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Danakali says chances of meeting Colluli production target date diminishing
StockMarketWire.com
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Danakali said the chances of bringing its joint venture Colluli potash project in Eritrea into production in 2022 were diminishing as the company continues to seek funding for the project.
Meeting the 2022 production target date would depend on closing out funding and starting construction early in 2021.
The dramatic fall in its share price had hindered its ability to raise funds through equity placings, and the ocmpany said it would look elsewhere.
'We are pursuing several alternatives and making progress toward a positive outcome,' the company said.
The company had proposed starting the development of Colluli in two modules, both producing approximately 472,000t of SOP per year or 944,000 tonnes a year after the second module.
The Colluli project was being developed with the Eritrean National Mining Corporation in a 50:50 joint venture known as the Colluli Mining Share Company.
At 8:25am: (LON:DNK) Danakali Limited share price was 0p at 21.5p
Story provided by StockMarketWire.com
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