Last checked at 12 Sep 2018 07:00
12 September 2018
Kore Potash plc
("Kore Potash" or the "Company")
Dedicated Offshore Transhipment Area Licenced
Kore Potash plc, the potash development company whose flagship asset is the 97%-owned Sintoukola Potash Project ("Project") in the Republic of Congo, is pleased to announce the approval of a licence for the transhipment of potash and the discharge of waste brine in a dedicated offshore area (the "Offshore Area").
Highlights
· A licence for the Company to use an Offshore Area for the transhipment of potash and the discharge of waste brine has been authorised by the Minister of Transport, Civil Aviation and Merchant Marine of the Republic of Congo (the "Maritime Authorisation").
· The licence approves the transhipment location in what is considered the optimum location.
· This Maritime Authorisation is one of the pre-requisites to commencement of construction of offshore infrastructure in the Republic of Congo.
· This Maritime Authorisation relates to the Kola Project and to the Dougou and Dougou Extension Projects, is granted for twenty-five (25) years and renewable for the life of the projects.
· This Authorisation represents another important step forward towards the development of the Kola Project.
Brad Sampson, CEO of Kore Potash, commented:
"The license to operate the transhipment activities is one of the key approvals required for the development of the Kola Project and permission to build and operate a dedicated jetty is vital to optimising the operating costs of the Project."
Authorisation for Maritime Public Domain Occupancy
The Maritime Authorisation approved by the Minister of Transport, Civil Aviation and Merchant Marine of the Republic of Congo was issued to the Company on 6 September 2018.
The Authorisation covers the Kola, Dougou and Dougou Extension projects, is valid for twenty-five (25) years and renewable for the life of projects.
The Maritime Authorisation is an important licence for the Company as in addition to approving the optimum location for the transhipment of potash onto ocean going vessels it also permits the use of ocean water for waste brine dilution, and, combined with other licences, ocean disposal of the waste brine.
The Company has completed an environmental impact assessment for waste brine disposal for which the Company anticipates approval by the Ministry of Tourism and Environment later this year.
A Project Agreement covering the detailed design and construction of the offshore infrastructure will be developed between the Company and the Merchant Marine Authorities after the completion of the Definitive Feasibility Study for the Kola project.
Footprint of the Maritime Public Domain
The footprint of the allocated maritime public domain for transhipment is situated at the Tchiboula coastal area and 11 nautical miles off-shore, immediately South of the Dougou Mining License.
A version of the announcement containing a map showing Kore's Projects, Export Facility and Transhipment Location in the Republic of Congo can be seen at http://www.korepotash.com/wp-content/uploads/2018/09/Dedicated-Offshore-Transhipment-Area-Licenced.pdf
- ENDS -
Kore Potash Brad Sampson - CEO
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| Tel: +27 11 469 9140 |
Tavistock Communications Jos Simson Edward Lee
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| Tel: +44 (0) 20 7920 3150 |
Canaccord Genuity - Nomad and Broker Martin Davison James Asensio
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| Tel: +44 (0) 20 7523 4600 |
www.korepotash.com
Forward-Looking Statements
This release contains statements that are "forward-looking". Generally, the words "expect," "potential", "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature and whilst there is a reasonable basis for making such statements regarding the proposed placement described herein; forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, to differ materially from those expressed or implied in any of our forward-looking statements, which are not guarantees of future performance. Statements in this release regarding the Company's business or proposed business, which are not historical facts, are "forward looking" statements that involve risks and uncertainties, such as Mineral Resource estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.