to support both its Togolese and US operations.

"The first payment under the cooperation agreement is a significant milestone for both the company and Nayéga and we now look forward to the continued increase in production with cashflows that will underpin the cashflows from the US operations," interim executive chair Russell Lamming said.

"I look forward to updating shareholders in the near term on progress on both fronts."

In London, Keras shares traded at 1.43p, valuing the business at just over £8 million.