Kore Potash PLC - London-based owner of the Kola and DX potash projects in Republic of Congo - Says PowerChina International Group Ltd continues to review the engineering, procurement and construction proposal. PowerChina is involved in the process to finalise terms of the engineering, procurement and construction contract. Kore said late in October the process to reach agreement on this contract terms, and to receive a financing proposal for the full construction cost of the Kola project, is now near completion and is expected to be finalised during the first quarter of 2024. Construction contractors is scheduled to be mobilised during the first half of 2024.
Kore invests USD1.7 million in exploration in the fourth quarter of 2023. As at December 31, cash in hand is USD1.6 million. During the third quarter, the company raised USD2.5 million through the issue of 542.3 million new shares. Says there were no mining production or construction activities during the fourth quarter.
Current stock price in Johannesburg: 16 rand cents
12-month change: down 11%
Stock price in London: 0.6 pence
12-month change: down 27%
By Artwell Dlamini, Alliance News reporter
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Kore Potash (KP2)