Danakali Ltd - Colluli potash project developer - Chair Seamus Cornelius says Danakali's share price performance in 2020 "has been, at best, very disappointing". Cornelius continues to say that share price fell dramatically in March 2020 and has not recovered to pre-crisis levels and company has not made the progress expected to make on the development of Colluli in 2020.
Cornelius says: "Given that we are coming to the end of 2020 the chances of us bringing Colluli into production in 2022 are diminishing.
"At our current share price there is little opportunity in the short term for a further issue of Danakali shares to fund Colluli. However, we are pursuing several alternatives and making progress toward a positive outcome."
Current stock price: 19.50 pence
Year-to-date change: down 40%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.