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Kore Potash shares review of operations

Published by , Deputy Editor
World Fertilizer,

Kore Potash and Dougou Extension Potash Project in the Sintoukola Basin, have provided a quarterly update for the period ended 30 June 2022.

Quarterly highlights:

Kola Potash Project

The process to potentially finance the construction of Kola progressed in line with the Memorandum of Understanding signed with the Summit Consortium in April 2021.

Receipt of the Optimisation Study on the Kola Project was announced to shareholders on 01 April 2022.

Kore Potash completed its detailed review of the study and announced the outcomes of the study to shareholders on 27 June 2022.

On 28 June 2022, the company announced it had signed a Heads of Agreement for the construction of Kola.

Engineering, Procurement and Construction contract proposal for the construction of Kola based on the outcomes of the Study expected in August 2022.

Financing proposal for the complete construction of Kola is expected following Kore Potash’s receipt of the EPC contract proposal and agreement on key EPC terms.

Corporate highlights

550 000 new ordinary shares of US$0.001 each in the capital of the company were issued on 05 May 2022 following vesting of performance rights. The company held its Annual General Meeting on 09 June 2022.

44 132 674 new Ordinary Shares were issued to Sociedad Quimica y Minera de Chile S.A. on 13 June 2022.

The Kore Potash registered address changed and was announced on 14 June 2022.

As of 30 June 2022, the company held US$7.6 million in cash.

Brad Sampson, Chief Executive Officer of Kore Potash, commented: “Recent global events have heightened concerns for food security and continuity of supply of fertiliser to feed the world’s growing population. The dramatic increase in the potash price reinforces the need for the development of new low-cost potash production from high quality potash deposits located close to customers, such as our projects in the Sintoukola basin. The progress towards financing our Kola Project is exciting and we look forward to receiving the financing proposal later this year.”

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