Kore Potash focused on nailing financing deal of Kola potash project

(Alliance News) - Kore Potash PLC said on Wednesday it remains focused on completing the financing of the Kola potash project in the Republic of Congo.

The London-based owner of the Kola and DX potash projects in Republic of Congo also indicated that it is exploring what strategic options are available for the venture.

Kore said it wants to start the construction of Kola "as soon as possible".

It has said the assumed construction start date is January 1, 2026, with construction period of 43 months.

Kola is designed with a nameplate capacity of 2.2 million tonnes per annum of muriate of potash. This project will be a conventional mechanised underground potash mine, with shallow shaft access.

On Tuesday, Kore requested that the Australian Securities Exchange and the Johannesburg Stock Exchange immediately halt trading in its shares. Shares are suspended pending a further announcement on the financing deal. Trading on AIM will continue to trade as normal.

Kore said on Monday it had received the draft financing proposal and draft non-binding term sheets for the Kola project from the Summit Consortium, an investment group that represents investors and engineering firms. Kore has until May 31 to consider, negotiate if necessary, and settle on the terms.

In November last year, Kore signed the engineering, procurement and construction contract for Kola with PowerChina International Group Ltd. It said late in February the capital cost on a signed fixed price engineering, procurement & construction contract amounted to USD2.07 billion.

In London Wednesday, Kore shares rose 2.9% to 2.93 pence, but they were flat at 64 rand cents in Johannesburg.

By Artwell Dlamini, Alliance News reporter

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