Danakali Ltd has provided its June 2019 Quarterly Report on the activities and financial position of the company and its Colluli potash project in Eritrea.
Key updates include:
In addition, the Report includes key activities planned for the September 2019 Quarter:
- Credit approval for US$200 million Colluli Mining Share Company (CMSC) senior debt facility nears completion – Mandated Lead Arrangers, Afreximbank and AFC, are moving through final internal approvals.
- International Fertiliser Association Montreal 2019 Conference confirmed strong industry interest in Colluli and validation of the project’s attractive strategic and economic fundamentals.
- High levels of activity in Eritrea, with Project Director, Tony Harrington, continuing to drive project execution preparation in-country.
- Continued strength of sulphate of potash (SOP) industry fundamentals.
It is Danakali and CMSC’s aim to commence project execution in 2019.
- Finalise CMSC senior debt credit approval.
- Progress remaining project funding requirements.
- Advancing project execution activities, including EPCM preparation with preferred provider DRA Global, and tendering and confirmation of suppliers and contractors.