(Alliance News) - Mining firm Kore Potash PLC on Monday said a pre-feasibility study at the Dougou extension at its Sintoukola project is on track to be completed in April.
Kore, which has a 97% stake in the potash project located in the Republic of Congo, said the study will be completed in budget "with potentially improved financial outcomes".
Rigs have been assembled at the site with Kore eyeing an early November start for a four-hole diamond drilling programme.
Kore also operates the Kola potash project, which is also located in the Republic of Congo.
The company said: "Work continues to optimise the capital cost and construction schedule for the Kola project. The planned first phase of capital cost optimisation was to seek pricing proposals from multiple companies against the Kola bill of quantities."
"Five construction groups, including European companies, participated in a process to provide pricing against the Kola definitive feasibility study bill of quantities. Initial analysis of the proposals indicates capital cost reductions in comparison to previous pricing. Detailed analysis of the proposals is scheduled f or completion by the end of October 2019," Kore added.
Shares in the company were untraded on Monday morning in Johannesburg at ZAR0.29. They were down 0.9% in London at 1.34 pence.
By Eric Cunha; ericcunha@alliancenews.com
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Kore Potash (KP2)