Dual-listed Kore Potash announced on Friday that the mining convention covering the company’s proposed staged development of the Kola and Dougou mining prospects has been finalised, following ratification by the parliament of the Republic of Congo.
The gazetting of the mining convention allows security of title and the right to develop and operate the Kola project, as well as the adjacent Dougou and extension deposits.
Additionally, the mining convention provides enforceability of the key fiscal arrangements for the development and operation of the licences and provides strengthened legal protection of the company’s investments in the country through the settlement of disputes by international arbitration.
“This is an exciting milestone, which has been reached at an important time, as Kore works to complete its review of the Kola definitive feasibility study.
“The recent growth in the sylvinite mineral resources and the definition of exploration targets highlights the potential scale and strategic importance of the Sintoukola area,” stated CEO Brad Sampson.
With the mining convention in place, the company is one step closer to having all the necessary permits and studies in place to start development.
The mining convention, signed between government and Kore in June 2017, was approved by Parliament during the third quarter and gazetted into law on November 29.