Skip to main content

Danakali releases quarterly report

Published by , Editor
World Fertilizer,


Danakali Ltd has released a quarterly update on the activities and financial position of the company and its Colluli Potash Project, located in Eritrea, East Africa.

The project is 100% owned by Colluli Mining Share Co. (CMSC), which is a 50:50 joint venture between Danakali and Eritrean National Mining Corp. (ENAMCO).

Highlights from the quarter include the following:

  • Binding take-or-pay offtake agreement confirmed for up to 100% (minimum 87%) of Colluli Module I SOP production with EuroChem.
  • Admission to the Standard Segment of the Official List of the Financial Conduct Authority and trading on the LSE Main Market.
  • Appointment of Seamus Cornelius as Executive Chairman. This followed the resignation of CEO, Danny Goeman.
  • Appointment of CCO, Niels Wage to lead product sales, logistics and export strategy.
  • Significant positive developments in Eritrean-Ethiopian relations, including the signing of peace treaty providing a platform of stability for the region.

In the statement, the company also laid out its key activities planned for the September 2018 quarter. These activities are as follows:

  • Assess candidates for CEO position.
  • Confirmation of preferred EPCM contractor.
  • Confirmation of preferred mining contractor, as well as finalisation of negotiations and advancement of contract terms.
  • Continue due diligence process for debt portion of project financing.
  • Extensive investor awareness exercises in the UK as well as other jurisdictions.
  • Detailed assessment of operations readiness processes and systems to position Danakali and CMSC for development and production.
  • CMSC to finalise the SEMPs, with sign-off expected shortly after submission.

Read the article online at: https://www.worldfertilizer.com/potash/31072018/danakali-releases-quarterly-report/

You might also like

 EnviroTech

Ready to revolutionise the cement industry?

Join our sister publication, World Cement, in Lisbon, 10 – 13 March 2024, for their first in-person conference and exhibition: EnviroTech.

This exclusive knowledge and networking event will bring together cement producers, industry leaders, technical experts, analysts, and other stakeholders to discuss the latest technologies, processes, and policies being deployed at the forefront of the cement industry’s efforts to reduce its environmental footprint.

Get your early bird tickets NOW »

 
 
 

Embed article link: (copy the HTML code below):