The change of name came after shareholders approval at the Annual General Meeting of shareholders on 29 May 2015, and receipt of a new Certificate of Registration for the Company from the Australian Securities and Investments Commission (ASIC).
Danakali is primarily focussed on developing the Colluli Potash Project in Eritrea, East Africa, in partnership with Eritrea’s National Mining Company (ENAMCO).
The miner said that the prefeasibility study for the project was completed in February 2015 and indicates an economically robust project which is underpinned by a substantial resource.
Danakali also announced that for ASX purposes, the effective date for the Company name and ASX code change will be on Thursday 4 June 2015, at which time the ASX code will change from “STB” to “DNK”.
“The new company name has significance to what the Colluli Project represents both chemically and geographically. The Danakil region of East Africa is recognised as an emerging potash province, and to date over 10 billion tonnes of potassium bearing salts have been identified. Potassium is an essential plant nutrient and is chemically described by the symbol K, which comes from kalium, the Medieval Latin word for potash.
Danakali is therefore a representation of Danakil Potash and is an appropriate company name against which to define ourselves as we make the transition from explorer to developer and subsequently producer”, Managing Director Paul Donaldson said.
The definitive feasibility study for the Colluli Potash Project in Eritrea is expected to be complete by the end of Q3, 2015, according to Danakali.