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Kore Potash PLC - owner of the Kola and DX potash projects in Republic of Congo - Trims project life of its DX potash venture to 12 years from 30 years. In the latest production target estimate, it also cuts its mineral resource prediction to 129 million tonnes from 145 million tonnes. Reduces ore reserve projection to 9.31 million tonnes from 17.7 million tonnes. The latest update was published this month. The company last presented its production target in November 2020.
Kore says the production target models the DX project producing 400,000 tonnes per annum on muriate of potash via selective solution mining of high grade sylvinite seams. Lifts capital cost estimate to USD315.7 million from USD285.9 million.
"The updated resource further confirms this project to be a low operating cost potash operation that can produce approximately 400,000 tonnes per annum of MOP. What makes DX unique is its low capex and shallow deposit containing high grade potassium chloride, qualities which are very rare in the potash industry," Kore Chief Executive Brad Sampson says.
Current stock price in London: 0.72 pence, down 6.5% on Tuesday
12-month change: down 22%
Current stock price in Johannesburg: ZAR0.16, unchanged
12-month change: down 20%
By Artwell Dlamini, Alliance News reporter
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