Last checked at 4 Apr 2024 07:00
4 April 2024
KORE POTASH PLC
("Kore Potash" or "the Company")
Appointment of CEO
Kore Potash, the potash development company with 97% ownership of the Kola and DX Potash Projects in the Sintoukola Basin, located in the Republic of Congo, is pleased to announce the appointment of Mr J. M. André ('André') Baya as Chief Executive Officer ('CEO') effective from 15 April 2024.
André has over 20 years of experience in the global mining and agriculture sectors and brings significant African experience including having held senior positions for groups with operations in the Republic of Congo. Immediately prior to joining Kore Potash, André worked as a management consultant, leading the corporate re-engineering of Fraser Alexander (Pty) Ltd.'s African subsidiaries and the corporate development of Fortescue Mining Group's Belinga iron ore project in Gabon.
Prior to this, André was Country and General Manager for a variety of global mining corporations including Sundance Resources, Cominco, Roxgold, Alliance Mining Commodities, Orezone and Central Copper Resources. Other notable positions include Chief Operating Officer at Managem Group, the international Moroccan mining group, where he was responsible for the management of the Managem Group's operations and development projects across eight African nations.
Between 1985 and 2001, André spent 15 years in trade and agriculture, in both technical and managerial roles for industrial chemicals and agrochemicals businesses in Africa and beyond.
The position of CEO is a non-Board role.
David Hathorn, Chair of Kore Potash, commented:
"To appoint a CEO with André's experience in both the mining and global agriculture sectors is hugely exciting and, I believe, demonstrates the surefooted ambitions of Kore Potash to become a major potash producer.
"With an impressive background including over two decades on the African continent, he will be pivotal in the development of the Kola and DX projects, and position Kore to supply the world's agricultural needs and meet the rising demand in the global fertiliser market. André's deep experience of working in francophone Africa will also enable Kore to develop vital in-country partnerships and derive maximum value for stakeholders."
Market Abuse Regulation
Market Abuse Regulation (MAR) Disclosure - The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
This announcement has been approved for release by the Board.
For further information, please visit www.korepotash.com or contact:
Kore Potash David Hathorn - Chairman & Interim CEO | |
Andrey Maruta - CFO | Tel: +44 (0) 20 3963 1776 |
Tavistock Communications Nick Elwes Adam Baynes |
Tel: +44 (0) 20 7920 3150 |
SP Angel Corporate Finance - Nomad and Broker Ewan Leggat Charlie Bouverat Kasia Brzozowska | Tel: +44 (0) 20 7470 0470 |
Shore Capital - Joint Broker Toby Gibbs James Thomas | Tel: +44 (0) 20 7408 4050 |
Questco Corporate Advisory - JSE Sponsor Doné Hattingh | Tel: +27 (11) 011 9205 |
Kore Potash
Kore Potash PLC (AIM: KP2, ASX: KP2, JSE: KP2) is an advanced stage mineral exploration and development company that is incorporated in England and Wales and listed on AIM, a market operated by the London Stock Exchange, the Australian Securities Exchange (ASX) and the JSE Limited (JSE) in South Africa.
Through the development of the Sintoukola potash basin in the Republic of Congo (RoC), Kore Potash is working to bring a number of globally significant potash deposits into production. Focus is on two high-grade projects: Kola and DX.
The Company aims to move quickly to cash generation from the DX project, which has a modest capital cost and planned production of 400,000 tonnes per annum of Muriate of Potash and its adjacent potash projects provide the potential for long-term potash production district from the area. Kola is scheduled to follow DX in the Company's development strategy, with a planned production of 2.2 million tonnes per annum of Muriate of Potash over 33-year life.
Kore's projects aim to be among the world's lowest-cost potash producers due to their favourable location, large size, very high-grade and shallow depth of the deposits.
The Company's major shareholders include the Oman Investment Authority (OIA) and global lithium and potash producer, Sociedad Química y Minera de Chile (SQM). The projects are well supported by the government of the RoC with whom Kore has an excellent relationship.
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