Kore Potash, located in the Republic of Congo (“RoC”), has announced that it has received a further letter of support from the Ministry of Mines of the Republic of Congo in relation to the Company’s development of the Kola Potash Project following recent discussions with the Ministry.
David Hathorn, Chairman of Kore Potash, said: “The successful development of globally important potash projects such as Kola requires sustained support from all stakeholders. We are pleased that the Government of the Republic of Congo appreciate the timeframe and the scale of international investment required to develop a potash industry and that it is expressing its support publicly.”
“The Kola deposit, in particular, is a globally important potash resource that needs to be developed to play its role in feeding the world’s population. Its successful development will have a material contribution towards the sustained development of the Republic of Congo.” he added.
The Minister of Mines has written a letter to Kore Potash that pledges the Ministry and the Republic of Congo’s support for Kore’s development of its projects at Kola and Dougou.
The Minister acknowledgeed that some of the development objectives for the Projects, as outlined in the Mining Convention, have not yet been met. He also assured the Ministry's steadfast support, in the form of a moral guarantee, to assist in addressing remaining challenges to completing the financing of Kola. The Minister reaffirms the validity of the Company’s mining tenement titles and the Mining Convention which is the operating agreement between the Company and the Government.
He further conveys a pledge of security reflecting the Republic of Congo’s confidence in Kore Potash to support ongoing dialogue and action towards the development of projects in the RoC.
The Minister encouraged Kore’s shareholders to support the Company without hesitation to execute their projects. Given the Project’s vital role in the development of the RoC, the Minister confirms that the Government is fully supportive of their endeavours.
The Company is delighted to have received the letter from the Minister of Mines. It intends to maintain high levels of ongoing dialogue with the Ministry over the coming months in the lead up to the intended completion of financing of the Kola project.
Throughout 2023, representatives of Kore Potash have maintained increased levels of dialogue with the Ministry of Mines, including with the Minister of State and Minister of Geology and Mining Industry, Pierre Oba. This dialogue has been aimed at improving the Ministry’s understanding of the Company’s projects at Kola and Dougou, the intended construction partner, the capability of the intended financiers and the processes the Company must work through towards securing financing for the construction of the Kola Potash Project.
These discussions have included meetings between the Ministry and members of the Summit Consortium who intend to provide royalty and debt financing to cover the full construction cost of Kola and SEPCO Electric Power Construction Corporation (SEPCO) who intend to construct Kola on an Engineering, Procurement and Construction (EPC) contract basis.
Read the article online at: https://www.worldfertilizer.com/potash/22082023/ministry-of-mines-pledges-support-for-kola-potash-project/
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