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Kore Potash expects completed Optimisation Study Report for Kola potash project by end of 1Q22

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World Fertilizer,

Kore Potash has said that the process to potentially finance the construction of the Kola potash project in the Republic of Congo is progressing in line with the Memorandum of Understanding (MoU) signed with the Summit Consortium in April 2021.

In its latest quarterly update for the period ended 31 December 2021, the company announced that it expects to receive a completed Optimisation Study Report and an Engineering, Procurement and Construction (EPC) contract proposal for the construction of Kola consistent with the 2017 2nd edition FIDIC Silver book by the end of 1Q22.

The company has also said it expects to receive the Consortium’s financing proposal for the full construction cost of Kola 60 days after the successful completion of the Study.

During the quarter, Kore Potash management continued to brief potential offtake partners with the capability to procure all the planned Kola muriate of potash (MOP) production.

Brad Sampson, CEO of Kore Potash, commented: “The first half of 2022 is set to be a very busy period for Kore particularly with the imminent completion of the Study and receipt of the EPC proposal for our flagship Kola potash project. The Company expects to receive the Financing Proposal from the Consortium 60 days after the Study is completed and we are pleased that the work of the Consortium continues to track the timeline agreed in our MoU. The delivery of the financing proposal for the full financing of the construction of Kola is a key milestone for our Company. We are looking forward to the completion of the financing phase and being able to move rapidly into the construction of Kola.”

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