The project represents one of the lowest cost, shallowest and most advanced greenfield SOP development projects globally.
LSE listing provides access to more investors
Danakali executive chairman Seamus Cornelius said: “We are delighted to announce our formal intention to list on the LSE.
“This has been a key strategic objective for us this year, along with the signing of the offtake agreement with EuroChem and the completion of the FEED study.
“The LSE listing provides us with additional access to sophisticated investors in London and internationally with a strong appetite for advanced stage development projects and a good understanding of the African mining and resource environment.
“Danakali presents an attractive investment opportunity through providing exposure to one of the most advanced and economically attractive SOP projects globally with a post-tax project valuation of US$902 million and IRR of 29.9% for Modules I & II, expected first quartile operating costs, industry leading capital intensity, and an almost 200-year mine life. The Colluli deposit is unrivalled in the SOP industry.
Long-term reliable supply of premium fertiliser
Cornelius added: "We, and our partner ENAMCO, are excited to be progressing the development of this world-class project, and delivering a long-term and stable supply of premium fertiliser for years to come.
“It also promises to be a major contributor to the Eritrean economy through exports, employment and skills. We look forward to bringing Colluli into production, and building value for our shareholders and stakeholders."
