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Kore Potash PLC - owns the Kola and DX potash projects in Republic of Congo - Remains focused on completing the financing of the Kola project and moving forward to construction of Kola as soon as possible. Says discussions continue towards finalising terms for the engineering, procurement and construction contract at Kola. PowerChina International Group Ltd and Sepco Electric Power Construction Corp have started work to support the provision of guarantees regarding the EPC contract.
Kore Potash says the Summit consortium has confirmed that the financing proposal for the full capital cost of Kola will be provided within six weeks of finalisation of the contract terms. The consortium is an investment group that represents investors and engineering firms. The optimisation study, concluded in June last year, indicated capital cost for the Kola project was USD1.83 billion. This study supported moving Kola to the next phase of the development.
Potash is used mainly as an agricultural fertiliser.
Current stock price in London: 0.57 pence
12-month change: down 51%
Current stock price in Johannesburg: ZAR0.17
12-month change: down 32%
By Artwell Dlamini, Alliance News reporter
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