PERTH (miningweekly.com) – ASX-listed Danakali has received the final $16-million second tranche payment from the sale of its interest in the Colluli potash project, in Eritrea.
Danakali in March wrapped the sale of its 50% shareholding in the Colluli sulphate of potash project to Sichuan Road and Bridge Group, after striking a $166-million deal in January.
The company said on Friday that the second tranche payment brought the total proceeds from the Colluli sale to $121-million, with net proceeds from the transaction amounting to A$173-million before any foreign exchange adjustments.
Danakali has completed the handover of the Colluli project under a short-term consultancy agreement.
The company on Friday also said that a meeting of shareholders would be called shortly to approve the distribution of returns to shareholders of around 90% of the net returns from the Colluli sale.