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Kore Potash shares review of operations

Published by , Deputy Editor
World Fertilizer,

Kore Potash, located in the Republic of Congo, has provided the following quarterly update for the period ended 31 March 2022.

Quarterly highlights:

Kola Potash Project

The process to potentially finance the construction of the Kola Potash Project 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; this completes the Consortium’s work on the study.

The company has commenced its detailed review of the study and intends to provide a further update as soon as the review is completed, and the results are in an acceptable format for public disclosure.

The Consortium has advised that it expects to submit an Engineering, Procurement and Construction contract proposal for the construction of Kola based on the outcomes of the study within the next two months.

The Consortium has advised that it expected to provide the financing proposal for the construction of Kola following Kore Potash’s receipt of the EPC proposal and agreement on EPC terms.

Corporate highlights

  • On 1 January 2022, SP Angel Corporate Finance LLP was appointed the company's Nominated Adviser and Joint Broker.
  • On 31 March 2022, the company released its Financial Results and Annual Report for the year Ended 31 December 2021.
  • As of 31 March 2022, the company held US$9.4 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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