Kore Potash PLC - owner of the Kola and DX potash projects in Republic of Congo - Receives Engineering, Procurement & Construction contract proposal in relation to Kola project from the Summit Consortium's engineering partner, Sepco Electric Power Construction Corp. Notes a "number of proposed contractual terms" which require further discussion before the proposal is accepted.
"These discussions have already commenced and Kore and Sepco are making every effort to expedite this process. It may transpire that Sepco will require further Sepco and Power China Board approvals prior to the finalisation of the contractual terms," it explains.
Kore says the consortium remains committed to financing the project, and is waiting for the finalised EPC contract before presenting a royalty and debt financing proposal.
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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Kore Potash (KP2)