Kore sets Ministerial concerns at ease over Kola project
Triple-listed Kore Potash has advised that the Congolese Minister of Mines has responded positively to the company’s plans for its 97%-owned Kola project, in Congo-Brazzaville, following a meeting between the Minister and Kola representatives.
This comes after the Minister initially expressed discontent with aspects of the administration of the company’s subsidiaries in the country and his perception of slow progress on Kore and Summit Consortium’s part towards financing of the project.
Kore responded in writing to the Minister and launched a review of the subsidiaries’ administration. Kore found no material deficiencies in their administration.
The company nonetheless commissioned two separate independent reviews of the administration of its subsidiaries through a local legal services firm and the Congo-Brazzaville office of an international legal and financial services firm. These reviews are set to be completed in January.
Meanwhile, the Minister has reinforced the importance of the Kola project to the country and encouraged Kore to continue with its work to conclude the engineering, procurement and construction contract terms and financing arrangements for the project as soon as possible.
The project is expected to require a $2.1-billion capital investment and will have a four-year construction period, ultimately producing 2.2-million tonnes a year of muriate of potash over a 33-year mine life.
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