(Alliance News) - Potash explorer Danakali Ltd on Monday said it finalised an agreement with two lenders to secure a USD200 million loan, boosting its funding for its Colluli mining project in Eritrea.
Africa Finance Corp and African Export Import Bank will commit USD100 million of funding for the potash project as part of the agreement.
The agreement sees the total funding commitment in the project rise to USD250 million. Earlier in December, Africa Finance said it will USD50 million in Colluli.
Danakali said: "With USD250 million of funding commitment completed in December project execution has commenced and production is expected in 2022. The company is well progressed with a range of options for the balance of funding required."
Danakali shares ended 4.7% higher at 32.99 pence each in London on Monday.
By Eric Cunha; ericcunha@alliancenews.com
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