Kore Potash PLC - Kola and DX potash projects in Republic of Congo - During the three months ended June 30, at the Kola Potash project, signed optimisation agreement with Summit Consortium, for which member SEPCO Electric Power Construction Corp and China ENFI Engineering Corp have started work on an optimisation study.
For the DX project, phase one work programme of the DX definitive feasibility study was completed on budget, and work has started to develop an improved geological model for the deposit, including all recent drilling information and is expected to be completed before the end of 2021.
"The company is pleased that the agreement to deliver the optimisation study was signed and that the engineering partner of the Summit Consortium is committed to completing the study within the same timeframe contemplated in the MoU. Successful completion of the optimisation study will potentially lead to the company receiving in the first half of 2022 a binding engineering, procurement and construction contract and financing proposal from the Summit Consortium to fully finance the construction of Kola," says Chief Executive Officer Brad Sampson.
Current stock price: 0.71 pence in London; ZAR0.17 in Johannesburg
Year-to-date change: down 14% in London; down 5.6% in Johannesburg
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Kore Potash (KP2)