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Kore Potash PLC said on Thursday it was still in discussions with potential offtake partners that were capable of procuring all production from its Kola project.
The company owns the Kola and DX potash projects in Republic of Congo.
Kore said the process to potentially finance the construction of Kola further progressed in line with the memorandum of understanding signed with the Summit Consortium in April 2021.
The consortium is an investment group that represents investors and engineering firms. Last year, Kore completed the optimisation study that indicated a reduction in capital cost for the project by $520 million to $1.83 billion.
The results of this study, announced on June 27, supported moving the Kola project to the next phase of the development.
Contractual terms are being negotiated prior to accepting the engineering, procurement and construction proposal for the construction of Kola provided to the company by SEPCO Electric Power Construction Corp, the engineering partner of the consortium.
Separate from the consortium’s activity, Kore said it continued discussions with potential off-take partners with the capability to procure all Kola production.
Kore not said Mines Minister Pierre Oba in the Republic of Congo supported the Kola project.
In London, shares in Kore Potash slumped by 5.6% to 0.76 pence on Thursday, while they were flat at R 0.18 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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