Kore Potash says it is focusing on completing financing arrangements for the Kola project in Congo Brazzaville while it had made progress with PowerChina for the engineering, procurement and construction of the mine.
Kore Potash believes that the Kola potash operation will have a lifespan of 33 years under which it will produce up to 2.2 million tons of the commodity per year. In 2021, it announced that it had signed a memorandum of understanding with the Summit Consortium to provide financing for the Kola project.
However, at the time, the project required that an optimisation study on the mine be concluded first. Yesterday, Kore Potash said it is focused on completing the financing of Kola and moving forward to construction of Kola as soon as possible.
It had invested 492 000 R8,947,561 in exploration activities during the quarter to the end of June, with 489 000 of this relating to the Kola project and an additional 3000 on its other DX project in the same country, ending the quarter with 0.96 million in cash resources.
Kore Potash continues to work with the consortium to provide financing for the total construction cost of Kola, which is intended to be based on royalty and debt finance, said Kore Potash.