IN BRIEF: Kore Potash delays Kola financing term sheet to this month

Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Says the Summit Consortium has delayed the non-binding financing term sheet for the Kola potash project in the Republic of Congo. The consortium is an investment group that represents investors and engineering firms. It intends to provide royalty and debt financing for Kola. Says the consortium was unable to finalise the financing term sheet by end of last month. Now expects terms of finance by mid-April or before the end of this month.

Kore says the consortium needs more time to complete its internal process, which has been impacted by the Ramadan season and Eid celebrations. In November last year, Kore signed the engineering, procurement and construction contract for Kola with PowerChina International Group Ltd. It said late in February capital cost on a signed fixed price engineering, procurement & construction contract amounted to USD2.07 billion.

Current stock price in London: 1.86 pence, down 7.3% on Tuesday

12-month change: multiplied from 0.45p on April 2, 2024

Current stock price in Johannesburg: 45 rand cents, down 8.2%

12-month change: multiplied from 14 cents on April 1, 2024

By Artwell Dlamini, Alliance News reporter

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Kore Potash PLC