Danakali releases quarterly report

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/