Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Says the Australian Securities Exchange on Thursday questions the company over a "significant increase" in its share price on the ASX. Notes that the recent increase in price and volume could be linked to the market expectation in finalising the engineering, procurement and construction contract proposal and contract. Confirms that no further or formal legal agreements have been entered into, with work and negotiations on these matters continuing.
Late last month, Kore Potash had said it still expected to wrap up the engineering, procurement and construction contract during the second quarter of this year. The London-based company said then it would meet "senior officials" from PowerChina International Group Ltd in Beijing in early this month. "That meeting took place," Kore Potash says on Thursday. "The result of the meeting is that discussions are continuing with PowerChina but without any legal agreement having yet been reached," it says. Says it is not aware of any other possible explanation for the recent trading in its securities.
Current stock price in Sydney: 0.020 Australian dollar, up 5.3% on Thursday
12-month change: double
Current stock price in Johannesburg: 34 rand cents, up 13%
12-month change: up 79%
Current stock price in London: 1.24 pence, up 16%
12-month change: up 70%
By Artwell Dlamini, Alliance News reporter
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Kore Potash (KP2)