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Danakali releases 1H19 financial report

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World Fertilizer,

Danakali Ltd. has released its Financial Report for the six month period ended 30 June 2019.

Key achievements

  • Credit approval received for US$200 million senior debt facility, funded and underwritten equally by Mandated Lead Arrangers Africa Finance Corp. (AFC) and African Export Import Bank (Afreximbank);
  • Credit approval received by Inglett & Stubbs International from Afreximbank for US$42 million guarantee to facilitate senior debt funding for the Colluli power plant;
  • Appointment of Niels Wage as CEO;
  • Promotion of Tony Harrington to Project Director; and
  • United Nations Development Programme report released highlighting Colluli’s potential to contribute to Eritrean economy and 13 of the 17 United Nations Sustainable Development Goals.

Expectations for the remainder of 2019

  • Advance remaining project funding requirements; and
  • Commence project execution.

CEO of Danakali, Niels Wage, said: “During 2019, we have continued to achieve important milestones as we progress towards bringing Colluli into production. With credit approval secured, we have a large proportion of the development CAPEX for Module I (US$302 million) secured, and an aim to commence development later this year. This financial achievement was secured in the context of the UNDP report released earlier in 2019, which highlighted the Project’s potential for contributing significantly to sustainable development in Eritrea.

“With the support of AFC and Afreximbank, two leading African development finance institutions, and Standard Chartered Bank acting as our corporate financial adviser, we are assessing a range of options for funding the balance of the funding required to maintain momentum and begin development. We look forward to unlocking operational catalysts in the coming months.”

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