(Alliance News) - Kore Potash PLC said on Wednesday it continued to work with the consortium of investors and engeneering firms to provide financing for the full construction cost of Kola project.
The owns the Kola and DX potash projects in Republic of Congo. Potash is used mainly as an agricultural fertiliser.
The optimisation study, concluded in June last year, indicated capital cost for the Kola project was USD1.83 billion. This study supported moving the Kola project to the next phase of the development.
Kore said on Wednesday discussions continued towards finalising terms for the engineering, procurement and construction contract at the project.
It said the Summit Consortium had confirmed the financing proposal for the full capital cost of Kola will be provided within six weeks of finalisation of engineering, procurement and construction terms. The consortium is an investment group that represents investors and engineering firms.
The group said PowerChina International Group Ltd was now actively involved in the process to finalise terms of this contract.
"As part of this process, PowerChina is reviewing aspects of the Kola design and the planned construction schedule and has had direct communications with the management of Kore Potash," it said.
Kore also said it was reviewing strategic options for the DX project.
By Artwell Dlamini, Alliance News reporter
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Kore Potash (KP2)