Mayfox Mining upgrades for NSE listing
23 April 2014, 17:35
Nairobi – Mayfox Mining, the locally-owned gold exploration company, is upgrading its enterprise resource planning solutions ahead of its listing on the Nairobi Stock Exchange (NSE).
Manga Mugwe, the Commercial Director at Mayfox Mining, said the solution demonstrated the company’s commitment to accountability and tight cost control to future shareholders and investors.
It will also provide management with critical real-time information for fast and responsive decision-making, the executive said.
“Cost allocation in any business can only be done right if you have the right data and systems. And in a capital-intensive business like ours, accurate cost allocation is essential if one is looking to become efficient and cost-effective,” added Manga.
The company plans to list on NSE’s Growth Enterprise Market Segment (GEMS) by the end of the year to help fund exploration in northern Turkana County.
Founded in 2012, Mayfox has since been exploring in Turkana County, Kenya for gold and other precious minerals on about 6 000 km2 under Special Licence 281 of which shall soon be reduced to about half due to refined mineral target identification.
To date, it has carried out a successful and detailed airborne magnetic, radiometric and digital terrain survey with a total line coverage of over 11 000km2.
– CAJ News