(Alliance News) - Danakali Ltd on Thursday said it is looking forward to making more progress at its Colluli sulphate of potash project in Eritrea in the second half of 2020.
In its first half ended June 30, Danakali's revenue climbed 18% annually to USD63.1 million from USD53.7 million. The company posted a widened loss to USD1.7 million from USD1.5 million.
Administration expenses were 36% higher year-on-year at USD1.7 million from USD1.3 million.
Chief Executive Officer Niels Wage said: "We started 2020 with the kick off of the project Development for Colluli, and despite the unprecedented and challenging Covid-19 pandemic, we have been able to make good progress with our EPCM activities. As Covid-19 restrictions are being relaxed in Eritrea, access to Colluli is possible and we can prepare for construction.
"We will continue our focus for the second half of 2020 on closing out the required financing and progressing with the project development. I look forward to reporting on further progress in the months ahead."
Shares in the company were untraded at 25.00 pence each in London on Thursday afternoon in London.
By Eric Cunha; ericcunha@alliancenews.com
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