Africa Finance Corporation (AFC) has made a $50-million, or A$74-million, strategic equity investment in ASX-listed potash developer Danakali.
AFC acquired shares in Danakali at a price of A$0.60 apiece.
The subscription agreement between the companies forms part of the overall funding package that is being used for the development and construction of the Colluli sulphate of potash project, in Eritrea.
Danakali said in a statement on Tuesday that Colluli was fully permitted and construction-ready, with the engineering, procurement, construction and management contract and senior debt documentation in place.
The project is on track for production to start during 2022.