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(World Fertilizer) Danakali releases quarterly report

Posted by: Semere Asmelash

Date: Monday, 29 July 2019

World Fertilizer

Danakali releases quarterly report

Published by Nicholas WoodroofAssistant Editor 
World Fertilizer, Monday, 29 July 2019 15:00

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:

  • 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.
In addition, the Report includes key activities planned for the September 2019 Quarter:
  • 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.
It is Danakali and CMSC’s aim to commence project execution in 2019.

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